Jindal Poly Films files NCLT petition against subsidiary investor

Jindal Poly Films (NSE: JINDALPOLY) has filed a petition before the National Company Law Tribunal, New Delhi Bench, concerning the affairs of its material subsidiary JPFL Films Private Limited, it said in a filing on 02 Nov 2026. The petition is against Project Holdings Fourteen (DIFC) Limited, an investor in JPFL Films, and two of its nominee directors on the subsidiary's board. The company alleges oppressive conduct since March 2024.

The petition and the dispute behind it

The company has asked the tribunal to act under Sections 241 and 242, read with Section 244, of the Companies Act, 2013. The petition names JPFL Films as a respondent along with Project Holdings Fourteen (DIFC) Limited, an investment vehicle affiliated with Brookfield Corporation, and two nominee directors of that investor, Amit Gupta and Aviral Jain.

The company says the investor, which holds 20 equity shares and all 79,990 compulsorily convertible preference shares of JPFL Films, has since March 2024 engaged in a continuing course of oppressive conduct. The company alleges that these actions have disrupted JPFL Films' operations. The petition is pending admission before the tribunal, and the company says it is likely to be listed within the week of the filing.

Arbitration and the High Court petition

The dispute also runs through a shareholders' agreement dated 16 Mar 2022, as amended on 13 Jul 2022, to which the company, the investor and JPFL Films are parties. On 16 Oct 2026 the company received a notice of arbitration from the investor under the Singapore International Arbitration Centre rules, alleging breach of that agreement.

In its response dated 25 Oct 2026 the company disputed the claims. It objected to the arbitral tribunal's jurisdiction, saying the matters fall within the NCLT's jurisdiction, and the tribunal is yet to be constituted. The company received on 30 Oct 2026 a copy of a petition the investor has filed in the Delhi High Court under Section 9 of the Arbitration and Conciliation Act, 1996, seeking interim measures. The company says it will respond in due course.

What the petition means for Jindal Poly Films' shareholders

The filing concerns a dispute over a material subsidiary and does not put a figure on any claim. The company says the claims cannot be quantified because they are in the nature of declaratory relief, and that the expected financial implications are not ascertainable at this stage.

Not stated: the amount of any claim, the outcome of the petition or the Section 9 application, when the arbitral tribunal will be constituted, and the effect on JPFL Films' operations or the company's results. The company says it will update the exchanges as appropriate.

At a glance