Jindal Poly Films Faces NCLT Notice on SEBI Intervention in Shareholder Case

Jindal Poly Films Limited announced on April 10, 2026, that it received a notice from the National Company Law Tribunal (NCLT), Principal Bench, New Delhi. The notice, dated April 9, 2026, concerns an intervention application filed by the Securities and Exchange Board of India (SEBI) in relation to Company Petition Number 58/245/PB/2024. The company is currently awaiting the official copy of the NCLT's order to understand the full directives.

SEBI's involvement stems from its own investigation into allegations of governance lapses and financial mismanagement raised by minority shareholders. The market regulator has filed an intervention application with the NCLT to present its findings, which reportedly found potential securities law violations.

This action is part of an ongoing class-action lawsuit initiated by minority shareholders, including Ankit Jain and others. They allege serious governance issues and financial mismanagement, citing transactions and write-offs from fiscal years 2014 to 2024, with claims of losses exceeding ₹2,500 crore. SEBI's preliminary estimates suggest shareholder losses of around ₹760.12 crore.

The NCLT had previously admitted the class-action petition. Jindal Poly Films' appeal against this admission was dismissed by the National Company Law Appellate Tribunal (NCLAT), allowing the case to proceed. The company has consistently denied the allegations, stating its transactions were conducted in the ordinary course and complied with regulations.

In a recent turn of events, lead petitioner Ankit Jain has sold his stake in Jindal Poly Films, leading to a request for his substitution in the ongoing lawsuit.

The active involvement of SEBI amplifies regulatory scrutiny on corporate governance, potentially influencing the legal proceedings and investor sentiment. Shareholders now face continued legal and regulatory uncertainty, with the NCLT reviewing SEBI's intervention. The company's navigation of these proceedings will be critical for restoring investor confidence.

Jindal Poly Films operates in the competitive packaging and film manufacturing sector alongside peers like Cosmo First Ltd, Uflex Ltd, Garware Hi-Tech Films Ltd, and Polyplex Corporation Ltd. While these companies manage market dynamics, Jindal Poly Films' immediate focus remains on addressing the significant legal and regulatory challenges involving its shareholders and SEBI.

Investors will be watching for the official NCLT order, further filings from all parties, and any updates on the substitution of the lead petitioner. The upcoming hearing date for the class action, scheduled for April 30, 2026, will also be closely monitored, alongside the company's official response to the regulatory notice.