The National Company Law Tribunal, Chennai, on Wednesday allowed the application filed by Valli Arunachalam (petitioner) and her family to withdraw an earlier waiver petition.
The Tribunal, however, made no observations on the second (fresh) waiver application filed by the petitioner, and listed the matter for hearing on October 13. It has kept the application open.
To rectify errors
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 holding company of the ₹38,100-crore Murugappa Group. The waiver petition by Valli Arunachalam, which was filed on March 10, said that the family owns 8.21 per cent in Ambadi Investments, and falls short of the minimum requirement as per section 244 of the Companies Act, 2013, by 1.79 per cent.
In an earlier hearing, the respondents’ counsels strongly opposed the withdrawal application, stating that it was not maintainable.