Certain depositors of Lifetime Resources Ltd. were of the opinion that affairs of the company are being conducted in a manner prejudicial to their interests. Assuming yourself as a company secretary-in-practice, advise t

As a company secretary-in-practice, I would advise the aggrieved depositors of Lifetime Resources Ltd. on the following remedies that can be sought from the Tribunal under the provisions of the Companies Act, 2013: Provisions of the Companies Act, 2013: Section 245(1) of the Companies Act, 2013 provides that such number of members or members, depositor or depositors or any class of them, as the case may be, may, if they are of the opinion that the management or conduct of the affairs of the company are being conducted in a manner prejudicial to the interests of the company or its members or depositors, file an application before the Tribunal on behalf of the members or depositors for seeking all or any of the following orders, namely: To restrain the company from committing an act which is ultra vires the articles or memorandum of the company; To restrain the company from committing breach of any provision of the company's memorandum or articles; To declare a resolution altering the memorandum or articles of the company as void if the resolution was passed by suppression of material facts or obtained by mis-statement to the members or depositors; To restrain the company and its directors from acting on such resolution; To restrain the company from doing an act which is contrary to the provisions of the Companies Act, 2013 or any other law for the time being in force; To restrain the company from taking action contrary to any resolution passed by the members; To claim damages or compensation or demand any other suitable action from or against: the company or its directors for any fraudulent, unlawful or wrongful act or omission or conduct or any likely act or omission or conduct on its or their part; the auditor including audit firm of the company for any improper or misleading statement of particulars made in his audit report or for any fraudulent, unlawful or wrongful act or conduct; or any expert or advisor or consultant or any other person for any incorrect or misleading statement made to the company or for any fraudulent, unlawful or wrongful act or conduct or any likely act or conduct on his part; To seek any other remedy as the Tribunal may deem fit. Advice to Depositors: Based on the above provisions, the aggrieved depositors of Lifetime Resources Ltd. can file a class action application with the National Company Law Tribunal (NCLT) seeking any or all of the above-mentioned orders to protect their interests from the prejudicial conduct of the company's affairs. They should gather sufficient evidence to demonstrate that the company's management or conduct is indeed prejudicial to their interests.