Jindal Poly Films has moved the National Company Law Appellate Tribunal (NCLAT) against a recent order of the National Company Law Tribunal (NCLT) that admitted a class action petition filed by minority shareholders, news media reports said.
The appeal was filed a day after the NCLT, on 5 February 2026, allowed the plea by shareholders holding nearly 5% of the company’s equity, which alleges financial irregularities amounting to about ₹2,700 crore.
As per reports, the company said it reviewed the NCLT order and, based on legal advice, decided to approach the appellate tribunal. The appeal is expected to be taken up shortly. Senior advocate Abhishek Manu Singhvi, representing Jindal Poly Films, sought an urgent hearing before an NCLAT bench led by chairperson Justice Ashok Bhushan, along with technical member Barun Mitra.
During the hearing, Singhvi reportedly told the tribunal that the case involved an uncommon class action petition under Section 245 of the Companies Act, initiated by minority investors of a listed entity. He also submitted that the NCLT’s decision to admit the petition had already triggered a decline in the company’s share price, affecting around 45,000 shareholders, Hindustan Times reported.
Allegations raised by minority Investors
News reports said the shareholder group alleged that the company diverted funds to promoter-linked firms, wrote off loans extended to related parties, and disposed of assets at substantially reduced valuations. These actions, they claimed, resulted in significant value erosion for shareholders. The NCLT order noted allegations involving transactions of more than ₹2,700 crore.
Jindal’s stand
Jindal Poly Films, however, has maintained that the NCLT’s order merely allows the petition to proceed and does not reflect any conclusions on the merits of the allegations. The company stated that the tribunal has not yet examined the substance of the claims and that all business decisions were taken using commercial judgment and with approvals required under applicable laws, the reports said.
Background of the case
Earlier this month, the NCLT’s Delhi bench, headed by president justice Ramalingam Sudhakar and technical member Ravindra Chaturvedi, admitted the class action petition filed by minority shareholders. The tribunal observed that the applicants, who together hold about 4.99% of the company’s share capital, met the legal threshold to pursue a class action under company law.
The shareholder group, led by Ankit Jain, has alleged that a series of transactions resulted in the transfer of valuable assets to promoter-affiliated entities at undervalued prices, causing losses exceeding ₹2,268 crore.
Jindal Poly Films has countered these claims, arguing that the shareholders incorrectly invoked the class action provision and that the issues raised are more in the nature of a derivative claim or allegations of oppression and mismanagement.
