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The Karnataka High Court has temporarily halted the implementation of the resolutions passed in the EGM as it hears the case.

Ahead of the EGM, Mr Raveendran said the issue was fully subscribed and the company would appoint a third party agency to monitor how these funds are used.

Mr Raveendran and his family deny the allegations, disputing the vote's validity and claiming it violated internal company laws requiring at least one founder-director present at the EGM.

The EGM will be held at least 21 days after it has been called.

Next Wednesday's EGM will discuss the group's "programme of change", designed to restore trust in the body.