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ARTICLE · 28 SEPTEMBER 2016

Get Ready For Class - Action

JSA Advocates & Solicitors
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The government must keep a low threshold of shareholders or depositors needed to initiate class action.

IndiaCorporate/Commercial Law
Lalit Kumar
Lalit Kumar
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The government must keep a low threshold of shareholders or depositors needed to initiate class action

Class-action—this buzzword is not new to Indian jurisprudence. It is already embedded in statutes such as the CPC 1908 and the Consumer Protection Act 1986, but has been rarely invoked. Class-action gained popularity only when the Companies Act 2013 introduced it in Section 245. Concurrent with the establishment of the National Company Law Tribunal (NCLT) from June 1, 2016, class-action has also been notified and is now in force.

The rules of the game are now going to change for good with substantial rights being vested in shareholders and depositors to file class-action suits with the NCLT over misconduct, not only against errant companies and directors but also against their auditors and other advisors, experts and consultants.

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