National Company Law Tribunal (NCLT) has allowed the substitution application of Monet securities in India’s first ever class action suit, filed against Jindal Poly Films, after the original petitioners exited last month.
Ankit Jain, the original petitioner of this suit, sold his shares in Jindal Poly, following this, Monet Securities, which acquired around 5 percent stake in Jindal Poly, filed a substitution application, seeking to be substituted as the main petitioner.
The matter was listed before the principal bench of acting president Bachu Venkat Balram Das and technical member Ravindra Chaturvedi for hearing.
The 48 intervention petitions filed by minority shareholders, which were listed for hearing today, were opposed by senior counsel appearing for Jindal Poly Films.
The senior counsel informed the bench that out of the 48 shareholders, 27 had already sold their shareholding in Jindal Poly Films, thereby questioning the locus standi of the remaining intervenors to make submissions.
The senior counsel appearing for minority shareholders submitted that once class action proceedings are admitted, all public minority shareholders form part of the class unless they expressly opt out of such proceedings, and therefore, the minority shareholders are entitled to be heard.
Senior counsel appearing for SEBI sought time to file a rejoinder to the reply filed by Jindal Poly Films in response to SEBI’s intervention petition. Accordingly, the bench granted time for filing the same.
The bench has directed Jindal Poly Films to file an affidavit setting out the details and particulars of the shareholders who have sold their shares.
The matter is listed for further hearings on May 21, 2026.
