A self-step forward and advice for all engaging so collectively is to appoint for themselves a leader and not only a mere representative
May 8 Notification by the Corporate Affairs Ministry amending the requisite rules for identifying the class threshold for a corporate class action is a welcome and awaited announcement and should pave the way for the prosecution of delinquent management and the co-conspiring or fraudulent consultants. The changes touch both listed and non-listed companies. Banks remain excluded. For listed companies, lesser of 2% of the issued share capital; 100 shareholders; or 5% of the total number of shareholders, would form a threshold for the ‘class’. The law was already in place in the form of S. 245 of the Companies Act, only this threshold was awaited. The powers of the forum of adjudication, the NCLT, in deciding such claims are wide and the causes for which reliefs can be sought are exhaustive.