CHAPTER-XVI
PREVENTION OF OPPRESSION AND MISMANAGEMENT
Number of Members Who Can File an Application for Class Action
1 (a) For the purposes of sub-clause (a) of clause (i) of subsection (3) of section 245, the number of members that may file an application for class action as provided in sub-section (1)shall be, in the case of a company having share capital, not less than one hundred members of the company or not less than ten per cent. of the total number of its members, whichever is less,or any member or members singly or jointly holding not less than ten percent of the issued share capital of the company,subject to the condition that the applicant or applicants have paid all calls and other sums due on his or their shares.
(b) For the purposes of sub-clause (ii) of sub-section (3) of section 245, the number of depositors that may file an application for class action as provided in sub-section(1) shall be not less thanone hundred depositors or not less than ten per cent. of the totalnumber of depositors, whichever is less or any depositor or depositors singly or jointly holding not less than ten percent of the total value of outstanding deposits of the company. |