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15 November 2024 / Lydia Danon , Tulsi Bhatia , Daksh Ahluwalia , Ashish Joshi , Tushar Shankar Nagar
Issue: 8094 / Categories: Features , Profession , International , Fraud
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Navigating corporate fraud—remedies in England & India

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Cooke Young & Keidan team up with lawyers from Aikyam Law Offices in India to compare approaches to company wrongdoing
  • Both England & Wales and India provide remedies for corporate fraud, including through derivative actions, where shareholders take action on behalf of the company against wrongdoings by those in control of the company.
  • In England & Wales statutory derivative actions are governed by the Companies Act 2006, whereby court permission is required and the law focuses on protecting the company, offering remedies like damages, injunctions, and potential criminal charges for directors.
  • In India, the Companies Act, 2013 includes both civil and criminal penalties for fraud, allowing actions through the NCLT with remedies like personal liability, disgorgement, and class actions for shareholder protection.

Corporate fraud is becoming increasingly common particularly in times of economic downturn or geopolitical upheaval, something large swathes of the world has experienced in the last four years (or more).

In the UK, according

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