The National Company Law Tribunal (NCLT), Chennai has directed Valli Arunachalam and her family to file a withdrawal plea on an earlier waiver petition, before filing a fresh one in its case against Ambadi Investments (AIL), the holding firm of the Murugappa Group and also its family members.
Ms. Arunachalam had sought to file a fresh waiver plea to rectify the errors in the previous one. Ambadi strongly opposed the move in a hearing on Wednesday
The earlier application had sought waiver of the minimum shareholding requirement of 10% for maintaining the alleged oppression and mismanagement case against AIL and also its family members.
The family owns 8.21% in Ambadi and falls short of the minimum requirement as per Sec. 244 of the Companies Act, 2013. NCLT has posted the hearing for September 15. Ms. Arunachalam’s major charge is history of gender discrimination in the group and denial of equal representation in company affairs.
Published - August 11, 2021 10:52 pm IST
