 In the past, we talked about its foundation, we talked about its history, we talked about its different schools of thought, we talked about its different approaches, its different frameworks. We then started talking about its different stakeholders, the importance of shareholders and today we are going to proceed to the more micro issues in relation to the stakeholders and the shareholders and the topic is very interesting and that is called residual powers and class action. Now, ladies and gentlemen, this is a very interesting concept because what we see is is that the board is not omnipotent, the board is the final authority but even the board can be superseded by the general body meeting. So, it is not that that whatever the board decides, it will be applicable on everyone or whatever the board does not decide remains as it is and the company becomes stagnant. There are certain examples and certain issues where the board can also be superseded. Now, when we look at these different issues and these different dimensions where they would be a residual power by the general body or by the shareholders at large, then that is when this residual power is exerted and they tend to overcome or encapsulate the whole board of directors also. So, when we look at it ladies and gentlemen, then there arise some situations that the board is unwilling on unable to act. In such situations, it is permissible for the general meeting to exercise the powers vested in the board of directors even though it may be exercising powers which are conferred on the board. So, again what we see over here ladies and gentlemen, sirs and madams is that the general meeting or the general shareholders can get together in a general meeting and can supersede and can circumvent the authority of the board of directors especially based upon the scenario or the circumstances and secondly can also exercise those powers which are vested by the board because the board is not exercising them. So, that is what residual power is all about and is a very important is a very important component of good and corporate governance. There are a number of situations conceivable where the general meeting may be called upon to exercise these default or residuity powers. So, that is very important what we have been talking about that the general meeting will be exercising these residuity or residual power or default powers, but not permanently only for a particular situation and for a particular circumstance. Examples of residual power situations could be where there is a deadlock on the board where everyone is voting and a deadlock arises where an effective quorum cannot be obtained. So, for various reasons board members are not coming repeated meetings and therefore many decisions are pending with the transaction question is beyond the powers of the board. So, if certain limits have been given to the board and in that case there is a project or there is a situation or there is an activity which supersedes that particular limit then these residual powers are basically exercised. In these situations the general meeting can either rectify and rectify the acts of the directors or authorize the directors to act on their behalf to an ordinary resolution in either case directors are governed by the rules of agency. So, again what is done is that the general meeting basically tends to give those powers or tends to give that authority or tends to give a decision which will then be exercised by the board of directors, but what happens is that the decision is taken and its implementation is done by the board of directors and the top management it is not that the general meeting or the shareholders would be also involved in the implementation process because that would be a conflict of interest and also would compromise the whole structure of the organization. So, that is extremely important to understand that again the general body cannot go into implementation, but it can act as an agent and based upon that they could be taking certain decisions which will be implemented by the board of directors. So, another very important aspect in residual powers is called class action. Class action ladies and gentlemen is a legal proceeding in which one or several plaintiffs bring a lawsuit on behalf of a larger group known as the class. The judgment or settlement agreed to arise from the suit covers all members of the group or class where penalties paid by the defendant are divided up among the class members. So, what we see is that class action itself is also a manifestation of residual power whereby the majority of a large group gets together and they institute a class action legal proceeding in which a particular interest or a particular issue is identified and in that they try to ensure that the majority wins over here and whatever emerges the penalties will be paid by the defendants or that particular party which is basically guilty of that particular issue. A class action refers to a legal course where the plaintiff brings forward a lawsuit for the benefit of a larger group of effective people. This group or class must attest that they were affected by the defendants actions but only the lead plaintiff will try the case in the court. What we see is that it becomes the responsibility of the petitioner or of the class or group that they must be able to prove without doubt that the defendant's action or inaction is adversely affecting and that then leads to a class action suit. If the plaintiff wins, awards are paid out pro rata among the members of the class. So, depending upon the person's take a pro rata basis is established whereby that amount is distributed. In finance class action lawsuits are often brought against companies where the class is the company shareholder. So, again just like earlier mentioned over here the class is the company shareholder because it is the largest interest group and they tend to then file cases or instigate legal proceedings against the board of directors or the top management. Now, if you look at some famous examples and two very famous examples. One is the famous Enron example in which the Enron shareholders filed a suit and they got 7.2 billion dollars as settlement and the second one is of Toyota in which Toyota had these faulty breaks and there was a major recall and based upon that there was a 1 billion dollar settlement. So, there are many other examples like that and these are the class action suits and a consequence of those. So, what we see is is that residue power vests in the context of good governance and corporate governance with the shareholders can be practiced and implemented in the general meeting can supersede and override the authority of the board of directors can result in various decisions or indecisions to take place and then when we talk about a class action suit then that again is a representation of the larger number of shareholders which would be called the class and they would be filing a suit and based upon that there would be a certain settlement which would emerge and that would ensure that the company operates in a better way or these stakes of the majority shareholders are basically catered. Thank you so much.