Jindal Poly Films Faces Legal Heat Over Alleged Rs 2,500 Crore Fraud | Law-Order
Jindal Poly Films is facing legal action following allegations of a Rs 2,500 crore fraud brought forth by minority shareholders.Summary
The National Company Law Appellate Tribunal (NCLAT) has affirmed the National Company Law Tribunal’s (NCLT) decision to accept a class action lawsuit against Jindal Poly Films, concerning allegations of a Rs 2,500 crore fraud. Minority shareholders initiated the petition, alleging that the company engaged in fraudulent asset sales and related-party transactions linked to its promoters, resulting in substantial financial losses. Jindal Poly Films contested the NCLT’s decision, but the NCLAT determined the claims warranted examination under Section 245 of the Companies Act. Petitioners Ankit Jain, Rina Jain, and Ruchi Jain Hanasoge are among those leading the shareholder action, which has coincided with a decrease in the company’s share value, highlighting the risks associated with corporate mismanagement and fraudulent activities.
(Source：Devdiscourse)