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India's top corporate court backs first major shareholder lawsuit against Jindal Poly Films over alleged ₹2,500 crore in losses.
The National Company Law Appellate Tribunal (NCLAT) has upheld a lower tribunal’s decision to allow India’s first major corporate class action lawsuit against Jindal Poly Films, rejecting the company’s challenge.
The case, filed by minority shareholders, alleges over ₹2,500 crore in losses from undervalued transactions and related-party deals between 2013 and 2021.
The NCLT had ruled that such suits can address past actions, not just ongoing ones, and ordered public notice to enable other shareholders to join.
The ruling, based on Section 245 of the Companies Act, 2013, marks a significant step for minority shareholder rights in India, where class actions have been rare.
The case will now proceed to its merits, while SEBI investigates potential securities law violations.
El máximo tribunal corporativo de la India respalda la primera demanda de los principales accionistas contra Jindal Poly Films por supuestas pérdidas de ₹ 2,500 crore.