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.
Arunachalam and her mother, MV Valli Murugappan, hold an 8.21 per cent stake in AIL, short of the 10 per cent required to seek legal remedy against such alleged oppression. They want that condition to be waived.
“None of the respondents hold more than 10 per cent of the total shareholding, making the shareholding fragmented. AIL is a close family undertaking where all identifiable branches of the family have position on the board and active participation in affairs of AIL, except for the applicant’s family,” the petition has stated.
