Diversified industrial conglomerate Rs.381 billion Murugappa group's family member M.M. Murugappan has stepped down as the Chairman and as Director of Cholamandalam Investment and Finance Company Ltd and Coromandel International Ltd on Wednesday, the two companies said.
In a regulatory filing Cholamandalam Investment said Murugappan stepped down as Chairman and as a Director of the Company effective close of business hours of 11th November 2020 as he turns 65 years of age on November 12, 2020 and wishes to pursue philanthropy and other interests as mentioned by him in his letter to the Board.
"We further wish to inform you that upon turning 65 years of age and with a desire to devote time to philanthropic activity and other interests, Mr. M M Murugappan, Chairman has stepped down from the Board of the Company as Chairman and Director with effect from close of business hours on 11th November 2020," Coromandel International said.
According to Coromandel International, its Vice Chairman V.Ravichandran too has also expressed his desire to step down from the Board of the Company as Vice Chairman and Director with effect from close of business hours on 11th November 2020.
The Board of Directors of Coromandel International elected A. Vellayan, as their Chairman of the Board with effect from November 12, 2020.
The Board of Cholamandalam Investment elected Vellayan Subbiah as the Chairman of the Board of Directors with effect from 12th November 2020. Part of the fourth generation of the family, he was earlier the MD of Cholamandalam Investment between 2010 to 2017 and has been the managing director of Tube Investments of India since 2018. He is also reportedly on the boards of many other group companies including Shanthi Gears.
The Murugappa Group and the family was recently in the news after the holding firm Ambadi Investments rejected appointing Valli Arunachalam, daughter of the groupâ€™s former executive chairman MV Murugappan to its board of directors. Murugappa group traditionally only appoints male members of the family on its board of directors.
Following this, Valli and her family issued legal notices to the members of the Murugappa family, Ambadi Investments Ltd management, and other people in relation. She said that they have reached the end of the road for an amicable settlement.
Also read: Valli Arunachalam sends legal notice to Murugappa family for rejecting her board seat