Jindal Poly Films Ltd Withdraws Application Regarding Proposed Scheme of Arrangement
Jindal Poly Films Ltd announced on April 10, 2026, that its Board of Directors approved the withdrawal of an application filed with the BSE Limited and the National Stock Exchange of India Limited. The application related to seeking no-objection or observation letters for a proposed Scheme of Arrangement.The Scheme involved the demerger of the Non-Woven Fabrics business division of Jindal Poly Films Limited (the Demerged Company) into Global Nonwovens Limited (the Resulting Company), impacting their respective shareholders and creditors.
The decision to withdraw the application was made following consideration by the Board of Directors at its meeting held on April 10, 2026. The company stated that the withdrawal is prudent in the interests of the Company, its shareholders, and stakeholders due to procedural delays. These delays were cited in conjunction with geopolitical instability and evolving business and market dynamics, as well as the significant time, cost, and regulatory delays associated with pursuing the Scheme.
The Board meeting commenced at 02:00 P.M. (IST) and concluded at 04:00 P.M. (IST).
Details regarding the withdrawal, as required under SEBI regulations, indicate the following key points:
| Particulars | Details |
|---|---|
| Name of regulatory or licensing authority | BSE Limited and National Stock Exchange of India Limited. |
| Approval/License Action | Withdrawal of the Application concerning the proposed Scheme of Arrangement between Jindal Poly Films Limited and Global Nonwovens Limited. |
| Impact on Listed Entity | The withdrawal pertains only to the application for no-objection letters and does not affect the financial position or results of the Company. No court or tribunal proceedings are pending regarding this matter. |
| Estimated Monetary Impact | No monetary impact is estimated to arise from the withdrawal, and no monetary penalty has been imposed. |
The company stated that the withdrawal of the Application is a voluntary decision based on the accumulating procedural delays and cost implications. Jindal Poly Films Ltd confirmed that no material adverse impact is expected to arise from this withdrawal, and the financial position and results of the Company will remain unaffected. The Company noted that the Scheme had not been filed before the Hon'ble National Company Law Tribunal.
JINDALPOLY Stock Price Movement
Shares of Jindal Poly Films Limited today slipped by 5.00% to settle at ₹770. The stock saw trading activity today, which spanned a range between ₹770 and ₹830 on a volume of 116,595 shares.Source:
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