Taxmann's CRACKER | Resolution of Corporate Disputes Non-compliances & Remedies

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d n a s e c n e f f O , s n o i t u c e s o r P , n o i t a s e ci i t d l a un j d e AP

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2021 2020 2019 Chapter Name S.No.

PREVIOUS EXAMS TREND ANALYSIS (June 2019 ONWARDS) (NEW SYLLABUS)

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Category Marks Chapter Name Compulsory Question No. Year

) S D R A W N O 9 1 0 2 E N U J ( S I S Y L A N A D N E R T S M A X E S U O I V E R P

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y r o e h T

4

y r o e h T

y r o e h T

4 4

y r o e h T

y r o e h T

8

n o i t c A y r o t a l u g e R

4 4 8

, s n o i t u cs ei e st l oa rn Pe ,P n d on i t a as ce i c d n ue jf df AO

s e Y

4

n o i t c A y r o t a l u g e R

s e Y

) ( 6

4 4 d n a k s i R & tn n o et i ma eg i gt ai nM ay Mi t l si i b s i a r i CL

s e s e Y Y

) ( 6

4

n o i t c A y r o t a l u g e R

s e Y

) ) ( ( 6 6 b

c

d

a

b

b a

c

d

, s n o i t u cs ei e st l oa rn Pe ,P n d on i t a as ce i c d n ue jf df AO

, s n o i t u cs ei e st l oa rn Pe ,P n d on i t a as ce i c d n ue jf df AO s e s e s e Y Y Y

) ( 5 a

, t, e c d Ao sC e l i a n an pe mP on a Ci d rn e dI nd un da u30 a16 r 08 F21

, t, e c d Ao sC e l i a n an pe mP on a Ci d rn e dI nd un da u30 a16 r 08 F21 s e Y

) ) ) ( ( ( 4 4 5 iv

s e t u p s i D e t a r o p r o C

s e Y

) ( 4

n o i t c A y r o t a l u g e R

) ) ( ( A 4 3

, t, e c d Ao sC e l i a n an pe mP on a Ci d rn e dI nd un da u30 a16 r 08 F21

) ( A 3 iii

Category Marks Chapter Name Compulsory Question No. Year

I-13

CHAPTER-WISE COMPARISON WITH STUDY MATERIAL

s e t u p s i D e t a r o p r o C

s t i u S n o i t c A s s a l C

0 6 8 1 , e d o C l a n e P n a i d n I d n a 3 1 0 2 , t c A s e i n a p m o C r e d n u d u a r F n o i t c A y r o t a l u g e R

s e i t l a n e P d n a s e c n e f f O , s n o i t u c e s o r P , n o i t a c i d u j d A

s e i d e m e R d n a s f e i l e R

n o i t a g i t i M y t i l i b a i L d n a k s i R & t n e m e g a n a M s i s i r C

l a i r T l a n i m i r C d n a l i v i C s e c i t c a r p l a M & n o i t a t n ee s r e u r d pe ec r s o i r MP

1 2 3 4 5 6 7 8 9

y c a r c o m e D ’ s r e d l o h e r a h S

1 2 3 4 5 6 7 8 9

I-15

Study Material Chapter Chapter Name Chapter No.

Contents E G A P

Chapter-wise Marks Distribution

I-5

Previous Exams Trend Analysis (June 2019 Onwards) (New Syllabus)

I-7

Chapter-wise Comparison with Study Material

I-15

Chapter 1 u

1.1

SHAREHOLDERS DEMOCRACY

Chapter 2 u

2.1

CORPORATE DISPUTES

Chapter 3 u

3.1

CLASS ACTION SUITS

Chapter 4 u

FRAUD UNDER COMPANIES ACT, 2013 AND INDIAN PENAL CODE, 1860

4.1

Chapter 5 u

5.1

REGULATORY ACTION

Chapter 6 u

ADJUDICATION, PROSECUTIONS, OFFENCES AND PENALTIES

6.1

Chapter 7 u

7.1

RELIEF AND REMEDIES

Chapter 8 u

CRISIS MANAGEMENT AND RISK AND LIABILITY MITIGATION

8.1

Chapter 9 u

MISREPRESENTATION AND MALPRACTICES - CIVIL AND CRIMINAL TRIAL PROCEDURE

I-17

9.1

S T N E T N O C

I-18

E G A P

u

SOLVED PAPER : DEC. 2020 (NEW SYLLABUS)

P.1

u

SOLVED PAPER : JUNE 2021 (NEW SYLLABUS)

P.34

u

SOLVED PAPER : DEC. 2021 (NEW SYLLABUS)

P.64

CLASS ACTION SUITS

3

CHAPTER

CLASS ACTION SUIT [SECTION 245]

t sn r e e dv l e o hr ep r o a t h sw e yi t v i r oa nh i t mi ew hn t o : i ot r t c e ead l n b gu an l is i r a a vbe aor eta r 3t a 1n h0e c2m i e , h tg wc a n sAa t s h e m gi i s n r i a m sp um d oo n i r a C a ven o ehi s hts Tre er dp np uo Q1. ‘‘The minority shareholders are empowered under the Companies Act, 2013 to bring action with a view to prevent the majority from oppression and mismanagement’’. Justify the statement with rights available to minority shareholders under the Act. [June 2019 (4 Marks)] Ans.

sssen ne i hnrysha e e a a a t t r , t fmbll y C e , r l m3 .n ho e t 1 eae0 i p wr ox u n m ta 2Ste i i u ,non ydrt se eoc ona lh t i A m a y t c t , c gf r une o sA ei o rt dai l f s i aTnpn s sd sLomaa e u nCcopl ga aNgcmCa eon e e ieohmh mt h C e a t ynbtegdt l o f m n l e h i mo o a i t r t l ir i ua a sff a si cy t o rlf s ul oco ne 6 tpa s r i 4fol p t e e u p 2 a t r sam s n u d t r nno i u e ndb oac e b e ac i e t h5 l c iet oms af h 4 rer snto2p mot . t s ft a c s d a l n o c e e n l a n a r h c i oa sc sr t i t i r l Ae i t s i u sds d c a e bf s w i e u t n f j ma Sdl oi o e .el e dc r s e m a pr na mh e t a o i r ftst r i u t i o y o e s a t S n h o ph r a t nao pn ut he s opi t o dwimv rw t r e g oc e od rd i Ac no a av .

2

stye r n at h i e o m dp f l o r o hpe1 a d eo 5 l r 1 o t a hthn shei o r l lga t i a c r he m ss sahr eec e hvu d a Th sn u yd’ nnr aao pdt r c ma e r ooi cbD de’ s ehr t t s e i n l d o l ae o fc h o ie sor a h r h e c d S3 . r l i l1 o e l hha 0 etm2 r f , S a o t hr‘c a se A ss yda l t e i o i r dn h oe ea l nr l p i a ac mh m rseo oabC

.

3

Right to appoint Small Shareholders’ Directors :

3.1

TAXMANN®

sd n)2e aT4i n cL2d a C ,en sN1 r o (4mi e e 2 l s da r s l e nser o hunh o p tp ebt i r ic so r a hTeef b S s i o w .r c s ya3 s e t 1 L0 i e s r a oy2rc p n na ,r t i n mpcei mAdo n e t su o e hC t i r Tl n 3o aa1s np0e om2r i ,n t ot a ca NCAc s eesr hhee t i t d fn l ho ao t i sph wn me oor ns i . at Ch oi n i v t ese o a h y m r cp t t i i e l f r p g eo oa ph nn at 4i a nr4mm ae2 t d da s en i nh l i m uat f .

1

Oppression and Mismanagement:

Class Action Suit:

-

r o n o i t a s n e p m o c r o s e . t gs an i ma ag da mr io a m l c o r of t n eo i dt ac ma e l eb ba t yi au ms r e nh ot i o t a y cn i l a p pd an ha cm ue Sd ; s r o t c e r i d s t i r o y n a p m o c e h t

r o r e pt ; oc ru pd mn io yc nt an rl e ou f d yu na ar pf mr oo cu l ef hw t a fl o n u r o f r o t r o p e r t i d u a g n i d a e l s i m

t, t c n ee r l r u od cu na i rr of f y nn oa sr r e o py rn e a hp t o m y no ac. e rh n ot o i s os t i em do ar mo t tc n a el mu f eg t a n t o s r gw nr i o d al eu l f s i w ma l rn ou

f rs, oiryyno n n e stu aaog i r c l v n e df a i r dp noo n axva a e reat cre o , ofr n ns m toe i aav r e netud e n n h s oi pi guraT xt i . nouf3 en ecpo1 ni c afnans0 n e a 2 r tii o, e odss tc t t i reeoa n ohdcc A i T u t f ai i f s l e .c ,i . d e t t d e i udnn r c n e e aeia r n a eehtchp a t n c v l e ho i r r ma u t ue h o c op te sv wc s s eCn nr ci 3 i eo e1aowh a gb0dtot m an2r et yHn , .im ie dat e r o ecct ocdc l r A e i r ss ho a f dn htf i eee i u g c i ba anvd o n e nmaasirv g , p aapy a i nnr cd hi r ma e td i ot oeed u e hbee b SnCr e a w e b c t m nth o e l i n l on t s ni t i o r a t y sw ea sh t e c nr l da Au ethe n su pprtm sn s ona m r a o as l ceoeft d C w h e l ct i rw u h as Ao ao t l TAXMANN®

l fna sdo l e o i a c ebsii n i s dr d i a p c u ys l oe l j l ece a cryhr p p n i t f r. naf i c i s roer a et oeno n pr r sa t se ai r tc s oymo c Atte i a p a hne 3hst d i 1tof dr 0spi e 2eel o t ,ddac s t i r n r c v ue ou Aor d bn b roi sp ro m e t i T i )s ce n 1 e g o m a( h n p5pt i s 4 e e m2 t deb i o r ,r o e Cns o o f r eirea e y t byn hc b t em nna fS oap o i .et pm s 6t m a o 4i cmc r 2u o i l ce dsop h nnrpet e h ob ai at f 5t f o 4cmno a s 2 a­ e st e r ss l s i e nsmi r oaffae f l y i o c t aft c n ermai e eh e he St b,t h hmmt t at e i uh ht o wnt t u

S T I U S N O I T C A S S A L C

3.2

Q2. ‘‘Class action suit is a new mechanism in India to claim the loss caused to the specified stakeholders of the Company not only from the Company but also from other entities’’. Analyse the statement in brief.

[June 2019 (4 Marks)] Ans.

u

the auditor including audit firm

u

any expert or advisor or consultant

-

t ou t db ey s n ua ap cm so s oc l e eh ht t m mo r if a l y c l n oo t t mo sn i y n an ha cp em mo c we eh nt f ao ss i . trs e i d e u l i so t i t nhn oee i k t ar c t e as h sdt s eo a i f l m i c c o aer spf uso e s hh l Tt a

Q3. HDF Limited, a listed entity was into real-estate business. Over a period in an attempt to diversify its operations it borrowed heavily from banks and financial institutions. The Company appointed a Merchant Banking firm, to provide strategic inputs for its business operations. On the recommendation of the firm, the Company created complex group structures and business models. Due to financial mismanagement and lack of strategic operations, the Company started making losses and over a period was not able to repay the loans it had taken. The Company also

S T I U S N O I T C A S S A L C

s rl eent e hoi it bf r tco mya gy eah nn mmte i a f,nbp o m o i em n r rei o h a e p c bto ye mfenh o at ush tpf ns a fmo dl o os ec t byecs r i e e r n a hr c a t e y s t fn e reo r h i pot se s frh i nri a o i t lf a t a o i f t s na t r o e l u ea cpb hc i er it td a fi d hrTo u t oe t j . h c s e s r e r oturo dt p e d i i r t nri v s oo s eo oof cnp rpe pe brne )dnoad 1 ,otmr ( s n i 5 r t eao 4e a s mnr 2bc ieie nml oepgdb e a i t m tmp n a c c au e ernm So dm a .

1 r o n o i t a s n e p m o c r. os t sn e i ga ag ma ar do mm io a r l f c n oo t i et dc aa e ml b ea bi t yu as mr e nh ot i o t a y cn i l a p pd an ha cm ue Sd

r o l u f w a l n u , t n e l u d u a r f y n a r o f

; rt e c pu od rn po mc it yn nl e au rd ou f a yr nf ar po mu l of cw ea hl t n fu o r o f r o t r o p e r t i d u a g n i d a e l s i m r o ry on f a nr oo sy r n e pa p rm e . hon t co o i es yhs nti aom o rtr oeo d at c ma tl n u ef g mn eo t r a t w s r go nl i d u af ew l a s i l n mu r, on t te c l eu r d r ou ca r nf i

r e d n u n o i t a c i l p p a n a e l i f o t s r e b m e m r o r e b m e me fb o l l ra e h bs ) m1 u( 5 n4 e2 t i n s i o u i t qc ee Rs .

2

) fd o e rt e s i bl mn uU r no ld a t e o t t s i fL o ( . %s s 5e tl s s a i er l e tv a e h c i h w s r e b m e m 0 0 1 r o s r e b m e m

n a h t s s e l t o n g n i d l o . l ha t si r p e a bc me r ea mh rs od e ru e s bs mi e eh mt f o ) % 5 ( t n e c r e p e v i f

o w t n a h t s s e l t o n g n i d l o . hl a st r i e p ba mc e er ma rh os rd e e bu s ms ei e mh t f o ) % 2 ( t n e c r e p u

Company having Share Capital:

u

Unlisted Company:

u

Listed Company:

TAXMANN®

; n o i s s i m o r o t c a l u f g n o r w u

the company or its directors

u

the auditor including audit firm

u

any expert or advisor or consultant

3.3

failed to repay the deposits it had raised from public. Gradually, the market capitalization of the Company eroded and now it has been reduced to a penny stock. The shareholders are evaluating the option of filing a case against the Company, the Merchant Banking firm and also the Rating Agency which were involved with the Company during such period.

Evaluate whether the shareholders and depositors be successful in filing a suit in these circumstances.

[December 2019 (8 Marks)] Ans.

-

n o i t a c i l p p a n a e l i f o t s r o t i s o p e d r o r o t i e s ob l pl ea dh s f) o 1 ( r5 e 4 b2 mn uo nt i c ee t i s s i r u e qd en Ru .

3

u

f o y sn r a op t i m s oo pc ee dh ft o f o rs e r bo mi t s uo np le a d t o ) t 0 0 e1 h( t d fe o r )d %n 5u ( th n e en co rr e o py en va i p f tm s o a ec l e th At

u

t n e c r e p e v i f s e w o y n a p m o c e h t . y mn oa hp wm oo t c se r h ot t i f s oo ps t ei ds ro op re od t l i a s t oo pt ef Do

eng h n o i t i t d ,c u 5 l 4Ac 2sn s nai l s oC t i t n c ea ehl t s tu fgs o nn i o l si c nf o n d i i s n i la . v u y of sc rs r n s pe oe g dcta c ece nur g i osd n i e i t t bsa n tr el li i, mw yd e nn vsaa or p m o t bi r mi as f oog c ep he n e t i d hk fdt n o a ntb ta s h nt i gsa n r i l a e gh ebac hm t r t i eu e nmS m I .

4

,dp rt a reu l ul i o lr moa iccg s r o ros e otl g r emaa sl ii ma al a t c i s u g gas n n i w g i t v a n n aile . s s hr f e e ,bor c e y n l mpa l p e e r ov r v o ei e si t f pc r sng ei fl o o sr lh i poTre uc.eh o,spt rnnff o o o g o s s t er r l e e a e gp s r pss a e l eeer amrnd ,aoOe t . m i s r n u r seroo i nhotf otecr t y i nAu t b o c eo a vc i sdyt e b a s e s t a h udn l t e a c e t h s acn c e se a ne sro I p i e r er r up p Rp j eaa n r i ed mhe t eta i met c i un fd o i tes r g s e . n) oi r t s e ( ydn t e l n eo d i ct i eno o c hc ra t tepo f s s c u edo e t n i s o r u raa pdv a e c os e t e r h ye t m l ps t a se s s i r ng d i i f n -ybi l l mr ea r a oe cc a i shtb t i p i n aso u srat i hgnc o o i ce i d t ug s a se i gr dri u nat ij l i oe / h s ehhr t bwta fp so es l a a t nlnn o e oci t a r i t e faf a c o r f i l i s er p d he un Tbdi

, ff o f i t en l i u a rl ep he. t de l rab e i pms s e sb o a p om et s di i wen r o ri i e u t hq a t ei c o r d ;eu e r l j a b d i sa s s s a e ol h pc t ae nf oo d i a t sm a r ce i e bv d uma j eh d amd l seu e ho kt alw l mae yi s t or w sa l r a pe t h yt ir ra o e s h s he c t i r ch ue Fnw

,ssnds ts –tn s ereona sue l gegial p l t d a a nl hc u c dmd ma ao a r n hh seh aouc eas h a cCr g xrda t s a l g u o f e m c h n o earks e i t r ah yoc,m a h f t t o g r r t i t e nns oaes a t i l pSp, t lor f c i d r.o a su f o’c r ei r nr a o cns r o o o o e t C lf trob s r hu n s S c e sTfneU v s o gEit s . i n m i s g’ s e s i or e i i a c t b e h i secvnt a o d sdht u t l c r n t n n s o i i I i ru r npe h f‘e s e o s euh o e dc mg k eanc aetAa r f nouat e .m o otst ssw 6 r a e5 ddai c 9d eewfe0n r h o 1f 0 r s t )no et s e ,o 0s ” , e f ol0 bct neLi r l A 0 S r t a t a i Caa3 s p o . e t ws d e L Sn y h r i n l “ l i t S ea aa n ( e e i s C a o t ’ d h e d l s na erratptS e m p I m o dt t m i u s t e i ,nm oi s x r 9 n i 0aiseodCaa l i s v r 0cLm necg n p 2s h s i o a o p t me d, i t ya a l t s cnr l i r ireu i e , a l a yv oL md b s utr y t n a naetaS n h i l C u aSSi e t o v u Sr r i J‘ te t t g e i s o c c fw u r eo nt he ar swa I -

TAXMANN®

S T I U S N O I T C A S S A L C

3.4

Q4. What do you mean by Class Action Suit? [Self-Test Question ICSI] Ans.

-

.amyntee 8 lehhh 3yil .

9laatgttn i f l r l 1a Omfeo c e o t i ru n. a t a t a esye a d e e u ecsg i g i l l h yag i r a o t i esndutvs l ne hiiejt r , l a n ’ i t bf heoh i n h c no rtt sa t yi i il h, s f r l Ste t c i p c o e i v l UA u m u ve i s t s s i t e h eec , c w hv ensr e r s l t i o o o s l o p t i nh o na a s t e i i l t c a c ,c dn ammr e r e eel ae a ss yh csp l s h tst e ueoa e v drelei gao oppcht t ogs refAta Tno R d l t o ‘ .ee n .im m e r n r s i tapveewi u i a f s d r notf r oln a c a i u r t w f r a s i d sognse , e n a s neeei h s v r e a g wkr e aut, s s noarhjnp p n e l s o ol un e i e i l ’ aar sdi t t p s s c l eao sr e dw a ai , sheheurae d p h g s d c s e c a i s wufir v o l h n a o i c l l e t r w d a ire c f, d o i ’uhbng t i e e s v tn tmel he p owr t e h , eiau u t ufs ctl y ncfonfsoe oAocaorsn e cs nyu m r s h m enpi o ea t t a r h t a l hC o t ot l ow mn T‘ a c f

,s n oi sm r e y pn ya ny ab yd bt e nc e ef kf aa t s en bo s yr ae mp nf oo i n t o c i at a ri e c ho t s o s ya ny an ra or o ds en l i f o s er be np af co tp i u u o sr Ag .

1

Class Action suits under Companies Act, 2013:

-

S T I U S N O I T C A S S A L C

e h t ) 7 n3 i rn e o t i t t a c me S ( y. nt ac fA o e h nt of i s o s i s mn o oi s ri ov o nr op i s g un l i c w no i l l eo hf t e rh ot tr n e ed mn eu t s a t u s t c ge np i s d o ar ep l s u t c e p s o r p n i s t n e m e t a t s s i m r o f y t i l i b a i L l a n i m i r C 4 3 n o i t c e S s u t c e p s o r p a n i s t n e m e t a t s s i m r o f y t i l i b a i L l i v i C 5 3 n o i t c e S u

o t s n o s r e p g n i c u d n i y l t n e l u d u a r f r o f t n e m h s i n u Py .

-e 6n 3o nm os t i t e c v en Si

se r mi h t a of ) o cf 5 eat4 l hea 2 t i hc n ft io o tdt i sa uc r hj e ot e t S r i n ( p. s o oi s rr pn e ei o nt dpn i s roao o e p hme st r ad e fnr bo i o m e s erdr e t mac e yu b ye dm bh dtne o f ei cm l i r f mgo eei ny bh e n ntba af p e cor m ts sa i o u yc a sl ne ncah oypt i n t m f a c oo a t s srce o e s yhr a l e ntt c afn Apo i .

2

: s r o t i s o p e D / s r e b m e M y b l a n u b i r T m o r f t h g u o s e b n a c s r e d r o g n i w o l l o F Ans.

u

u

/ s t c a f f o n o i s s e r p p u s o t e u d ( d i o v s i h c i h w n o i t u ) l s o t sn e e r m ne ot a gt ns i s t i c am u

y n a r o t c A s i h t f o s n o i s i v o r p e h t o t y r a r t n o c s i h c i h w t c at nc aA gr ne i h o t do

s r e b m e m e h t y b d e s s a p n o i t u l o s e r y n a o t y r a r t n o c n o i t c a g n i k a t

s r o t c e r i d s t i r o y n a p m o c e h t

yrl y noe afk rri l ooy f yn nna oar spo r mt e c pou rcd e n heo h t t c o o r yt o ne t ad c a r oal u tmf n tg ann t eo l u mr sew nt r; oa t ctor rsla u ogf p n wi ri s od ah sal i enn v l u o ds , ait t n c rme u orl d tou n r tdo e pcuc e a xr r r er f o yoyt c nn nc ai aa

u

l tu n f eg mn eo t r a w t s r go nl i u d f aw ea l s l i n mu , rt on rl e e pu od ru pa r mf iy yn na ar ro of f r mo t rr i f to p i e d t urc t ai u /d d r un oa t o i nc d i ue r o ad t eac hma t

u

(C) to declare a resolution altering the memorandum or articles of the company as void if the resolution was passed by suppression of material facts or obtained by mis-statement to the members or depositors

(D) to seek any other remedy as the Tribunal may deem fit.

TAXMANN®

A O A r o A O M f o n o i s i v o r p y n a f o h c a e r b g n i t t i m m o c

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o s s A f o m u d n a r o) mA eO MA ( on t o st i e a r i i v c o as r s t l A u f so i s he cl i c h i t wr tA c r ao n) aA gO nM i t ( t i n mo i ma t oi cc u

u

-

u

3.5

-

Q5. What reliefs can be sought under Class Action Suit?

[Self-Test Question ICSI] (A) To restrain the Company from

u

(B) to claim damages or compensation or demand any other suitable action from or against

t s mn aa i dg ma ir a o l c m oo t r sf nn oo si r t e c pa gl e nb i a wt i ou l l s o f r e th s nt i o a gy an da ed l n i f a em be nd ar co tn i u o st i na os i n t e c ap sm s o a l c c r Ao s e g a

tc t n ea l mu ef t g a n t o s r gw nr i d o al eu l f s i w ma l rn ou , t rn e pe ol ru pd u ma ir f yy nn aa rr oo f f r o t r o p e r t i d . t uc au nd i n eo dc ar mo

t, n to c n ee r t lc r ouu cdd nun i ao yr nfc ayr rno oat f c nra o of y sr l r e ok e pyi rnl e y an hp t a mr o yoo nct aec rh u ot d on t o ec dr ao mt c ta n eu l mf eg t n a o t r s gw nr i o d al. u ef t l r s w a i ap ml s rni ouh ed mhe t eta i met c i un fd o i tes r g s e . n) oi r t s e ( ydn t e l n eo d i ct i eno o c hc ra t pf te s s c uo edo e t n i s o r u raa d a pe vc os e t e rh yet m l p sa t s e s s i r n d i g i f yb n -l l i mr e a r a oe cc a i b shi t ptn i s a u o srai t hgnc o o ce i i d t ug s a se i gr dr i u nat ij l i o / h e s ehh t r bwt a fp so es l a a t nlnn o e oci t a i r t e faf a c o r f i l i s er p d he un Tbdi

, ff o f i t en l i u a rl ep he. t de l rab e i pms s e sb o a p om et s di i wen r o ri i e u t hq a t ei c o r d ;eu e r l j a b d i sa s s s a e ol h pc t ae nf oo d i a t sm a r ce i e bv d uma j eh d amd l seu e ho kt alw l mae yi s t or w sa l r a pe t h yt ir ra o e s h s he c t i r ch ue Fnw

,se n oih) smt7 r n 3 e yi p n r n e o yat i nyt t abac e ydmS bt ey( . nt nc eeac kffA f aa o e t h esnt bnof i o s o yss ari s e n m mp o i nfoi s r ooo v i n t o onr c i at o p i a ri s g e un cl ho i t scw o n s i o yae l l nyh o ant f rare oro h t ot ds r ne en l ed i f omn eseu brt e s a npt u t afsc coge np tpi i u s u do o sr ar ep Ag l .

1

s u t c e p s o r p n i s t n e m e t a t s s i m r o f y t i l i b a i L l a n i m i r C 4 3 n o i t c e S

u

s u t c e p s o r p a n i s t n e m e t a t s s i m r o f y t i l i b a i L l i v i C 5 3 n o i t c e S

u

o t s n o s r e p g n i c u d n i y l t n e l u d u a r f r o f t n e m h s i n u Py .

-e 6n 3o nm os t i t e c v en Si

u

l u f g n o r w r o l u f w a l n u , t n e l u d u a r f y n a r o f

. n o i s s i m o r o t c a

,dp rt a reu l ul i o lr moa iccg s r o ros e otl g r emaa sl ii ma al a t c i s u g gas n n i w g i t v a n n aile . s s hr f e e ,bor c e y n l mpa l p e e r ov r v o ei e si t f pc r sng ei fl o o sr lh i poTre uc.eh o,spt rnnff o o o g o s s t er r l e e a e gp s r pss a e l eeer amrnd ,aoOe t . m i s r n u r seroo i nhotf otecr t y i nAu t b o c eo a vc i sdyt e b a s e s t a h udn l t e a c e t h s acn c e se a ne sro I p i e r er r up p Rp j eaa n r i TAXMANN®

S T I U S N O I T C A S S A L C

3.6

Q6. State the persons against whom class action suit can be filed?

[Self-Test Question ICSI]

-

Ans.

u

the company or its directors u

the auditor/audit firm

u

any expert or advisor or consultant

Q7. Write a short note on Class Action Suits and related law in India.

[Self-Test Question ICSI] Ans.

-

Class Action suits under Companies Act, 2013:

-

s r mi a of cf ea he t h ft o t sa r h ot t i n s o oi pn ei dp ro oe h st r e f bo me er ma y ye bh t df ei l i f m ee bh nt af co ts s i u a sl nc oy i n t a c ar so s y a l n c a Ap .

2

-

S T I U S N O I T C A S S A L C

3.7

e h t ) o5 t 4 l2 a i n c i o d i t uc j e e S r ( p. s rr e o nt ns i ao mp e ad nr i o ds er t e c ub dm ne o cm r go ny i e n ba ep r m a o yc ne ah pt mf oo cs t ee r he t t fn o i

. egi t bnu tis v o nan o nhi ast cnc toa s a r s e hp s t a sll nlc A e o. i s h t t t i c r auo rsf t on n f o tei m p t e e a cg c xa i l en p rap e ma t t sn a i a mme sk ta c eha j cm b u n us sl a , c el t hai t t u a ns s ot e srh u t t i moi n c il l i t v s oi e nc r ee eh t r t n a ni ei e r dm e e hi l a Tf s Class Action suits under Code of Civil Procedure:

. enn s ao r i e t vyc dba ane oh et i t l ig b asn o i i pr c e b t r n pa n pn a ai c n nmo a o i t sda e i fc s uoo aes s cs ua hb r ca i i e h h rt wo r ti ao n r ede mnm eIu ens i r h n g t o ai c nw, ann o os ei t tr i u pteg p e sp i yn d i mnx yoAi ac.F e mni e s c rr i sop s tr a c eP l et c f n f Ae e Class Action suits under Competition Act:

E.g.

.r rd e e ed s r n e dv u nl i n ae o sdi drt ooc oda e ge h dt oi t vg gon nrr i pi t /b a l dn e l a r o ssc e e d t be u v poe t sd i i r d e g eg or a t gs dae erc t oi c v dr i r ee t r s s e e r v r i o l se i s tdd c ro Aoo sdg i e e h dh t i t v ro f e dro nps r u/e d to l m. t i c u suA ss s eeni s c oh hi Ct Tv Class Action suits under Consumer Protection Act:

-

g n i k a m n i h t i a f d o o g n i g n i t c a s; i r re od t r i o s o pn ea dg n ri ok e re e s br mo ef mn o i et ha t c i rp l e hp t a e e hh wt ) (

nd ae d hi t v ro e r hp t o s r ne ot t sa r e pm e yh nt af fo o y tn n ea mn eo vy l o n va np i em ho t c oe t h st a f to i s er r oe c f i e f bf ; n eoo crt i noc ese dr s i os v t i ec h yet r ni n ad i ) (

s ri oh t t i s r oe pd en du rr oe d rr e bo mn ea h mg u eo hr t h ht cn i a h h wt r ee nh ot a sr i t nh og i i t r c an fw o o ei s s uh an ci e eu hs t r ru; e n hpo d t i l e t u c ho e wc s ) (

sn r i ot , t i c s e or i pd en di rr oo st r c e e br i md e, t ; ms n o eei r t hec t t n e fi s o ls sah i wnt o es r i r e v e d ep n ho u t ond t ee svd a e ae thc i o eor h r owp f g e yn bn i eae cpb nmr e eo t dc t i a v em eh yte nfh ao t ) (

,dd r e uli cui f cot owa sr oe r t c o tn s e r yau t ssc i m c tu o a t ci hr t ie r nco ef oh i s te s i nb miy dn on a ra p o, em tb o c adc e l ; nu h s ao t r u scyc i nbc no do oi e s i t s t s i i i c r r amo e t fohf t o ru a oa et y s uc-n aaea cebp hom et to hr yc t e l e ehe r k t h i e e t l hhe y wwb b ) (

y dm au ec r r l i a c se a h ht n ti . a y hdn t na nap o,m e i s bo s c i mde l u h oo t rcy onb tod c i e s as i f nii t ama o r sr, i e nob t oc o i t a t c y aee l h ft k o i r l e e eh s b utd ael h cw u o e,w hd t es e erc r r un e c hc a t wo s ) (

f

-

TAXMANN®

r e d n u n— r oa i t l a u cc i i l t p r pa ap n ni a, t gn nu i o r c e c da i s o nt on ci e nk i a tt a l l ha t h ss e l da i n v u ob ri pr )T 4 e ( h 5 t 4, 2) 1 n( on i o t i c t ec Se s b u s Q8. When Application for class action suit will be considered by Tribunal?

Ans.

a

b

c

d

e

s nr e od cl o n oh e nr /a eh l b s i t y r t e i vu nq oe c, ( ) . sc r t e de l e o v ) ht i t ea h r g li a hur smg eun cc i t no env r o e t nn f /e e er r pve /if t f yl a i t d i u( u qmR euV c ,D e l g b n i i t v r a e vh m r e t t n e r e f f i d , n r u t e r f o e t a r t n e r e f f i d h t i w r o t i s oc . pt ee d, y t i r u t a m f o

) fd o e rt e s i bl mn uU r no ld a t e o t t s i fL o ( . %s s 5e tl s s a i er l e tv a e h c i h w s r e b m e m 0 0 1 r o s r e b m e m

n a h t s s e l t o n g n i d l o . l ha t si r p e a bc me r ea mh rs od e ru e s bs mi e eh mt f o ) % 5 ( t n e c r e p e v i f

o w t n a h t s s e l t o n g n i d l o . hl a st r i e p ba mc e er ma rh os rd e e bu s ms ei e mh t f o ) % 2 ( t n e c r e p Members:

u

Depositors:

u

Company having Share Capital:

u

Unlisted Company:

u

Listed Company:

u

Company having not Share Capital:

f. o y sn r a op t i m s oo pc ee dh ft o f o rs e r bo mi t s uo np le a d t o ) t 0 0 e1 h( t d fe o r )d %n 5u ( th n e en co rr e o py en va i p f tm s o a ec l e th At

(B) Depositors:

r e b m u n l a t o t f o h t 5 / 1 t s a e l t a

. s r e b m e m f o

u

s a y n a p m o c c i l b u p a h t i w t i s o p e d a e d a m s a h o h6 w7 nn oo st i r c e e ps yr ne ap u

s i e m a n e s o h w g n i t i r w t c A e h t f o ) 2 ( 3 7 s / u t i s o p e d a e d a m s a h o h w r e b m e m y n a u

f o s d r o c e r e h t n i r e n w o l a i c i f e n e b s i o h w s e r a h s g n i d y l o r o ht i ns oo sp r e e PD u

n i r e b m e m e m o c e b o t dM eO eR r g n ai d ne or se r t e n Pe u

f o r e t s i g e R ( M O R n i d e r e t n e s i e m a n e s o h w A O M

u

o t r) e s br i e r b c s bm ue SM (A) Members:

-

u

TAXMANN®

S T I U S N O I T C A S S A L C

3.8

Q9. Who can apply for Class Action Suit as per Companies Act, 2013?

Ans.

(B) Depositors: Companies (Acceptance of Deposits) Rules, 2014

(C) Other Classes of Members and Depositors:

Q10. What are required number of Members or Depositor to apply for class action suit?

OR

How many members or depositors are required for applying for class action suits?

Ans.

(A) Members:

S T I U S N O I T C A S S A L C

r e d n u n— r oa i t l a u cc i i l t p r pa ap n ni a, t gn nu i o r c e c da i s o nt on ci e nk i a tt a l l ha t h ss e l da i n v u ob ri pr )T 4 e ( h 5 t 4, 2) 1 n( on i o t i c t ec Se s b u s g n i k a m n i h t i a f d o o g n i g n i t c a s; i r re od t r i o s o pn ea dg n ri ok e re e s br mo ef mn o i et ha t c i rp l e hp t a e e hh wt ) ( nd ae d hi t v ro e r hp t o s r ne ot t sa r e pm e yh nt af fo o y tn n ea mn eo vy l o n va np i em ho t c oe t h st a f to i s er r oe c f i e f bf ; n eoo crt i noc ese dr s i os v t i ec h yet r ni n ad i ) (

s ri oh t t i s r oe pd en du rr oe d rr e bo mn ea h mg u eo hr t h ht cn i a h h wt r ee nh ot a sr i t nh og i i t r c an fw o o ei s s uh an ci e eu hs t r ru; e n hpo d t i l e t u c ho e wc s ) ( sn r i ot , t i c s e or i pd en di rr oo st r c e e br i md e, t ; ms n o eei r t hec t t n e fi s o ls sah i wnt o es r i r e v e d ep n ho u t ond t ee svd a e ae thc i o eor h r owp f g e yn bn i eae cpb nmr e eo t dc t i a v em eh yte nfh ao t ) ( y dm au ec r r l i a c se a h ht n ti . a y hdn t na nap o,m e i s bo s c i mde l u h oo t rcy onb tod c i e s as i f nii t ama o r sr, i e nob t oc o i t a t c y aee l h ft k o i r l e e eh s b utd ael h cw u o e,w hd t es e erc r r un e c hc a t wo s ) (

] ) 5 ( 5 4 2 n o i t c e S [ n o i t a c i l p p A f o n o i s s i . m d a f o e s a c n I

e h t l l a o t n o i t a c i l p p a e h t f o n o i s s i m d a n o d e v r e s s r o et bs i lo l a p he sd er co i t s o r ne cb i l m b ue pm

u

o s n o c e b d l u o h s n o i t c i d s i r u j y n a n i t n n eo l i a t va ei c r l pp sp na oe i l t g a n ci i l s p pa ao t rn a i l i d me it s a ld l i a l

u

d a e l e h t e s o o h c o t d e w o l l a e b d l u o h s s r o t i s o p e d r o s r e b m e mt sn s a a c l i c l p ep ha t

t o’ hn a wc ,s t n r o at ci i s l o p pp ae d d/ as r ee l ab tm n e i m o pf pI a( s og t n rd i e e we oc po er hp t e eh vt af ho le l g a r ha sh lc a nn ui be) i b e r d T l i l c a eh e hs d t

u

TAXMANN®

,dd r e uli cui f cot owa sr oe r t c o tn s e r yau t ssc i m c tu o a t ci hr t ie r nco ef oh i s te s i nb miy dn on a ra p o, em tb o c adc e l ; nu h s ao t r u scyc i nbc no do oi e s i t s t s i i i c r r amo e t fohf t o ru a oa et y s uc-n aaea cebp hom et to hr yc t e l e ehe r k t h i e e t l hhe y wwb b ) (

u

Ans.

t n e c r e p e v i f s e w o y n a p m o c e h t . y mn oa hp wm oo t c se r h ot t i f s oo ps t ei ds ro op re od t l i a s t oo pt ef Do u

3.9

Q11. What will the Tribunal take into account while considering application of class action suit?

Ans.

a

b

c

d

e

f

-

Q12. Write a short note on procedure followed after admission of application u/s 245(5)

/ ie l p n i mf oe ch t n n oe nh t a, s5 e 4 o2 dn to l i u t c ae f e s dr e nd i n su i : ol] ) a 7 hn ( wu 5 4 b2 ri e r cT n i o f et f i o hc yte nyS ab[ s rdw e os o ysl l nao apf prs e a md ors i cot eyn n e ha t m fh eo s s a i en cc nu na p I o t 0 0 0 , 5 2

`

0 0 0 , 0 0 , 5 2 o t 0 0 0 , 0 0 , 5

e n i f d n a s r a e y 3 o t p u t n e m n o s i r p m I : t l u a f e D n0 i 0 0 r, e 0 c0 i , f 1 f O e n i F : y n a p m o C

Q14. What are the advantages of Class Action Suit?

Ans.

fo eneymne he nc oit o t l i n o s f erted ye c r f r i n bd e A c y r e di rn sa frsa t f a nl s l n i ueia oi i c m l i mtni o C n i is d i i i el l s uesa tj mr t cg a u oo fnn e c s i o dei r e e k . u tmdr r eHe t u n e t eajom.eat s s l s d s i r s e l t a e eaa si m g s t f m h d f e i n t i l ndut l t o t d u c seee a s i c udh ni nl loe j i ontb o daawrrp ru egmspes e s a t l e h i i e eu gh f e t vmr u r nt s a si m n/ua t / s s i d e t s F en u dt nm ni .s sa l biuuaen t ns a opdno i ml n s o , w c rs i n e o a sc oo f rede l t a i i r a t l ol ma dnc mc i i l a a ietm i r d e s s m a s i s e l emn s s ii es t r aefh a a a l s otemdc ses hiie s s s l g t h t o a e c t r t s kn g , s i af u n y a b ni no f o t r i ba u esmu t r iaacf he g t l c c t ee i ab i C i , h d nbs d syt .u t emn f ui t jj r hea o ofduaa Wmd roaSmb 1. Clubbing of similar applications and bar on futile litigations: TAXMANN®

,r y o ns ar po s mi ov Cd A e, t hn t a nt l ou gs nn i o d C n, i s b t r ee bp lx l a E hs , sr lo a t ni ud bu] . i A) r 6 , Ts ( 5 r eo 4 ht 2 t c en yr o bi i t Dc d, es e s r S s o[ a t . pi n s o ro e s r dpe rep D O, r s yr e ne h t Abo my en Ma `

u

`

u

r no of i t e c l ab i ss s n a o l c p s re or f n no os i r t e a cp i r l e p h pt ao ey hn t a hr t i o wy n da ep t c em no nc oe ch t sy e . t bc s n eda pee xyi v eas r f s re e od r te p s obp cl lo y a eh n hs a t u

e b t o n l l a h s n o i t c a f o e s u a c e m a s e h t r o f s n o i t a c i l p p a n o i t c a s s d a e l c w oo l wl ta u

S T I U S N O I T C A S S A L C

3.10

Q13. What is the punishment prescribed for non-compliance of Tribunal’s order in case of class action suit?

Ans.

-

`

-

s yrneyer hl creorbne o i t a t el f nob a e e y o muh m gr l i ct i t e n e ti t a i t h o n r m l g, r e ea fti s t h p t h o i pt I e l uc r gry.f a oe t u pn n i o r eiFco g f i i s hm.l t t o 8 a p t c s s ru0uao s 9 e e css a f dn1do a e o f , noe t c hI ucd setn .a l teods m n u aueot r C a i i et e a t c c el i hs msr a oes aus of el m l pe l o l d t a e t atrh e e t s wc el at s l or r s u id p ea ro oo mn he Pc f t eia l t ls psd ovi i i v t v s o e rat i mnCico n c iercffi e u p a r l xehoest s r c edtyn s e n f t ay n eh i s gruoc ti i n s e net l ror v o i p e i h g i i a t su t t t ni a l s i c s i s ew u i l fd r e e r o bm s smgpn i fi g r r u oa o nu ti u t tti o j g f l s gs l nc oaf a n i f e cmei i mo r l k d esi o i a ae t h a hn t es i emt Tawr l

2. Reduction of Cost:

-

-

S T I U S N O I T C A S S A L C

n e e b e v a h d l u o w t a h t n a h t s s e l r a f e b l l i w t s . oy cl l la a u gd ei l v ed i hn t li a d ce i t t u n t et i ds i n ei r f a i

, ty sre ’ i c hwa d e n a l htl a r op otgst n e ri wo ym i t di no efu r a hec lu pC t l c e n fb emh i o as s ot ete ,cf mnuygo u oosnnn s saii o c i p n i dcfma t a o l a o i orc hsecto s g n e oonar s t s i a ,a t h r s sa t l t f i e z a n i o w d un u i s da o e i gwdcl e v r a c ci t i o s at d re nde fr i vvoa n wnoi ge h nt oacsi l l si e l l nf e i a oo i n w i n da soth l c t m u c i na opu m u e sff wo r wol b sca a t t n i mn l l e, u i sue f m s dr nre uo e oehg a w i Taf r t os .nd c apn a e ss to m t s isa . t a oc c l i l t e ma mr C e 3.

3.11

ultra vires

4.

. on t o st i r a e t di l m o i hl el r a a n ho st i lc l i a d mi s sr u ej hr t i oe t h t wf oo de nv i i t wc ae p es de i r v r oi rs pe c ln l i a wv se t i i r u g sr i ne oh i t t c s as e sr s d a l e C r 5.

. oe t l ) b s a r c oi t t i c s oa pr ep Dm ri oe sm r o e c be mb ee Mv (a sh e d i t l r u a o pw de es t i s w e r r e e t h n t i o f o h ri c e bh mw un o ni ta t a ei g r t g i l se wh ot l l n a i o tj I

TAXMANN®

CRACKER

Resolution of Corporate Disputes Non-compliances & Remedies AUTHOR PUBLISHER DATE OF PUBLICATION EDITION ISBN NO PAGE NO. BINDING TYPE

: : : : : : :

ATUL KARAMPURWALA TAXMANN FEBRUARY 2022 3RD EDITION 9789393880604 306 PAPERBACK

Rs. 350 | USD 35

Description This book is prepared exclusively for the Professional Level of Company Secretary Examination requirement. It covers the entire revised, new syllabus as per ICSI. The Present Publication is the 3rd Edition for CS-Professional | New Syllabus | June/ Dec. 2022 Exams, authored by CA Atul Karampurwala, with the following noteworthy features: u

Strictly as per the New Syllabus of ICSI

u

[Trend Analysis] Previous Exam Trend Analysis from June 2019 for New Syllabus

u

[Marks Distribution] Chapter-wise marks distribution from June 2019 onwards

u

[ICSI Study Material] Chapter-wise comparison

u

[Arrangement of Questions] Questions in each chapter are arranged ‘sub-topic wise’

u

Coverage of this book includes n

Fully-Solved Questions of Past Exams; Topic-wise (including Dec. 2021 Exam

l Solved Paper: CS Professional December 2020 | New Syllabus

l Solved Paper: CS Professional June 2021 | New Syllabus

l Solved Paper: CS Professional December 2021 | New Syllabus

u

[Important Additional Questions] with Answers are provided

ORDER NOW