Section 245 - Class action

Class action reliefs under Companies Law allow members or depositors to seek injunctive, compensatory and firm liability remedies.

Section 245 empowers a qualifying number of members or depositors to seek Tribunal orders on behalf of a class to restrain ultra vires or unlawful acts, void resolutions procured by suppression or misstatement, restrain action on such resolutions, prevent acts contrary to law or company resolutions, and to claim damages or other remedies against the company, directors, auditors, experts or advisors; it prescribes applicant thresholds, joint liability for audit firms and partners, Tribunal factors for admission, procedures on admission including notice and lead applicant selection, binding effect of orders, sanctions for noncompliance, and an exclusion for banking companies.