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The withdrawn application pertained to a Scheme of Arrangement between Jindal Poly Films Limited (Demerged Company) and Global Nonwovens Limited (Resulting Company).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.

Jindal poly films has received a disclosure from Monet Securities Private Limited regarding the acquisition of 14,09,536 equity shares through open market transactions. The disclosure, made under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, was dated April 08, 2026.

Acquisition Details

The acquisition involves Monet Securities Private Limited acting alongside its Persons Acting in Concert (PAC), which includes M Prasad & Co. Ltd. and Mace Venture. The group does not belong to the promoter or promoter group of Jindal Poly Films Limited.

Shareholding Changes

The acquisition has resulted in a significant increase in the combined shareholding of the acquirer group in Jindal Poly Films Limited.

Company Structure

Jindal Poly Films Limited maintains its equity share capital structure unchanged following this acquisition. The company's shares are listed on both major Indian stock exchanges.

Regulatory Compliance

The disclosure was submitted to the compliance officer of Jindal Poly Films Limited and copied to both the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited. Monet Securities Private Limited, registered in Kolkata with CIN U01111WB1994PTC064149, completed all required regulatory formalities for this substantial acquisition.

The acquisition represents a strategic increase in shareholding by the acquirer group, moving their combined stake above the 10% threshold in Jindal Poly Films Limited. All shares acquired carry voting rights, with no encumbrances, warrants, or convertible securities involved in this transaction.