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Regular-article-logo Saturday, 23 November 2024

Murugappa clan riven by feud

Shareholders of Ambadi Investments Ltd have voted against inducting Valli Arunachalam as a director

Our Special Correspondent Mumbai Published 23.09.20, 01:11 AM
Valli Arunachalam

Valli Arunachalam Sourced by The Telegraph

The stage is set for another tussle in the Murugappa family. Shareholders of Ambadi Investments Ltd (AIL), the holding company of the Murugappa group, have voted against inducting Valli Arunachalam as a director.

Arunachalam is the eldest daughter of the former executive chairman M.V. Murugappan. Early this year, Arunachalam, the US-settled nuclear scientist, had said in an interview that she was being denied a board berth just because she is a woman.

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M.V. Murugappan had passed away in September 2017, leaving a probate will bequeathing his 8.15 per cent stake in the group holding firm, Ambadi Investments, to his wife and two daughters.

At an annual general meeting of the privately held AIL on Monday, around 91.36 per cent of its shareholders voted against a resolution that proposed a board position for Arunachalam.

“In any event, we would definitely pursue justice and we will take all the steps needed for the same. Clearly it seems the family is more concerned about protecting its draconian perspectives and practices, even if it means forcing us to take the battle to courts. We will not shy away this time,’’ Arunachalam said in a statement.

“It is evident that the family cannot tolerate women in their boardrooms, and they have showcased their considered view in this regard,’’ she added.

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