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NCLT to hear Murugappa Group promoter family member Valli Arunachalam's applications

Financial Express  

Valli Arunachalam, who has taken fellow Murugappa Group family members to the National Company Law Tribunal (NCLT) for denying her representation in holding company Ambadi Investments (AIL), told the Chennai bench of the tribunal that applications filed against her suit on behalf of the group family members citing technical errors are delaying tactics to keep her out. Valli — the daughter of Murugappa Group's late executive chairman MV Murugappan — alleged serious oppression and mismanagement on the part of Murugappa family members, saying they have suppressed minority shareholders and kept Valli away from AIL, resorting to gender discrimination. Valli, her sister and their mother, MV Valli Murugappan, have moved the Chennai bench of NCLT seeking waiver of the minimum 10% shareholding required to ensure the alleged oppression and mismanagement case against AIL is maintainable. They have also sought board representation or alternatively for their 8.21% stake in AIL to be bought out.