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

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