NCLAT asks auto components firm to settle row

CHENNAI: An appellate tribunal has requested for a negotiated settlement of a two-decade-long household dispute in 82-year-old Amalgamations Group, one in all India’s oldest auto half makers. Scheduling the subsequent listening to on November 26, Nationwide Firm Legislation Appellate Tribunal (NCLAT) has given a closing alternative to Amalgamations and Shankar Sundaram, grandson of the corporate’s founder S Anantharamakrishnan, to achieve a settlement.
Sundaram, who holds 10% within the firm, had levelled fees of oppression and mismanagement in opposition to the corporate, and had appealed in opposition to a ruling by the Chennai bench of NCLT, which didn’t discover advantage in Sundaram’s claims. His plea for a board seat within the firm was additionally shot down by the NCLT. Amalgamations is the holding firm of auto half makers together with Simpson & Firm, India Pistons, Amco Batteries and tractor maker Tafe.
It was based by S Anantharamakrishnan in 1938, who assembled Austin vehicles in India. After the demise of Anantharamakrishnan in 1964, the shares had been inherited by his descendants and their relations.Shankar inherited the 10% stake after the demise of his mom Kalyani Sundaram in 1999, daughter of Anantharamakrishnan.

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