GI Technology Shareholders Accept Exit at Rs187.21/Share

Authority: National Company Law Tribunal Division Bench-I, Chennai

Order Date: 14 July 2026

Case Overview

The National Company Law Tribunal (NCLT) Chennai Division Bench-I heard matters related to petition CP(CA)/69(CHE)/2021 filed by Ramu Annamalai and two others against GI Technology Pvt. Ltd. and six others. The hearing addressed multiple interlocutory applications numbered MA(CA)/69(CHE)/2021, IA(CA)/43(CHE)2022, IA(CA)/67(CHE)2022, and IA(CA)/91(CHE)/2024.

During the proceedings, Senior Counsel P.H. Arvindh Pandian, representing Respondent No. 2, made submissions on instructions. Respondent No. 2 expressed willingness to exit from GI Technology Pvt. Ltd. (referred to as "R1 company" in the order) at a valuation of Rs. 187.21 per share for its 56% shareholding in the company. The Senior Counsel further submitted that Respondent No. 3 had been persuaded to similarly exit from the company at the same valuation of Rs. 187.21 per share for its 4% shareholding.

Final Outcome

The Bench comprising Hon'ble Shri Sanjiv Jain (Member Judicial) and Hon'ble Shri Venkataraman Subramaniam (Member Technical) listed the applications for further hearing on 16 July 2026. No appearance was recorded for the petitioner during this hearing. The matter remains pending before the tribunal for consideration of the exit proposals.

Topics: NCLT Proceedings, Shareholder Exit, Company Valuation