Home / Business and Economy / Monet Securities Leads Landmark Shareholder Lawsuit
Monet Securities Leads Landmark Shareholder Lawsuit
7 May
Summary
- Monet Securities to lead India's first public shareholder class action.
- Tribunal allowed Monet to substitute original petitioner.
- Court seeks details on shareholders exiting the company.
The National Company Law Tribunal (NCLT) has allowed Monet Securities Pvt. Ltd. to proceed as the lead petitioner in India's first public shareholder class action suit against Jindal Poly Films Ltd. This significant development occurred on Thursday, May 7, 2026, following Monet's acquisition of shares previously held by the original petitioner, Ankit Jain.
The tribunal's decision validates Monet's argument that the cause of action for a class action survives even if the original petitioner exits, provided public shareholders remain affected. This ruling comes amidst fresh disputes concerning shareholder participation.
During the hearing, Jindal Poly Films raised objections to 48 intervention applications from minority shareholders, noting that 27 had already sold their shares. This prompted allegations that efforts were being made to discourage opposition to the class action. The NCLT has consequently directed Jindal Poly Films to submit a detailed affidavit listing shareholders who have sold their shares.
Separately, the Securities and Exchange Board of India (SEBI) sought and was granted additional time to file its rejoinder. The case, which is being closely watched as a precedent under Indian company law, is scheduled for further hearings on May 21, 2026.
