New Delhi, April 9 -- India's first class action suit has hit an unexpected hurdle: Ankit Jain, the lead minority shareholder in the Rs.2,500-crore siphoning case against Jindal Poly Films, is looking to walk away. Having sold his shares in the company, Jain, who previously represented a 4.99% minority stake alongside other petitioners, has now moved to exit the landmark legal battle.

Jain's legal team informed the Delhi principal bench of the National Company Law Tribunal (NCLT) on Thursday that he had divested his entire shareholding and no longer had the legal standing to appear as a petitioner leading the class action. Jain was among the original petitioners, along with Rina Jain and Ruchi Jain Hanasoge, who held a combined 4.99% sta...