With this, the family arrangement with the family branch of late M V Murugappan is now effective.
01 Nov 2023 | 2466 Views | By Autocar Pro News Desk
The Murugappa family on Wednesday announced that its members have taken undertaken the necessary actions to effect the family arrangement, the terms of which had been recorded by way of a memorandum on August 20, 2023.
With this, the family arrangement with the family branch of late M V Murugappan ...
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The Murugappa family on Wednesday announced that its members have taken undertaken the necessary actions to effect the family arrangement, the terms of which had been recorded by way of a memorandum on August 20, 2023.
With this, the family arrangement with the family branch of late M V Murugappan is now effective.
In the upcoming days, the parties will take steps to withdraw all legal proceedings between the family groups and complete some pending formalities.
Valli Arunachalam, the eldest daughter of Murugappan, has been in a legal tussle with her other members of the family since 2020, on being denied a seat on the board of Ambadi Investments Ltd., the holding company of the group. The dispute arose after the demise of Murugappan.
No listed company forming part of the Murugappa Group (listed below in the Annexure) is a party to the family arrangement, and nothing in the family arrangement relates to the management or control of, or grants any special rights to the parties in, any such companies, the company noted in a press release.