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Jindal Films' class action suit: NCLAT declines to stay NCLT order
The appellate tribunal NCLAT has refused to halt a National Company Law Tribunal order. This order allows a class action lawsuit against Jindal Poly Films. Minority shareholders allege over Rs 2,500 crore was siphoned off. The NCLAT found the petition met legal requirements. Jindal Poly Films' appeal to stay the proceedings was dismissed.
NCLAT dismisses Jindal Poly Films’ plea challenging class action lawsuit
NCLAT dismissed Jindal Poly Films' plea, allowing a class action suit by minority shareholders alleging fund siphoning to promoter-linked entities, causing a ₹2,000 crore loss. Investments were written off and shares sold cheaply after sector recovery.
NCLAT refuses to stay India’s first corporate class action against Jindal Poly Films
The appellate tribunal's decision will allow NCLT proceedings to continue in minority shareholders’ ₹2,500-crore siphoning allegations case, marking a key test of India’s class action framework.
NCLAT reserves order on Jindal Poly's plea against admission of class action suit
Jindal Poly has sought an urgent stay, arguing that unless the order is paused, it would be required to issue notices to nearly 40,000 shareholders, stock exchanges and the market regulator, inviting objections.
Stocks to Watch Today: Info Edge, KEC International, RITES, NHPC, NTPC, NPST, Poonawalla Fincorp, Uflex, Delhivery, Redtape in focus on 09 April
Stocks to Watch, 09 Apr: Stocks like Info Edge India, KEC International, Lupin, RITES, NHPC, NTPC, Redtape, Bosch, Poonawalla Fincorp, Delhivery, Jindal Poly Films, Uflex, ITC Hotels, and Steel Authority of India will be in focus on April 9.