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Murugappa Group family feud: Shareholders vote against giving Valli Arunachalam a board seat

Valli Arunachalam, who has been engaged in a long-standing battle for recognition as her father's heir, had reportedly proposed her name for the directorship in a notice last month

September 23, 2020 / 09:21 PM IST

Ambadi Investments Ltd (AIL), holding company of the Rs 36,893-crore Murugappa Group, have voted against giving a board seat to Valli Arunachalam, daughter of former executive chairman MV Murugappan.

At the company's annual general meeting (AGM) held on September 21, over 90 percent of the shareholders voted against a board position for Arunachalam, CNBC-Tv18 has reported.

Arunachalam is the great-granddaughter of Murugappa Group founder Dewan Bahadur A M Murugappa Chettiar. She is also second-cousin to Murugappa Group executive chairman MM Murugappan, and cousin to former executive chairman A Vellayan, CNBC-Tv18 report said.

Arunachalam, who has been engaged in a long-standing battle for recognition as her father's heir, had reportedly proposed her name for the directorship in a notice she sent last month.

The Murugappa family's patriarchal practice of allegedly keeping women out of the group's businesses has hit the headlines yet again. Earlier this year in January, Valli Arunachalam had called out the family's gender-bias in an interview.

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She has, time and again, questioned the board's decision to keep her out, pointing out that the family says she is demanding a position as a succession right even though her demand is based on her shareholding.

The issue began after her father passed away in 2017. Arunachalam, her sister and her mother hold about 8.15 percent stake in AIL.

She has said the company's all-male board refuses to grant a position to her or her sister, while also showing reluctance to buy out their stake at a fair price.



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Moneycontrol News
first published: Sep 22, 2020 06:56 pm
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