The Chennai bench of the National Company Law Tribunal (NCLT) on Wednesday adjourned to April 6, 2022 the next hearing on a fresh waiver application by Valli Arunachalam and her family members, which will now be held after the hearing of the NCLAT appeal. The appeal by the Murugappa group holding company Ambai Investments Ltd and other family members, against Valli Arunachalam’s case before the NCLAT, has been posted for hearing on March 23, 2022.
Valli Arunachalam and her mother MV Valli Murugappan, collectively referred to as the MVM family, had made the holding company AIL as respondent number 1 and Murugappa family members respondents 2 to 10, while moving the NCLT in March last year, seeking waiver of minimum shareholding norm for maintaining the alleged oppression and mismanagement case against AIL. When the case came up for hearing on Wednesday, Valli Arunachalam’s counsel informed the tribunal that petitioner No. 1, MV Valli Murugappan — Valli Arunachalam’s mother — has passed away and requested to be allowed to take steps for bringing the legal heirs on record.
He also stated that the appeal before the NCLAT has been adjourned for hearing to March 23, 2022 while requesting permission to file a rejoinder to respondent’s counter and additional documents on record. The NCLT allowed petitioners to file the application to bring legal heirs of petitioner No. 1 on record. The court also permitted petitioners to file rejoinder and additional documents as requested. The NCLT had on December 8, 2021 directed AIL and other family members to file their replies to the notice issued by the tribunal after admitting fresh waiver application moved by Valli Arunachalam and her family members.
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