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of <h1>Draft Rules for Class Action Under Chapter XVI of Companies Act: Criteria and Procedures for Filing and Notifications.</h1> The draft rules under Chapter XVI of the Companies Act, 2013, address the prevention of oppression and mismanagement. They specify the criteria for filing a class action application, requiring a minimum number of members or depositors. For companies with share capital, at least 100 members or 10% of members, whichever is less, can file. For depositors, the same numerical criteria apply. Upon admission of a class action, a public notice must be published in relevant newspapers and online. The notice includes details like the lead applicant's name, grounds for application, relief sought, and hearing details. The rules also outline procedures for serving applications and notifying the Central Government.
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