CHENNAI: After the expose in The New Indian Express titled ‘PC, Vasan Eye Care and Rs 223 cr Black Money’, M/s Vasan Healthcare Pvt Ltd had issued a statement in which one of its claims was that the company’s board of directors is made up of senior and respected persons with vast corporate governance track record.
One of its most respected and senior directors was M A Alagappan, who belongs to the reputed Murugappa Group. On March 16, 2011, Alagappan was appointed director of Vasan after he and his associates invested Rs 2 crore by subscribing to fresh equity shares in Vasan at a premium. When Express broke the story, Alagappan was in London. He is learnt to have forthwith tendered his resignation as Vasan’s director and insisted on it being accepted. Vasan’s board of directors accepted it on Saturday, it is learnt.
Alagappan is a promoter of the Murugappa group with business turnover of over Rs 27,000 crore and profits of over Rs 1,800 crore. He had earlier acted as Executive Chairman of Murugappa Corporate Group and has now been succeeded by his family members.