Dormancy to Dominance of Class Action Suits: Jindal Poly Case

Ankit Jain & Ors. Vs Jindal Poly Films Limited & Ors. (NCLT Delhi) Introduction: Activating a Dormant Remedy In the landmark case of Ankit Jain v. Jindal Poly Films Limited (JPFL), the collective shareholder interest under Section 245 of the Companies Act 2013 (Companies Act), as foreseen by the JJ Irani Committee, has finally been invoked. Allegations of financial manipulation are serious. This case entails a Related Party Transaction (RPT), the sale of shares to a promoter’s trust, which has resulted in a loss of INR 2,268 crore and an INR 90 crore write-off of advance. This re...