This essay tries to fully appreciate the introduction of the class action clause in the Companies Act, 2013 and to identify the changes in terms of remedies for investor pre and post the statutory provision. In doing so, we analyze the U.S. District Court judgement on Satyam that currently provides one of the best academic discourses on the Indian class action scenario. We go through the provisions of the SEBI Act and the Securities & Contract (Regulations) Act which previously barred class action, and further delving into the legal provisions & alternatives in India, U.K. and U.S. We look into the definition of class and its applicability to future class actions. In conclusion we try to understand the application of class action in the Indian scenario, and the dire need for a statutory provision to satisfy the disgruntled Indian investor.
- Class Action,
- Indian Companies Act,
- Companies Act,
- In re Satyam Securities Litigation,
- Class Action Suits in India
Available at: http://works.bepress.com/subhrosengupta/1/