The National Company Law Tribunal on Wednesday began hearing a petition by Valli Arunachalam and her mother, seeking a waiver on the minimum shareholding requirement to raise their claims of oppression and mismanagement against the management of the Murugappa Group’s holding company.
Arunachalam is the eldest daughter of the former family patriarch, the late MV Murugappan. She had accused other shareholders of the diversified group of ignoring her claims for a board seat at the holding company, Ambadi Investments Ltd (AIL), over her gender. The members of the board belong to various branches of the extended Murugappa family and are all men.
DHFL reports new loan fraud of ₹1,058 cr
December 13, 2020
× Troubled Dewan Housing Finance Corporation Ltd (DHFL) reported a fresh fraud of ₹1,058.32 crore based on an additional report filed by Grant Thornton.
“The preliminary estimation included in all the three applications combined, places the monetary impact of the concerned transactions at approximately ₹1,058.32 crore (which includes ₹18.47 crore towards notional loss of interest on account of charging lower rate of interest),” DHFL said in a regulatory filing on Sunday.
Based on the report by Grant Thornton, which is the transaction auditor, the Administrator of DHFL has filed three applications before the Mumbai bench of the National Company Law Tribunal on December 12, the company further said.