NCLT admits India's 1st-ever corporate class action suit
Big news for anyone interested in how companies treat their shareholders—India's National Company Law Tribunal (NCLT) just admitted the country's first-ever corporate class action suit, and it's against Jindal Poly Films.
A group of minority shareholders, led by Ankit Jain, say the company sold shares to its own promoters at super low prices, allegedly costing everyone else over ₹2,500 crore.
The NCLT wasn't buying Jindal Poly's arguments to shut down the case and agreed that these shareholders deserve a proper hearing.
Next stop: the case will move to the merits stage (no specific next hearing date given in the source).
What this means for the future
This move could seriously shake things up for minority investors in India—think more power to call out unfair deals even when big promoters run the show.
If this case sets a precedent, companies might have to think twice before making moves that hurt smaller shareholders.
Plus, SEBI is already looking into possible rule-breaking by Jindal Poly Films.
For anyone curious about business fairness or thinking about investing someday, this is one to watch.