Jindal Poly Films: Minority Shareholders Move Supreme Court Seeking Revival of Class Action

A group of 29 minority public shareholders of Jindal Poly Films Limited (JPFL) has approached the Hon’ble Supreme Court of India seeking to revive a shareholder class action. The shareholders have also submitted a representation to the Hon’ble Chief Justice of India and filed applications for impleadmentand recall, raising concerns over the disposal of a representative proceeding without the participation of the wider shareholder class it was intended to protect.

Representation to the Chief Justice of India

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On June 16, 2026, the minority shareholders submitted a detailed representation to the Hon’ble Chief Justice of India setting out the factual background leading to the Supreme Court’s order dated June 8, 2026.

According to the representation, the proceedings originated from an admitted shareholder class action concerning allegations of large-scale diversion of corporate value and its impact on public shareholders of the listed company. The shareholders have emphasized that the matter was not merely a bilateral dispute, but a representative proceeding affecting a broader body of public investors, with several intervention applications pending and regulatory findings already forming part of the record.

The representation states that during the Court’s vacation, the appeal was mentioned and disposed of on the same day by consent of two parties, resulting in the dispute being referred to arbitration without notice to or participation of the larger shareholder class and other stakeholders.

The shareholders have urged that a statutory remedy intended to safeguard minority investors should not be effectively extinguished without the Court being apprised of the representative nature of the proceedings and the existence of multiple affected parties.

Impleadment and Recall Applications

On June 19, 2026, the minority shareholders moved the Hon’ble Supreme Court by filing two applications in relation to the order dated June 8, 2026.

Application for Impleadment: The shareholders have sought to be impleaded as parties to the proceedings so that the class of minority shareholders has, for the first time, a direct voice before the Court in a matter affecting their rights.

Application for Recall: They have also sought recall of the June 8, 2026 order on the ground that the proceedings were disposed of without hearing necessary and affected parties and without placing before the Court the complete factual matrix, including the representative nature of the class action and the absence of any authorized representative capable of binding the class.

Through these applications, the shareholders have requested the Court to revisit the manner in which the proceedings were concluded and to ensure that the matter is considered with the participation of all affected stakeholders.

The applications highlight broader concerns regarding the treatment of shareholder class actions in India and the ability of dispersed public investors to seek collective redress. The shareholders have contended that the June 8, 2026 order effectively brought a representative process to an end without the participation of the affected class, despite pending interventions and wider implications for investor protection.

The matter is now before the Hon’ble Supreme Court, where the minority shareholders are seeking an opportunity to be heard and appropriate orders in relation to the order dated June 8, 2026.