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Murugappa family votes to keep Valli Arunachalam out of holding co board

Arunachalam has been battling to be recognised as her father's successor on the board

Valli Arunachalam
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Valli Arunachalam.

T E Narasimhan Chennai
The shareholders of Ambadi Investments (AIL), the holding company (holdco) of the Rs 38,100-crore Murugappa Group, have voted against the induction of 59-year-old Valli Arunachalam, the eldest daughter of former executive chairman M V Murugappan, into its board.

At the annual general meeting held on Thursday, 91.36 per cent of the shareholders of the Chennai-based holding company that controls the financial services-to-agro commodity conglomerate voted against the resolution, while 8.64 per cent voted in favour.

Arunachalam had sent a notice in August, proposing her candidature for directorship. She had earlier laid two proposals before other branches of the Murugappa group

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First Published: Sep 22 2020 | 4:56 PM IST

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