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flag India's top corporate court backs first major shareholder lawsuit against Jindal Poly Films over alleged ₹2,500 crore in losses.

flag 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. flag The case, filed by minority shareholders, alleges over ₹2,500 crore in losses from undervalued transactions and related-party deals between 2013 and 2021. flag 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. flag 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. flag The case will now proceed to its merits, while SEBI investigates potential securities law violations.

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