New Delhi, Feb. 20 -- The National Company Law Appellate Tribunal (NCLAT) on Friday reserved its order on Jindal Poly Films Ltd's appeal challenging the admission of India's first corporate class action suit filed by minority shareholders, alleging fraudulent conduct by the company's promoters and management.

The appellate tribunal heard arguments from both Jindal Poly and minority shareholders. It will decide whether to grant a stay on the National Company Law Tribunal's (NCLT) 5 February order admitting the class action and issuing a formal notice.

Jindal Poly has sought an urgent stay, stating that unless the NCLT order is put on hold, it will be required to send communications to nearly 40,000 shareholders, as well as to the stock e...