The National Company Law Tribunal, Chennai, has reserved orders on an application filed by Valli Arunachalam and her family to withdraw an earlier waiver petition and file a fresh one in a case against Ambadi Investments — the holding firm of the ₹38,100-crore Murugappa Group and also its family members.
The tribunal has given five days’ time to both the parties to file a one-page consolidated submission of their arguments put forth during the virtual hearing on Wednesday.
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 arguments
The fresh case came up for hearing on Wednesday. While the counsel for the petitioner argued that withdrawal petition was to rectify the error and it was a ‘technical’ issue, the counsels for the respondents strongly opposed it stating that it was not maintainable. The counsels also argued that the second petition seeking waiver too was not maintainable when the first was still pending before ‘this’ tribunal.
The petitioner also objected to Ambadi Investments holding its AGM on Wednesday when the case was being heard.
R Sucharitha, Member (Judicial), NCLT, Chennai, said that the fresh applications are coming up for hearing for the first time. Both parties are permitted to file one page consolidation of their arguments in five working days.