NEW DELHI, Oct. 3 -- Law firms are closely watching the case of minority shareholders of Jindal Poly Films against promoters Shyam Sunder Jindal and Subhadra Jindal over an alleged "siphoning of assets" of more than Rs.2,500 crore-the first corporate class action suit ever in India.

Shyam Jindal and Subhadra Jindal are trustees of the Shyam Sunder Jindal (SSJ) Trust, a promoter group trust linked to the BC Jindal Group, a films-to-power group. Besides Jindal Polyfilms, the group has several companies such Jindal Poly Investment, Jindal Powertech, Jindal Thermal, Concatenate Advest Advisory, among others.

The case is the first time that Section 245 of the Companies Act, 2013, which allows shareholders or depositors holding at least 2% of...