Section 245 of the companies act, 2013 is a new addition in the 2013 Act, which provides for a class action suit to be filed by such number of member(s)/ depositor(s) against the company. Vast powers have been given in the section against the company. The application under this section has to be made to the National company law tribunal (NCLT). But the Rules under this section which is in the National Company Law Tribunal Rules did not hitherto specify how many members/ depositors are required in order to file an application.
By an amendment to the NCLT Rules, the MCA has sorted that matter out.
So the class action suit can be brought by at least 5% of the total number of members in a company or 100 members, whichever is less.
Alternatively it can be bought by member or members holding not less than 5% of the issued share capital of the company in case of unlisted company and 2% in case of listed company.
In case of depositors, it is
5% of the total number of depositors or 100 depositors whichever is less OR
depositor or depositors to whom the company owes 5% of the total deposits of the company.
The copy of the notification can be found at the MCA site.
By an amendment to the NCLT Rules, the MCA has sorted that matter out.
So the class action suit can be brought by at least 5% of the total number of members in a company or 100 members, whichever is less.
Alternatively it can be bought by member or members holding not less than 5% of the issued share capital of the company in case of unlisted company and 2% in case of listed company.
In case of depositors, it is
5% of the total number of depositors or 100 depositors whichever is less OR
depositor or depositors to whom the company owes 5% of the total deposits of the company.
The copy of the notification can be found at the MCA site.
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