Minority shareholders drag Jindal Poly Films to NCLT over alleged mismanagement

A class-action petition has reportedly been filed by minority shareholders of Jindal Poly Films against the firm and its promoter, Shyam Sundar Jindal.

According to the petition filed with NCLT, the shareholders have alleged mismanagement at the firm which specialises in film packaging.

A shareholders collectively own about 4.9% of Jindal Poly Films' shares. They have cited losses on account of the actions of promoters and directors and are reportedly seeking damages of approximately Rs 2,800 crore.

According to an ET report, Jindal Poly Films it is alleged sold some of its investments at undervalued rates to SSJ Trust, run by promoter Shyam Sunder Jindal.

The National Company Law Tribunal has listed the matter for hearing on April 9.

Jindal Poly Films settled 3.18% higher at ₹525 apiece at the NSE on Thursday. The scrip has tumbled 20% so far this year.