Valli Arunachalam and his family have filed an amnesty before the National Company Law Tribunal (NCLT), Chennai seeking a minimum shareholding of 10% to maintain the alleged harassment and mismanagement case of Ambari Investments (AIL) holding company An apology of necessity has been made. , Murugappa Group worth 38,100 crores, and also its family members.
Furthering the exemption petition, Senior Counsel PS Raman stated that the family owns 8.21% in Ambari and 1.79% less than the minimum requirement as per Section 244 of the Companies Act, 2013.
He also pointed out that the National Company Law Appellate Tribunal, New Delhi had exempted certain firms of Cyrus Mistry from the minimum requirement to maintain their case against Tata Sons.
Mr. Raman also pointed out that there is a history of gender discrimination in the Murugappa group.
He also said that his father M.V. for equal representation in the affairs of the company of the Valli Arunachalam family. It was denied years before Murugappan passed away.
“Murugappan is the only family member who does not have a male legal heir,” Mr. Raman said.
“We are making very serious allegations of gender discrimination. When Valli Arunachalam’s name was proposed to the board, he replied that he was not qualified.
She said she holds a doctorate in nuclear physics and is a technology consultant in the US.
Mr. Raman also said that the main petition also seeks proper purchase of his stake as per Section 242 (2B) of the Companies Act, 2013.
The NCLT has given the respondents three weeks to file their counter.
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