Class Action suit can be filed by the Members only; this right is not available to the depositors of the company. Do you agree with the statement? Discuss the relevant provisions under the Companies Act, 2013.

Answer 2(b) No, we do not agree with the statement provided in the question. In fact, the class action suit can be filed by the members as well as by the depositors. The relevant provisions are as under: Class Action Suit by Members under Section 245(3)(i) of Companies Act, 2013 in the case of a company having a share capital, not less than one hundred members of the company or not less than such percentage of the total number of its members as may be prescribed, whichever is less, or any member or members holding not less than such percentage of the issued share capital of the company as may be prescribed, subject to the condition that the applicant or applicants has or have paid all calls and other sums due on his or their shares; In case of a company not having share capital, more than one-fifth of the total number of its members. Class Action Suit by depositors under Section 245(3)(ii) of Companies Act, 2013 The number of depositors required to file class action are more than 100 in number or more than such percentage of the total number of depositors as may be prescribed, whichever is less, or any depositor or depositors to whom the company owes such percentage of total deposits of the company as may be prescribed. Thresholds are specified under Rule 84 of National Company Law Tribunal Rules, 2016 (amended on May 08, 2019) relating to class action suits under Section 245. The limits are as under: In case of a company having a share capital, the requisite number of member or members to file said application shall be: (a) at least five per cent. of the total number of members of the company; or (b) one hundred members of the company, whichever is less; or (a) member or members holding not less than five per cent. of the issued share capital of the company, in case of an unlisted company; (b) member or members holding not less than two per cent. of the issued share capital of the company, in case of a listed company. The requisite number of depositor or depositors to file said application shall be: (a) at least five per cent. of the total number of depositors of the company; or (b) one hundred depositors of the company, whichever is less; or; depositor or depositors to whom the company owes five per cent. of total deposits of the company.