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After drawn out battle, Murugappa Group set to discuss Valli Arunachalam’s board entry
MUMBAI: Valli Arunachalam could soon be revealing the glass ceiling at the hundred year old Murugappa Group. Shareholders in the closely held Ambadi Ventures Ltd (AIL), holding business of the $5-billion group, is going to meet later this month to consider her appointment for the reason that first woman member of often the board. Arunachalam has been fighting for the right to be recognized as her father’s beneficiary on the board.
“Ambadi Ventures is holding its total annual general meeting (AGM) in September 21 and taking into consideration Valli Arunachalam’s candidature to accommodate her on the board is one of the agenda items,” said one of two people conscious of the development. “The company possessed sought certain documents via her in this regard a few weeks ago, that had been also furnished by the woman.”
Arunachalam, a elemental engineer by training, may be the eldest daughter of original executive chairman MV Murugappan, who died in 2017. Arunachalam says she was initially denied a board place in Ambadi Investments, in spite of being his heir. Arunachalam, 59, her sister and the mother hold an eight.15% stake in GOUSSE. “I intend to take out my duties as being a director to the maximum extent,” she advised ET in an email. “I am a senior technocrat in my family and have incredible experience in the business. I propose to leverage all of that experience in addition to contribute to the growth in the company, and the business.”
She confirmed that the woman appointment as director is usually on the agenda. “I feel glad the family seems to be seeing the light involving day, and the board (which consists mainly of household members) has placed our appointment on the AGM goal,” Arunachalam said. “Given the family controls the majority share in the company, I would like to believe that it is a foregone conclusion which i will be appointed as a home at the AGM.”
ET was first to report the challenge on January 4.
‘A significant shareholder’
Under often the Hindu Succession (Amendment) Action of 2005, women can become the karta – as well as head – of the as well as daughters became coparceners, allowing for them to inherit just as much as sons. Arunachalam is generacija of the MVM Hindu Undivided Family (HUF) branch, which often holds the stake around Ambadi Investments.
“Our place has been simple – offered our family has limited assistance in the businesses of the functioning companies after my father passed on, we should be settled and the household can absorb our Ambadi stake. This is also consistent with our father’s wishes,” stated New York-based Arunachalam. “My father, during his life long, represented our branch of family members on the AIL board, also it would have been in the interest involving fairness that we had a board seat from when he passed on, as we are a significant aktieninhaber and promoter.” Arunachalam’s mother and sister help her bid for board representation.
Founded in 1900, the Murugappa Group presently controls more than two 12 companies, including nine outlined ones – Coromandel Intercontinental, EID Parry (India), Shanthi Gears, Carborundum Universal, Conduit Investments of India, Wendt (India), Cholamandalam Financial Atelier and Cholamandalam Investment & Finance Company among others.
MV Subbiah, the patriarch who mentored a generation of members of the family to leadership roles, in addition to MA Alagappan, the former exec chairman of the group, didn’t reply to queries.