MCA seeks insurance regulator's help to introduce class action...

The ministry of corporate affairs (MCA) will start talks with the Insurance Regulatory and Development Authority (Irda) for the development of concept of class action suit in India. The class action suit has to go hand-in-hand with the insurance industry as it is in US, said Salman Khurshid, minister of corporate affairs. We are going to take concepts and ideas from other countries regarding the class action suit but not blindly follow them as the Insurance Bill will be taken up by the Standing Committee after the Companies Bill, Khurshid said. Ashwin Parekh, director, KPMG said, It is a good ...

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