Companies

NCLT postpones Valli Arunachalam case to July 1

Our Bureau Chennai | Updated on April 23, 2021

Due to the present Covid-19 situation, the Tribunal is hearing only urgent matters

An application moved by Valli Arunachalam and her family before the National Company Law Tribunal (NCLT)-Chennai — seeking waiver of the minimum shareholding requirement of 10 per cent for maintaining the alleged oppression and mismanagement case against Ambadi Investments, the holding company of the ₹38,100-crore Murugappa Group, and also its family members — has been reposted to July 1, 2021.

The application was to come before the NCLT on Friday. However, due to the present Covid-19 situation, it is hearing only urgent matters.

The waiver petition, which was filed on March 10, said that the family owns 8.21 per cent in Ambadi and falls short of the minimum requirement as per section 244 of the Companies Act, 2013, by 1.79 per cent.

Published on April 23, 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.