Following the NCLAT’s recent dismissal of appeals by Murugappa holding company Ambadi Investments (AIL) against her application to the tribunal, Valli Arunachalam now hopes her fresh waiver application before the NCLT Chennai bench is heard on merit.
In an interaction with FE, Arunachalam said, “Now the waiver application has to be argued in NCLT and while all the technicalities have been laid to rest with the quashing of all appeals against my case by NCLAT, we hope that we will finally get to argue the matter on the merit. Of course, we will have to pass through the waiver application, I hope we will, and the company petition needs to be argued and that is where the core of the matter lies, which is the gender discrimination, oppression and mismanagement.”
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Arunachalam is the daughter of Murugappa Group’s late executive chairman MV Murugappan.
The NCLAT last week dismissed AIL’s appeals against an NCLT Chennai bench order, which order had allowed the withdrawal of the first waiver application and approved further proceedings on the fresh application by Arunachalam.
Arunachalam had moved the NCLT in March last year against AIL and Murugappa family members, seeking a waiver of the minimum shareholding norm of 10% to maintain the case of alleged oppression and mismanagement against the company.