NCLAT Interim Order Bars MSCI From Delisting Polycab India Pending Insolvency Appeal

The National Company Law Appellate Tribunal directed MSCI on October 27, 2026, not to remove Polycab India's stock from its indexes until the tribunal rules on an insolvency appeal, ScanX reported. The stay covers the review cycle that began on October 28, 2026.

How the NCLAT Stay Was Issued

The NCLAT Principal Bench in New Delhi acted after counsel for Bharat Ajay Jaisinghani, a suspended director of Polycab India Limited, argued that the index provider might delist the scrip in its next review cycle. The tribunal noted the matter was reserved for orders and stayed any such action by MSCI.

The order relates to Company Appeal (AT) (Insolvency) No. 1940 of 2026, filed by Jaisinghani against Asier Metals Pvt. Ltd. The appeal challenges decisions tied to the insolvency resolution process involving the company.

Polycab told BSE and NSE that the order was communicated to MSCI on October 27, 2026, and that it would keep notifying the exchanges of material events. The company had disclosed litigation updates to both exchanges on October 7, 8, 9, 14 and 16, 2026.

What the Index Stay Protects

Index inclusion drives automatic buying and selling by institutional investors who track the benchmarks, so removal during a review cycle can trigger passive fund outflows. The interim order keeps Polycab's shares eligible for MSCI indexes through the cycle that started on October 28, 2026.

MSCI's Index and Data Business

MSCI is a New York-based provider of rules-based indexes, ESG and climate risk analytics, and private asset data to institutional investors, according to akta.pro company records. The company was founded in 1969 and has offices in over 26 countries.

The same records list a $120 million cash acquisition of First Street, announced in June 2026, to add physics-based physical climate risk data covering over 2 billion structures to MSCI's climate solutions platform. MSCI also launched MSCI IndexAI Insights in June 2026, a conversational tool for exploring its indexes in natural language.

Earlier MSCI Index Decisions

On October 23, 2026, Business Standard reported that JM Financial expected three additions and two exclusions in the MSCI India Standard Index review on November 11, with the changes effective December 1.

On October 20, 2026, Nate reported that Adam Back said passive inflows into Stratis may drop if MSCI excludes the stock, while active fund managers would still buy it.

On October 23, 2026, The Jakarta Post reported that Bank Indonesia said an MSCI warning triggered immediate outflows from the bond market but had only a limited effect on the rupiah.

Polycab's Investor Meetings

Polycab has scheduled seven institutional investor meetings between October 28 and December 1, 2026, including sessions with Goldman Sachs, CITIC CLSA, JM Financial and Avendus Spark, ScanX reported. The company said only corporate and earnings presentations hosted on its website and other public information would be shared at the sessions.