Supreme Court to Hear Jindal Poly Films Class-Action Recall on Friday

The Supreme Court on Friday will hear a plea from 29 minority shareholders of Jindal Poly Films. The shareholders want the court to recall its order that referred the company's class-action dispute to arbitration.

Senior advocate Kapil Sibal mentioned the matter before the Chief Justice of India on Wednesday. Sibal argued that the class action, an in rem proceeding admitted before the National Company Law Tribunal, was halted by a settlement between one sole shareholder and the company. The dispute was referred to arbitration during the summer vacation without informing other shareholders, Sibal said.

The Chief Justice allowed the mentioning and listed the shareholders' miscellaneous application for July 17.