The National Company Law Tribunal (NCLT) Chennai on Wednesday allowed Valli Arunachalam and her family to withdraw the earlier waiver petition in the case against Ambadi Investments Ltd. (AIL), the holding company of Murugappa Group and its family members.
Ms. Arunachalam had sought to file a fresh waiver plea to rectify the errors and withdraw the previous one, a move strongly opposed by Ambadi and the other family members.
The earlier waiver application was dismissed as withdrawn and the plea on the second waiver application would be heard next month, the NCLT said.
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.
Ms. Arunachalam and her family own 8.21% in Ambadi and fall short of the minimum requirement as per Section 244 of the Companies Act, 2013.
Her major charge is the history of gender discrimination in the group and denial of equal representation in company affairs.
