Sintex Industries: NCLAT upholds clean slate principle, rejects shareholder's plea for compensation

The NCLAT rejected a plea from a Sintex Industries shareholder seeking Rs 110 crore in compensation. The tribunal upheld the clean slate principle, noting that equity shares were cancelled after Reliance Industries acquired the firm in March 2023. The bench said, "Any attempt to resurrect pre-resolution shareholders’ rights is impermissible."