NEW DELHI, INDIA: In what is termed as the first-ever class action lawsuit in the country, the Supreme Court will hear on Monday the plea of Midas Touch Investor Associations seeking compensation of nearly Rs 5,000 crore for three lakh retail shareholders in fraud-hit Satyam Computer Services (now renamed Mahindra Satyam).

This suit has been filed primarily against the Raju brothers, the audit firm PricewaterhouseCoopers, and all ex-independent directors, according to reports.

The appeal would come before a three-judge bench, headed by Chief Justice KG Balakrishnan on August 10.

Following the exposure of the scandal, Satyam shares had nosedived, which resulted in Tech Mahindra acquiring 31 per cent shares of the company through an open auction, by paying Rs 1,756 crore.

Earlier Midas Touch, a Kanpur-based consumer protection organization, had moved the National Consumer Disputes Redressal Commission (NCDRC) seeking compensation for retail shareholders. However, the plea was rejected, and the organization approached the apex court seeking Rs 4,987 crore as damages from Satyam.

Corporate Affairs Minister Salman Khurshid had recently said that the Government of India is planning to include the concept of class action suit in new Companies Bill to help investors claim damages from fraudulent companies.

The move comes in the wake of the Satyam scam and its aftermaths that had a significant impact on investors trust on India corporates.