National Company Law Tribunal (Second Amendment) Rules, 2019

On May 8, 2019, the Ministry of Corporate Affairs notified the National Company Law Tribunal (Second Amendment) Rules, 2019 (“Amendment Rules”) amending rule 84 of the National Company Law Tribunal to stipulate certain thresholds for filing class action suits under section 245 of the Companies Act, 2013 (“CA 2013”). The Amendment Rules provide that in order to file an application under section 245 of the CA 2013, the requisite number of member(s) shall be At least 5% of the total number of members of the company or 100 members of the company (whichever is less); or In case of an unlisted company, member(s) holding not less than 5% of the issued share capital and in case of a listed company, member(s) holding not less than 2% of the issued share capital. Further, the requisite number of depositor(s) to file an application under section 245 of the CA 2013 shall be At least 5% of the total number of depositors of the company or 100 depositors of the company (whichever is less); or Depositor(s) to whom the company owes 5% of total deposits of the company. Download Pdf