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of <h1>Section 245 class actions empower shareholders and depositors to challenge prejudicial company conduct, seek damages and binding relief</h1> Section 245 of the Companies Act, 2013 provides a class action mechanism enabling specified numbers of members or depositors to approach the Tribunal when company affairs are conducted in a manner prejudicial to the company, its members, or depositors. They may seek orders restraining ultra vires or unlawful acts, breaches of the memorandum or articles, implementation of tainted resolutions, or actions contrary to law or member resolutions, and may claim damages or other relief against the company, its directors, auditors (including firms and responsible partners), experts, or advisors. The Tribunal considers good faith, alternative remedies, and ratification possibilities, and its orders bind all stakeholders. Non-compliance attracts fines and imprisonment, frivolous applications may be penalized, and banking companies are excluded.
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