Business Standard

Jindal Poly Films Ltd News

Minority shareholders file suit against promoters of Jindal Poly Films

Minority shareholders of Jindal Poly Films have initiated a class action suit against the management and promoters of the company before the National Company Law Tribunal (NCLT) alleging loss due to their actions. The petitioners, which collectively hold a 4.99 per cent shareholding in Jindal Poly Films, a manufacturer of speciality films, have alleged "oppression and mismanagement" against them and have sought damages from the company. The petition filed under section 245 of the Companies Act, alleged that the sale of optionally-convertible preference (OCPS) shares and redeemable preferences shares (RPS) held by the company in a subsidiary to its promoter entity SSJ Trust and other firms at depressed valuations had caused a loss to the company and should be declared null and void. They have requested NCLT to declare the sale of OCPS and RPS to SSJ Trust (through its trustees Shyam Sunder Jindal and Subhadra Jindal) and Jindal Poly Investment as being null and void, and reverse the

Minority shareholders file suit against promoters of Jindal Poly Films
Updated On : 21 Mar 2024 | 8:55 PM IST