Tale of incomplete disclosures behind Jindals' 49% stake in JPFL Dutch arm

Company says due process followed and informed deal structure to RBI

N Sundaresha Subramanian  |  New Delhi 

The promoters of New Delhi-based packaging films player Jindal Poly Films (JPFL) have housed 49 per cent stake in a Netherlands-based subsidiary, used for several acquisitions over the years, in a company privately owned by them. By paying just 41,000 euros (Rs 30 lakh) for their shares in JPF Netherlands, the promoter entities came to own nearly half of the overseas business valued at over Rs 8,200 crore. Over the years, this 49 per cent stake has changed hands and is now with a Dubai–based company. Business Standard reviewed exchange announcements, valuation reports, and ...

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