Under Section 245 of the Companies Act, 2013, **class action suits** b…

Question

Under Section 245 of the Companies Act, 2013, **class action suits** before the NCLT may be filed by:

Accepted Answer

D. {'text': 'Members or depositors if they are of the opinion that the management or conduct of the affairs of the company is being conducted in a manner prejudicial to the interests of the company or its members or depositors', 'label': 'D'}

1. Lesson 12 lists Section 245(1) in the powers table for Chapter XVI.
2. The entry: "**To pass specified order in receipt of application by members or depositors or any class of them** in case if they are of the opinion that the management or conduct of the affairs of the company is being conducted in a manner prejudicial to the interests of the company or its members or depositors."
3. Class actions are the corporate-law analogue of the representative suit in CPC.
4. Section 246 backs Section 245 with the contempt power against frivolous filings.
_Source: ICSI CS Executive Paper 1 — Jurisprudence, Interpretation & General Laws, Lesson 12 (Special Courts, Tribunal under Companies Act and other Legislations), pp. 273-283._

Answer

{'text': 'Only the Securities and Exchange Board of India under any provision of any law in force in any State of India regardless of any other consideration of any kind under any law in force in any State of India', 'label': 'A'}

Answer

{'text': 'Only individual creditors of the company who have an outstanding loan above any threshold prescribed under any law in force in any State of India regardless of any other consideration of any kind', 'label': 'B'}

Answer

{'text': 'Only the Central Government of India through the Registrar of Companies of the relevant State of India regardless of any other consideration of any kind under any law in force in any State of India', 'label': 'C'}