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The National Company Law Tribunal (NCLT), Chennai, on Wednesday issued notices to Ambadi Investments — the holding company of the ₹38,000-crore Murugappa group — on the ‘waiver’ petition filed by Valli Arunachalam.
Ambadi Investments, on its part, has appealed in the National Company Law Appellate Tribunal (NCLAT) against an order of the NCLT, Chennai, allowing the application filed by Valli Arunachalam and her family to withdraw an ‘earlier’ waiver petition.
The ‘withdrawal’ application was to rectify the errors in the first application, which had sought waiver of the minimum shareholding requirement of 10 per cent for maintaining the alleged oppression and mismanagement case against Ambadi Investments.
The counsel for Ambadi Investments mentioned in the NCLT court on Wednesday about the appeal filed in the NCLAT when the ‘waiver’ application filed by Valli Arunachalam came up for hearing. The counsel objected on the issue of notice stating that an appeal was pending before the NCLAT.
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