The Supreme Court today allowed a mentioning in the Jindal Poly Films class action matter and listed the minority shareholders’ miscellaneous application for July 17, 2026.
Senior Advocate Kapil Sibal mentioned the matter before the Chief Justice of India on behalf of minority public shareholders of Jindal Poly Films, seeking urgent intervention by the court.
During the mentioning, it was submitted that, in apparent collusion between the listed company and the one shareholder, the dispute was referred to arbitration during the summer vacation, without other shareholders being informed.
The bench permitted the mention and directed that the shareholders’ miscellaneous application be listed on July 17, 2026.
The dispute originated from a class action petition filed before the National Company Law Tribunal (NCLT), Principal Bench, New Delhi, wherein minority public shareholders alleged that Jindal Poly Films siphoned off over INR 2,500 crore through undervalued transactions involving promoter-linked entities. The NCLAT subsequently upheld the NCLT’s order, dismissing Jindal Poly Films’ appeal against the maintainability of the class action.
On June 8, 2026, on the joint request of the parties, the matter was referred to arbitration by the apex court.
The filed application seeks impleadment and recall of the June 8 order, contending that the Supreme Court was not apprised of the full class-action character of the dispute, the pending interventions, and SEBI’s separate intervention before the NCLT.
The application also alleges that the original petitioners had already divested their shareholding and that Monet Securities Private Limited, which later substituted them, had no authority to bind the wider class of minority shareholders.
