Key Event - NCLT Petition

On November 02, 2026, Jindal Poly Films Limited filed a petition under Sections 241 and 242, read with Section 244, of the Companies Act, 2013 before the National Company Law Tribunal, New Delhi Bench. The petition relates to the affairs of JPFL Films Private Limited, a material subsidiary of the company.

Parties to the Petition

  • Respondent No. 1: JPFL Films Private Limited (subsidiary)
  • Respondent No. 2: Project Holdings Fourteen (DIFC) Limited (investment vehicle affiliated with Brookfield Corporation)
  • Respondent No. 3: Mr. Amit Gupta (nominee director of the Investor)
  • Respondent No. 4: Mr. Aviral Jain (nominee director of the Investor)

Background and Details of Dispute

The petition seeks redressal for grievances regarding alleged acts of oppression and mismanagement concerning the company by the Investor. The company alleges that the Investor has, since March 2024, engaged in a continuing course of oppressive conduct in the affairs of JPFL Films, which allegedly disrupted JPFL Films' operations.

The matter is currently pending admission before the NCLT, New Delhi and is likely to get listed within the course of this week (week of November 02, 2026).

Related Arbitration Proceedings

The company received a notice of arbitration dated October 16, 2026, issued by the Investor under the arbitration rules of the Singapore International Arbitration Centre. The arbitration names JPFL Films as First Respondent and Jindal Poly Films Limited as Second Respondent, alleging breaches of the shareholders' agreement dated March 16, 2022, as amended by the amendment agreement dated July 13, 2022.

In its response dated October 25, 2026, the company objected to the jurisdiction of the arbitral tribunal and the arbitrability of the dispute, arguing that matters fall within the jurisdiction of NCLT under Sections 241 and 242 of the Companies Act, 2013. The arbitral tribunal is yet to be constituted.

Related Court Proceedings

In connection with the arbitration, the Investor filed a petition under Section 9 of the Arbitration and Conciliation Act, 1996 before the High Court of Delhi at New Delhi against JPFL Films (Respondent No. 1) and Jindal Poly Films Limited (Respondent No. 2), seeking interim measures in aid of the arbitration. The company received a copy of this petition on Friday, October 30, 2026, and will respond in due course.

Financial Implications

The quantum of claims cannot be quantified as they are in the nature of declaratory relief. The expected financial implications are not ascertainable at this stage. The company will update stock exchanges as appropriate.

The outcome of the petition and its impact on the company cannot be anticipated at this stage.

Disclosure Compliance

This disclosure is made available on the company's website at https://www.jindalpoly.com/.