Murugappa group family members settle their dispute
Patching up their differences, the two warring factions of one of the oldest business families in India – the Murugappas- said the disputes and the differences are being amicably settled.
image for illustrative purpose
Chennai: Patching up their differences, the two warring factions of one of the oldest business families in India – the Murugappas- said the disputes and the differences are being amicably settled. In a joint statement issued here, the Murugappas said its members have agreed to settle the disputes and differences between the family branch of late MV Murugappan (including Valli Arunachalam and Vellachi Murugappan), on one side, and the rest of the family members.
The differences in the family arose following the demise of Murugappan in 2017.His eldest daughter, US-based Valli Arunachalam, demanded a board seat in the group’s holding company Ambadi Investments based on the family’s shareholding. The other members of the Murugappa family rejected her demand. As per the statement issued here on Sunday, 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.
