Valli Arunachalam, one of the shareholders of AIL, ready for amicable settlement with management

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Published: January 9, 2020 2:40:28 AM

Meanwhile, the Murugappa group management said the family and the board of AIL, the holding company of Rs 35,000-crore Murugappa group, will handle the dispute raised by Valli Arunachalam, in line with standards of good governance.

Valli Arunachalam, shareholder, AIL, amicable settlement, industry news,  Murugappa group Valli Arunachalam

Valli Arunachalam, one of the shareholders of Murugappa group’s holding company Ambadi Investments (AIL) and the elder daughter of former executive chairman late MV Murugappan, said she is ready for an amicable settlement with the management on various issues including a seat on the AIL board. She also said both she and her sister were qualified enough to join the board. Besides, they have work experience with multinational companies for years. She also hinted that she might have to explore legal options in case if the issue is not amicably settled.

In an interview with a business channel on Wednesday, Valli Arunachalam, who raised the gender bias issue at the top level, said her request for a seat on the Ambadi Investments board for last two years was not part of the succession plan, but for their shareholding in AIL. “Given our qualifications and broad experience with multinational corporates, both myself and my sister have enough capabilities to take up any challenge.”

She also claimed that she was denied a board representation in Murugappa group because of the gender bias. “I have been waging a lonely war for the last two years to settle the issue amicably post my father’s death, but in vain. Despite my repeated attempts, I have not been given any proper response by the group management. I have the support of both my mother and sister. Together we hold little over 8% stake in Ambadi Investments, the holding company of the Murugappa group.”

Meanwhile, the Murugappa group management said the family and the board of AIL, the holding company of Rs 35,000-crore Murugappa group, will handle the dispute raised by Valli Arunachalam, in line with standards of good governance.

In a communication to senior officials of the group companies, MM Murugappan, the current executive chairman of the group, said while the Murugappa family and the AIL board are handling this matter, it is unfortunate that Valli Arunachalam has taken it to the press. “I can assure you all that the family and the board of AIL will handle the matter in line with standards of good governance.”

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