NCLT approves petitioner substitution in Jindal Poly Films case

The principal bench of the National Company Law Tribunal (NCLT) approved the substitution of the lead petitioner in the ongoing class action case against Jindal Poly Films. The order, issued on 7 May 2026, allowed Monet Securities to replace the original lead petitioner, Ankit Jain, who had divested his shareholding in the company during April.

The case centred on allegations of financial fraud exceeding INR 2,500-crore and represented a landmark moment in Indian corporate law. A total of 48 intervention petitions were filed by a minority shareholder group, though 27 of those petitioners since sold their entire stakes in the firm. Legal counsel for Jindal Poly Films challenged the standing of the remaining intervenors to continue making submissions, raising questions regarding locus standi.

Abhinav Vasisht, counsel for the minority group, argued that the remaining shareholders retained the right to be heard as members of the defined class unless they formally opted out. Vasisht submitted that measures were allegedly undertaken to acquire stakes held by public shareholders to undermine the ability of minority groups to maintain their opposition. The matter continued to be heard before the principal bench.