Class Action (in brief) 1- such member or members or depositor or depositors make application to Tribunal for following order, when they believe that the conduct of affairs of the company is prejudice against the interest of the company or members or depositors:- a) to restrain the action of ultra vires. b) to restrain the breach of any clause of MOA c) to declare that resolution is void where the material facts are mis-statements d) to restrain the company and its director to act on such type of resolution e) to restrain the company to take action contrary to any resolution passed by the member f) to restrain company from doing an act which is contrary the provisions of the act on time being in force. g) to make claim and damages etc 2- where any member or depositor seek any damages or compensation from or against any audit firm, the liability of audit firm or partners about the audit report or any contained if it is misleading etc. 3- the following members may eligible to file application to Tribunal in case of having a share capital:- not less than 100 members of the company or % as prescribed (whichever is less) or any member or members holding not less than such % as prescribed bust subjected to that all calls must be paid in case of not having a share capital:- ⅕ of total member of its members 4-the following depositor may eligible to file application to Tribunal not less than 100 depositors of the company or % as prescribed (whichever is less) or any depositor to whom the company owes such % of total deposit of the company as may be prescribed. 5- the Tribunal take applications into account, after satisfaction the tribunal admitted the application, and take action further that:- a) Public notice shall be served as prescribed b) all similar application shall be consolidated into a single application and members or depositors have right to choose the lead applicant. Tribunal has right to appoint Lead applicant in this case c) two class action application of same cause shall not be allowed d) cost and expenses shall be defrayed by the company or any other person responsible for any operative act. 6-order passed by the Tribunal shall be binding on company, member, depositor, audit form, consultant or any other person who is associated with company. 7-any company make default to comply with the order, the minimum Rs. 5 lacs or maximum up to Rs. 25 lacs shall be penalised. 8- in case of officer, the imprisonment for a term which may extended to three years and with fine which shall not be than Rs. 25000/- which may be extended up to Rs. one lacs 9-if the Tribunal believe that the application is frivolous or vexatious, the Tribunal makes order to give such cost up to Rs. One Lacs 10- this section shall not apply to Banking company 11- any affection of person, group person, member or members etc must be described in the application as mentioned under subsection (1) of this section. (Clause 245 of new Companies Bill, 2012) Note: - all information (sentences, phrases and words) which is being provided or provided here either in past or future, is just for the purpose of “KNOWLEDGE and AWARENESS” not any other purpose
Posted on: Wed, 31 Jul 2013 23:40:26 +0000
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