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Author Topic: Private Securities Litigation  (Read 1268 times)

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Offline anuj.analytics

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Private Securities Litigation
« on: June 14, 2015, 12:22:02 AM »
Is there any law in India that protects businesses from litigation, in a way similar to the US Private Securities Ligation Reform Act of 1995?

This Act was designed to limit frivolous securities lawsuits. Prior to the Act, plaintiffs could proceed with minimal evidence of fraud and then use pretrial discovery to seek further proof. This set a very low barrier to initiate litigation, which encouraged the filing of weak or entirely frivolous suits. Defending against these suits could prove extremely costly, even when the charges were unfounded, so defendants often found it cheaper to settle than fight and win. Under this Act, however, plaintiffs need more proof of fraud before they can initiate a suit. This makes it very difficult to file a frivolous suit, but it also makes it much harder to file legitimate ones, as plaintiffs are forced to present evidence of fraud before any pretrial discovery has taken place.

I need to know about an equivalent Indian law, as I have to put an earnings disclaimer on my site related to Forward Looking statements. Forward-looking statements give our expectations or forecasts of future events.
« Last Edit: June 14, 2015, 12:25:38 AM by anuj.analytics »

Offline kphk

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Re: Private Securities Litigation
« Reply #1 on: June 14, 2015, 12:43:22 AM »
I wonder how is the Disclaimer going to make others file suit against your company. I hope you are not going to actively misrepresent and induce others to promote your business. If you are planning to do some act of that sort then you will definitely face the consequences that will be justified. Indian public policy does not allow passing of such acts and even if they are passed, then will be struck down as unconstitutional. Unfortunately, US courts are not as powerful as Indian courts and that is the reasons such acts as you have mentioned survive. I think you read the whole article regarding this act on wikipedia and understood its disadvantage also.

Offline anuj.analytics

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Re: Private Securities Litigation
« Reply #2 on: June 14, 2015, 01:17:15 AM »
At last, somebody responded! :)

I have not read every nook and cranny of the wikipedia article, but I have some idea of why it is put in disclaimers of online businesses. This is where I picked it up - Outsource Force website archives. It was mentioned in the disclaimer of this very well known business back in 2010. It was a multi million dollar operation and legitimate because I have had exposure to their training. The company has now been liquidated I believe and the owner has taken his payday, and gone into a different business (mobile apps).

Here's a link to the page where they mentioned this act:

http://web.archive.org/web/20120103112113/http://www.outsourceforce.com/disclaimers/2401

This is a very traditional and common disclaimer mentioned in online businesses in this market.

HOWEVER, I am not in that market. I am setting up a Digital Analytics Agency at Analytics.GA
http://www.analytics.ga

At the bottom of the page, you can see links to legal documentation. It is not yet complete. I am currently editing it. My business involves forecasting business performance and extrapolating graphs to find probable directions the client's company will take. Since market conditions can change, I cannot always give a 100% guarantee of performance, but aim to give a decent idea so that clients can make decisions.

Please tell me what I should write in  place of the Private Securities Litigation Reform Act of 1995, an Indian equivalent/alternative?


Offline kphk

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Re: Private Securities Litigation
« Reply #3 on: June 14, 2015, 01:49:40 AM »
Nice website! My sincere wishes to all your endeavours ! The disclaimer is more than suffice because it properly represents that you do not guarantee profits and it depends on lots of other factors. As far as my knowledge goes there are no equivalent acts in India that afford immunity from being sued. You need not worry because suing you on the ground of fraud will not be possible because of the disclaimer. As I understand you case will be covered under The Forward Contracts (Regulation) Act, 1952 and if it does then such cases cannot be filed in a civil court will have the jurisdiction to try the cases according to Section 24A, but an alternative forum has got the powers of trail. So there is no complete immunity.

Offline anuj.analytics

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Re: Private Securities Litigation
« Reply #4 on: June 14, 2015, 02:37:48 AM »
Thank you so much :)

This was quite helpful. And thanks also for the compliment about the website. My best wishes to you as well my friend.

 

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