Tag: threshold limit
May 13, 2019
Corporate Law | General Corporate Advisory
Corporate Law | General Corporate Advisory
CLASS ACTION SUITS IN INDIA : Government notifies thres...
In January 2009, India witnessed one of its biggest corporate scandals - the ‘Satyam scandal’ also referred to as ‘India’s Enron’. Satyam Computers Services Limited ("SCSL") was under the microscope for fraudulent activity and misrepresentation of its accounts to its board, stock exchanges, regulators, investors and all other stakeholders. Thereafter, shareholders of SCSL, approximately 300,000 were unsuccessful in claiming damages worth millions due to the absence of the provision for filing a class action suit under the Companies Act, 1956.American investors on the other hand were able to claim their part of damages in the US courts through a class action suit against SCSL....