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Wednesday, October 28, 2020

Valli Arunachalam sends legal notice to holding co of Muragappa Group

Valli is the daughter of the conglomerate’s late executive chairman MV Murugappan. Following his death in 2017, she, her sister and their mother hold an 8.15 per cent stake in AIL.

By: ENS Economic Bureau | Chennai | October 9, 2020 3:19:13 am
Last month, AIL shareholders comprising largely family members, voted against a resolution to appoint the US-based Valli a non-executive director of the company. (File)

Valli Arunachalam — who has been fighting for representation in the Murugappa Group holding company Ambadi Investments Ltd (AIL), or an amicable settlement — on Thursday said she has issued a legal notice to AIL, family members of the Murugappa Group and others.

Valli is the daughter of the conglomerate’s late executive chairman MV Murugappan. Following his death in 2017, she, her sister and their mother hold an 8.15 per cent stake in AIL. “We have decided to seek legal remedies with respect to our ongoing efforts to settle my father’s will,” she said in a statement. Valli’s repeated requests for a board seat or an amicable settlement,with the assistance of independent mediators, have been ignored by the family.

She had offered the 8.15 per cent stake to the other branches of the family asking them to buy it. Last month, AIL shareholders comprising largely family members, voted against a resolution to appoint the US-based Valli a non-executive director of the company.

“With the family voting unanimously to reject appointment to the AIL board, we have seemingly reached the end of the road for an amicable settlement,” she said. —FE

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