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, ...
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