'Class action suit is a new mechanism in India to claim the loss caused to the specified stakeholders of the Company, not only from the Company but also from other entities.' Explicate.

A Class Action Suit is a new mechanism to claim the loss caused to the specified stakeholders of the company not only from the company but also from other entities. Various persons / entities against whom such actions can be taken are: A company or its director for any fraudulent, unlawful or wrongful act or omission. An auditor including audit firm of a company for any improper or misleading statement of particulars made in the audit report or for for any unlawful or fraudulent conduct. An expert of advisor or consultant for an incorrect or misleading statement made to the company. It is pertinent to note that the definition of the expert is wide under the Companies Act, 2013 which includes an engineer, a valuer, a chartered accountant, a company secretary, a cost accountant and any other person who has the power or authority to issue a certificate in pursuance of any law for the time being in force. However, the advisors or consultants are not provided, thus the definitions of the same will be derived from judicial precedence and use of the same in common parlance.