National Company Law Tribunal (NCLT), on Thursday, adjourned the hearing on the class action suit against Jindal Poly Films under Section 245 of the Companies Act, 2013. The class action and connected applications will now be heard by the Principal Bench on 7 May, 2026.
The matter was presented before the Bench of Judicial member Mahendra Khandelwal and technical member Banwari Lal Meena.
The matter was listed before the special Bench of NCLT, New Delhi. The Bench while adjourning the matter directed that it be listed before the regular Bench, i.e., the Principal Bench, since class action proceedings can only be heard by the Principal Bench.
The Bench was apprised of the fact that 45 minority shareholders of Jindal Poly Films have filed intervention applications seeking intervention in the class action.
Senior counsel for SEBI informed that Jindal Poly Films has filed its reply to SEBI’s intervention application, for which time was granted to file a rejoinder.
In the last hearing, the Bench issued notice on SEBI’s intervention application, seeking responses from Jindal poly films and other respondents. By way of the application, SEBI sought to bring on record its findings into the financial mismanagement and securities law violations by Jindal Poly Films.
The Bench was also informed that the original minority public shareholders, Ankit Jain and family, who initiated the proceedings have divested their shareholding in Jindal Poly Films.
The case originated from allegations by minority shareholder Ankit Jain against Jindal Poly Films and its promoters. The petitioners argued that there were a series of related-party and asset transactions resulting in substantial loss of value to Jindal Poly Films and were “prejudicial to the interests of the company and its members”. The petitioners cited grave governance failures, financial irregularities and breach of securities law.
Primary allegations involved write-offs of investments in group entities, poor disclosures, and deals purportedly causing heavy shareholder losses. Concurrently, SEBI’s probe uncovered violations like opaque related-party transactions harming investor interests.
“We would like to state that with respect to the Show Cause Notice, the Company will extend its full support and cooperation to SEBI with respect to any inquiries. We wish to reiterate that all business decisions were taken under commercial wisdom with necessary approvals as required under applicable laws. The company remains committed to complying with the required legal and regulatory framework and adhering to the highest standards of corporate governance, “said a Jindal Poly Films spokesperson.
(The comment from Jindal Poly Films was added after the publication of the story)
