New Delhi, Feb. 26 -- The National Company Law Appellate Tribunal (NCLAT) on Thursday refused to stay proceedings in India's first corporate class action lawsuit filed by minority shareholders against Jindal Poly Films Ltd, which alleges fraudulent conduct and siphoning of more than Rs.2,500 crore by the company's promoters and management.

The appellate tribunal dismissed the company's appeal challenging a 5 February order of the National Company Law Tribunal (NCLT), Delhi bench, which had admitted the class action petition under the Companies Act and issued notice in the matter. The detailed written order from NCLAT is awaited.

In its plea, Jindal Poly sought an urgent stay on the NCLT order, arguing that without interim relief it woul...