Corporates

The regulator's gambit: Why SEBI took a stand against a business dynasty

Anuj Suvarna

December 04, 2025 | 9 Min Read

SEBI's rare intervention, backing minority shareholders against the Jindal Poly Films family over alleged value transfers worth Rs 760 crore, could determine whether India's class-action framework becomes a real check on promoter power or remains ornamental.

On a November afternoon in New Delhi, a short email landed in the inbox of Saraf & Partners, the counsel representing minority shareholders in India’s first class action suit against Jindal Poly Films, a flagship of the $2.5 billion BC Jindal Group, whose promoters have been accused of siphoning off more than Rs 2,780 crore. Attached was an intervention application filed by the Securities and Exchange Board of India, the regulator, which had until then maintained a conspicuous distance from the dispute.

SEBI's detailed investigation found transactions at the packaging-film manufacturer resulted in losses exceeding Rs 760 crore for public shareholders, which it alleged indicated a systematic pattern of value transfers to the Jindal family.

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