NCLT issues notices to Ambadi Investments on waiver petition by Valli Arunachalam

Our Bureau Chennai | Updated on October 13, 2021

Valli Arunachalam

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.

Published on October 13, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.

You May Also Like