CLASS ACTION SUIT IN INDIA viz. INTERNATIONAL PERSPECTIVE
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Abstract
The concept of Class Action Suit was first imitated in United States of America in 18th century. After Satyam Computers Service Limited scandal took place the need for Class Action Suit was left. We can say that its “old wine new bottle “because Class Action suit is a modified version of Public Interest Litigation (PIL). The concept of PIL deal with the fact that the rights of citizens are closely linked with social justice and that it is through the actualization of these rights that justice can be done to the “have nots”. The concept of Class Action Suit is a suit filed by any one shareholder or the depositor of the company against the directors of the company, or the company, or the auditors, or the audit firm. Class action is just simply filling a law suit in a larger group rather than filing enormous individual law suits for the same interest in that suit. This provision was enacted as Section 245 of the Companies Act 2013. There are two conditions for the members and depositor to fill class action suit. The first condition is that there should not be less than 100 members of company or not less than 10% of total number of its members or not less than 1/5 of the total number of members and the second condition is that the number of depositor should not be less than 100 or not less than 10% of total number of its depositor1
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