Jindal poly films Limited has informed stock exchanges about receiving notice from the National Company Law Tribunal (NCLT) regarding an intervention application filed by the Securities and Exchange Board of India (SEBI) in a petition by minority shareholders.

NCLT Order and SEBI Intervention

The Hon'ble National Company Law Tribunal, Principal Bench, New Delhi issued an order dated 09.04.2026 in Company Petition No. 58/245/PB/2024. The petition was originally filed by Mr. Ankit Jain & Others, who are minority shareholders of Jindal Poly Films Limited. The NCLT has issued notice in the intervention application filed by SEBI and directed parties to file their replies.

Company's Current Status

The company has received the copy of the intervention application filed by SEBI. However, Jindal Poly Films Limited is yet to receive the copy of the order passed by the Hon'ble NCLT. The company received the advance service of the intervention application on March 07, 2026.

Timeline of Communications

Company's Response and Position

In response to media reports circulating about the matter, Jindal Poly Films Limited has stated its commitment to complying with applicable legal and regulatory frameworks. The company emphasized adherence to the highest standards of corporate governance and reiterated that all transactions were conducted following due law and processes as per the Companies Act and SEBI requirements with necessary approvals.

Financial and Legal Implications

The company has indicated that the matter is currently sub-judice, and no specific financial implications have been quantified at this stage. The company is in the process of taking appropriate course of action regarding the intervention application. No penalties, restrictions, or sanctions have been imposed pursuant to the current communication.

Regulatory Compliance

The disclosure has been made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company's management has declared that the information provided is true, correct, and complete to the best of their knowledge and belief. Jindal Poly Films Limited has expressed full trust and confidence in the due process of India's judicial system.

Jindal Poly Films Limited announced that its Board of Directors has approved the withdrawal of an application filed with stock exchanges for a proposed demerger scheme. The decision was taken during a board meeting held on April 10, 2026, addressing the company's strategic restructuring plans.

Board Decision Details

The board meeting, which commenced at 02:00 P.M. (IST) and concluded at 04:00 P.M. (IST), focused on withdrawing the application filed under Regulation 37 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The application was submitted to both BSE Limited and National Stock Exchange of India Limited seeking no-objection letters for the proposed scheme.

Proposed Demerger Scheme

The withdrawn application pertained to a Scheme of Arrangement between Jindal Poly Films Limited (Demerged Company) and Global Nonwovens Limited (Resulting Company). The scheme was designed for the demerger of the Non-Woven Fabrics business division from Jindal Poly Films to Global Nonwovens Limited, involving their respective shareholders and creditors.

The scheme was structured under Sections 230 to 232 read with Section 66 and other applicable provisions of the Companies Act, 2013. Importantly, the scheme had not been filed before the Hon'ble National Company Law Tribunal, meaning no court or tribunal proceedings are currently pending.

Reasons for Withdrawal

The company cited several factors influencing the board's decision to withdraw the application:

• Procedural delays including geopolitical instability
• Evolving business and market dynamics
• Significant time, cost, and regulatory delays in pursuing the scheme
• Resultant delays in implementation

The board determined that withdrawal was prudent in the interests of the company, its shareholders, and stakeholders at this stage.

Impact Assessment

The withdrawal pertains solely to the stock exchange application and does not affect the company's financial position or operational results. The company confirmed that it will evaluate the appropriate course of action regarding the scheme in due course.

Regulatory Compliance

The announcement was made in compliance with Regulation 30 read with Schedule III of the SEBI Listing Regulations and the SEBI Master Circular bearing reference No. SEBI/HO/CFD/POD-2/P/CIR/2023/93 dated June 20, 2023. The company has fulfilled all disclosure requirements as mandated under the regulatory framework.