CHENNAI: An appellate tribunal has asked for a negotiated settlement of a two-decade-long family dispute in 82-year-old Amalgamations Group, one of India’s oldest auto part makers. Scheduling the next hearing on November 26, National Company Law Appellate Tribunal (NCLAT) has given a final opportunity to Amalgamations and Shankar Sundaram, grandson of the company’s founder S Anantharamakrishnan, to reach a settlement.
Sundaram, who holds 10% in the company, had levelled charges of oppression and mismanagement against the company, and had appealed against a ruling by the Chennai bench of NCLT, which did not find merit in Sundaram’s claims. His plea for a board seat in the company was also shot down by the NCLT. Amalgamations is the holding company of auto part makers including Simpson & Company, India Pistons, Amco Batteries and tractor maker Tafe.
It was founded by S Anantharamakrishnan in 1938, who assembled Austin cars in India. After the death of Anantharamakrishnan in 1964, the shares were inherited by his descendants and their family members.Shankar inherited the 10% stake after the death of his mother Kalyani Sundaram in 1999, daughter of Anantharamakrishnan.