NCLT issues notice on Sebi plea in Jindal Poly Films class action

Tribunal seeks responses from company, flags exit of original petitioners after share sale and considers intervention pleas in ongoing class action

The Principal Bench of the National Company Law Tribunal on Thursday issued notice on an intervention application moved by the Securities and Exchange Board of India (Sebi) in an ongoing class action against Jindal Poly Films Limited, seeking responses from the company and other respondents.

 

The matter arises out of a petition under Section 245 of the Companies Act, 2013, which allows shareholders to initiate class action proceedings against a company for alleged acts of mismanagement. Sebi, through its application, has sought to place on record its findings relating to alleged financial irregularities and violations of securities laws by the company.

   

During the hearing, the Bench was informed that the original minority public shareholders who had instituted the proceedings have since divested their shareholding in the company. Ankit Jain, the lead minority shareholder in the case with almost 4.99 per cent minority stake, has sold his shares and is looking to exit the suit. Following the sale, the purchaser of these shares has approached the Tribunal seeking substitution in place of the original petitioners, effectively stepping into their position in the ongoing litigation.

 

The Tribunal was also apprised that another minority shareholder has filed an application seeking to intervene in the class action. The application is expected to be listed for hearing separately. The class action suit, along with the pending applications, is scheduled to be taken up next on April 30, 2026.