Valli Arunachalam and his family hold 8.21% stake in Ambadi and is below the minimum requirement as per Section 244 of the Companies Act, 2013.
The National Company Law Tribunal (NCLT) Chennai on Wednesday allowed Valli Arunachalam and his family to withdraw their earlier exemption petitions in the case against Murugappa Group’s holding company Ambadi Investments Limited (AIL) and its family members.
Ms Arunachalam had sought to file a fresh apology petition to rectify the errors and roll back the previous one, which was strongly opposed by Ambadi and other family members.
The NCLT said the earlier condonation application was withdrawn and the second condonation application would be heard next month.
The earlier application sought to waive the requirement of a minimum 10% stake to maintain the case of alleged harassment and mismanagement against AIL and its family members.
Ms. Arunachalam and her family hold 8.21% stake in Ambadi and are below the minimum requirement as per Section 244 of the Companies Act, 2013.
His major allegations are the group’s history of gender discrimination and denial of equal representation in company affairs.
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