Jindal Poly Films

Minority shareholders of Jindal Poly Films have initiated a class action suit against the management and promoters of the company before the National Company Law Tribunal (NCLT) alleging loss due to their actions. The petitioners, which collectively hold a 4.99 per cent shareholding in Jindal Poly Films, a manufacturer of speciality films, have alleged "oppression and mismanagement" against them and have sought damages from the company. The petition filed under section 245 of the Companies Act, alleged that the sale of optionally-convertible preference (OCPS) shares and redeemable preferences shares (RPS) held by the company in a subsidiary to its promoter entity SSJ Trust and other firms at depressed valuations had caused a loss to the company and should be declared null and void. They have requested NCLT to declare the sale of OCPS and RPS to SSJ Trust (through its trustees Shyam Sunder Jindal and Subhadra Jindal) and Jindal Poly Investment as being null and void, and reverse the

The company is working with an adviser on the potential divestment of Luxembourg-based Jindal Films Europe Sarl, which could be worth as much as $1 billion

The brookfield buying minority stake in JFPL will result in JPFL carving out its packaging films business, which generates approximately 85% of its total revenue, into a wholly owned subsidiary

The proposed investment, which values the hived off entity at Rs 8,000 crore, will be carried out through Brookfield's Special Investments programme and with its institutional partners

Jindal Polyfilms has hit a new high, surging 10 per cent at Rs 941 on the BSE in the intra-day trade. The stock has zoomed 91 per cent in the past 10 trading days of the March

In past one month, the BSE Smallcap index outperformed the market by surging 9 per cent, as compared to 4.7 per cent gain in the Midcap and 0.53 per cent risen in the benchmark Sensex.

BSE has sought clarification from Jindal Poly Films with reference to significant movement in price. The reply, however, is awaited

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Jindal Poly had underperformed the market over the past one month till 6 September 2016

The stock hit a high of Rs 418 and a low of Rs 404 so far during the day