Jindal Poly Films files NCLT petition against Brookfield-linked investor
Jindal Poly Films has filed a petition before the NCLT in New Delhi against Project Holdings Fourteen (DIFC), an investment vehicle affiliated with Brookfield Corporation, alleging oppression and mismanagement at subsidiary IPFL Films. The filing follows a Singapore arbitration notice served by the investor on 16 October 2026 and a separate Delhi High Court petition for interim measures; financial implications are not yet quantifiable.
Why this mattersA cross-border dispute over IPFL Films, a material subsidiary, leaves Jindal Poly Films facing parallel proceedings in Singapore, the Delhi High Court and the NCLT.
- Jindal Poly Films filed an NCLT petition on 2 November 2026 under Sections 241, 242 and 244 of the Companies Act, 2013.
- The dispute concerns IPFL Films Private Limited, a material subsidiary of Jindal Poly Films.
- Project Holdings Fourteen (DIFC) Limited, a Brookfield-affiliated vehicle, holds 20 equity shares and all 79,990 compulsorily convertible preference shares of IPFL Films.
- The investor served a Singapore International Arbitration Centre notice dated 16 October 2026 alleging breach of a shareholders' agreement dated 16 March 2022.
- Jindal Poly Films objected to the tribunal's jurisdiction on 25 October 2026, arguing the matter falls under NCLT jurisdiction.
- The investor also filed a Section 9 petition at the Delhi High Court for interim measures, received by the company on 30 October 2026.
Sources
crisp.scoutquest.in