A day after Valli Arunachalam expressed apprehensions about remaining invested in Murugappa family businesses, the Murugappa Group chairman MM Murugappan has said that Arunachalam's decision to take the matter to the press was “unfortunate.”
A day after Valli Arunachalam expressed apprehensions about remaining invested in the Murugappa family, the Murugappa Group chairman MM Murugappan has said that Arunachalam's decision to take the matter to the press was “unfortunate.”
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Murugappan added that Arunachalam’s demand for a seat on the of Ambadi Investments Ltd (AIL), a holding company of the Murugappa Group, will be addressed “with standards of good governance.”
“You may have read an article in some business newspapers today, quoting Mrs Valli Varunachalam, one of the daughters of late MV Murugappan, about demands she has made in respect of her shareholding in Ambadi Investments Ltd (AIL), a holding company of the Murugappa Group,” the statement read.
It continued: “While the Murugappa family and the board of AIL are handling this matter, it is unfortunate that Mrs Arunachalam has taken recourse to the press.
“I can assure you that the family and the board of AIL will handle the matter in line with standards of good governance,” the statement added.
Arunachalam, the daughter of former Murugappa patriarch, the late MV Murugappan, has been waging a lone battle against seven other branches of the Murugappa family for a position on the all-male board of AIL.
She began demanding for a position on the board only after the other male members of the family did not respond to her request to buy out their stake in the company in keeping with her late father’s wishes.
“Our father would have wanted us to first offer our shares to the family, which we have done. Although the family has been aware of our intention for over a year now, they have made no attempts to initiate the process,” Arunachalam told CNBC-TV18.com from New York City.
First Published: Jan 8, 2020 10:32 AM IST