The Special Bench of the National Company Law Tribunal on Thursday adjourned the hearing of the class action suit against Jindal Poly Films Limited (JPFL), with directions to list the matter before the Principal Bench.
When the class action petition under Section 245 of the Companies Act, 2013, came up for hearing, the Special Bench noted that class action proceedings fall within the jurisdiction of the Principal Bench and deferred the case in view of the anticipated assumption of charge by the new NCLT President.
During the brief hearing, the tribunal was informed that 45 minority shareholders of JPFL have moved intervention applications seeking to be impleaded in the proceedings.
Senior counsel appearing for the Securities and Exchange Board of India (Sebi) submitted that JPFL has filed its reply to Sebi’s intervention application. The tribunal granted time to Sebi to file a rejoinder.
The matter, along with the connected applications, is now scheduled to be taken up by the Principal Bench on May 7, 2026.
Justice (retd) Anupinder Singh Grewal, former judge of the Punjab and Haryana High Court, has been appointed President of the NCLT after Justice Ramalingam Sudhakar retired.
On April 9, the Principal Bench of the NCLT had issued notice on an intervention application moved by 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.
