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.