Viability of Class Action Derivative Suits Under the Corporate Law

In the light of growing cases of corporate frauds there had arisen an urgent need to take legislative measures to ensure the protection of the shareholders of the company and make the company and its management accountable for fraudulent activities and prevent the further commission of such acts. To give effect to this requirement the provisions of Class Action Suits (CAS) were introduced under the Companies Act 2013 under Section 245.This study shall examine the viability of such suits under the Corporate law regime in India. The following chapter will provide an overview of class action suits in general across various jurisdictions such as United Kingdom (UK) United States of America (USA) Canada Australia South Africa etc. where such suits are being actively instituted and the rationale for the institution of such suits to get a better understanding of their viability in India.