Decks cleared for Murugappa Family-Valli Arunachalam feud to end
In the upcoming days, the parties will take steps to withdraw all legal proceedings between the family groups and complete some pending formalities.
- Nov 1, 2023,
- Updated Nov 1, 2023 5:41 PM IST
The Murugappa Family members have undertaken the necessary actions to affect the family arrangement with the family branch of late Mr. M V Murugappan, which involved his eldest daughter Valli Arunachalam, according to an intimation to the stock exchange on Wednesday.
“The Murugappa family is pleased to announce that its members have undertaken the necessary actions to affect 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 Mr. M V Murugappan is now effective,” said the note to the exchange.
It further said that in the upcoming days, the parties will take steps to withdraw all legal proceedings between the family groups and complete some pending formalities. 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 family feud came up after Valli Arunachalam, a New York-based scientist and MV Murugappan’s eldest daughter, had sought a board seat in Ambadi Investments Ltd (AIL). In 2020, Arunachalam had sent legal notices to the AIL management and the Murugappa family members after it was decided during an annual general meeting to not allow her a seat in AIL, the holding company of the Murugappa Group.
On August 20, 2023, the group issued a statement announcing their decision to settle the family feud.
“The Murugappa family is pleased to announce that its members have agreed to settle the disputes and differences between the family branch of late Mr. M V Murugappan (including Mrs. Valli Arunachalam and Mrs. Vellachi Murugappan), on one side, and the rest of the family members, on the other side, which arose post the demise of late Mr. M V Murugappan,” the family had said in a statement in August 2023.
The Murugappa family said that the family members discussed and then concluded the terms of the arrangement among themselves at a meeting in the presence of their respective advisors. The Murugappa family and the family branch of MV Murugappan entered into a memorandum of understanding.
The family members, it had said, are committed to undertake the necessary transactions within the next 90 days.
Also Read: Infosys asks some employees to work from office 10 days a month
The Murugappa Family members have undertaken the necessary actions to affect the family arrangement with the family branch of late Mr. M V Murugappan, which involved his eldest daughter Valli Arunachalam, according to an intimation to the stock exchange on Wednesday.
“The Murugappa family is pleased to announce that its members have undertaken the necessary actions to affect 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 Mr. M V Murugappan is now effective,” said the note to the exchange.
It further said that in the upcoming days, the parties will take steps to withdraw all legal proceedings between the family groups and complete some pending formalities. 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 family feud came up after Valli Arunachalam, a New York-based scientist and MV Murugappan’s eldest daughter, had sought a board seat in Ambadi Investments Ltd (AIL). In 2020, Arunachalam had sent legal notices to the AIL management and the Murugappa family members after it was decided during an annual general meeting to not allow her a seat in AIL, the holding company of the Murugappa Group.
On August 20, 2023, the group issued a statement announcing their decision to settle the family feud.
“The Murugappa family is pleased to announce that its members have agreed to settle the disputes and differences between the family branch of late Mr. M V Murugappan (including Mrs. Valli Arunachalam and Mrs. Vellachi Murugappan), on one side, and the rest of the family members, on the other side, which arose post the demise of late Mr. M V Murugappan,” the family had said in a statement in August 2023.
The Murugappa family said that the family members discussed and then concluded the terms of the arrangement among themselves at a meeting in the presence of their respective advisors. The Murugappa family and the family branch of MV Murugappan entered into a memorandum of understanding.
The family members, it had said, are committed to undertake the necessary transactions within the next 90 days.
Also Read: Infosys asks some employees to work from office 10 days a month