Murugappa family members settle dispute, withdraw legal proceedings
As part of the deal, all legal proceedings between the family groups will be withdrawn.
CHENNAI/BENGALURU: Chennai-based Murugappa Group on Sunday said it has settled the long-standing disputes and differences between Valli Arunachalam, the eldest daughter of M V Murugappan, and rest of the family members. The differences had cropped up after the demise of M V Murugappan.
Valli was locked in a legal battle with other family members as she had sought a board position at Ambadi Investments, the holding company of the group. She demanded a change in the patriarchal norms of the group as female members were not given a place on the board.
As part of the deal, all legal proceedings between the family groups will be withdrawn. “The members of the Murugappa family first discussed and concluded the terms of the family arrangement amongst themselves at a meeting in the presence of their respective advisors.
This understanding was recorded by way of a memorandum entered into by the members of the Murugappa family with the family branch of late M V Murugappan (including Valli Arunachalam and Vellachi Murugappan),” the family said in a joint statement on Sunday.
Necessary transactions in pursuance of the family arrangement will be taken within the next 90 days. It, however, did not divulge the terms of the family arrangment, terming it confidential. “The family arrangement ensures that all the issues between the members will be settled, and they are happy that they have agreed to resolve this amicably,” said representatives for the family in a statement.
Started in 1900, the Murugappa Group operates 29 businesses, including 11 listed companies that include Carborundum Universal, Cholamandalam Investment and Finance Company, Shanthi Gears Ltd and Tube Investments of India, among others.