New Delhi, June 9 -- In what could mark the end of India's first corporate class action suit, the Supreme Court has referred the dispute between minority shareholders and Jindal Poly Films Ltd to arbitration after both sides agreed to a consent order on 8 June.

The case, which alleged siphoning of over Rs.2,500 crore through undervalued transactions involving promoter-linked entities, was widely seen as a landmark test of India's class action framework under the Companies Act. Legal experts and boardrooms viewed it as a potential precedent for the future of minority shareholder activism in India.

A bench of Justices Prashant Kumar Mishra and Atul S. Chandurkar on Monday set aside the National Company Law Tribunal (NCLT) and National Com...