Holding company of the Rs 38,000-crore Murugappa Group – Ambadi Investments (AIL’s) – is expected to discuss Valli Arunachalam’s possible induction into the board during a shareholders’ meeting on September 21.
In January, the 59-year-old Arunahcalam, a technology consultant and daughter of former Murugappa patriarch late MV Murugappan, waged a lone battle against seven other branches of the family for a position on the eight-member all-male board of AIL.
AIL’s notice said that for the upcoming meeting, “The company received a notice in writing dated August 5, 2020, from Valli Arunachalam, a shareholder belonging to the promoter group, proposing herself as a candidate for being appointed as a director of the company.”
“Accordingly, the consent of the members is sought for the appointment of Valli Arunachalam as non-executive director of the company, liable to retire by rotation. None of the directors and their relatives thereof, has any concern or interest, financial or otherwise in the above resolution,” said in the notice.
On a Business Standard’s query, Arunachalam said, “I am not aware of a board meeting and have not been invited to any board meeting. As a shareholder, my family has received the notice for the proposed annual general meeting on September 21. For that, the agenda contains various items, and it also includes my proposed appointment to the board of the company. I am glad the family seems to be seeing the light of day, and the board (which consists mainly of family members) has placed my appointment on the AGM agenda. Given that the family controls majority shareholding in the company, I would like to believe that it is a foregone conclusion that I will be appointed as a director at the AGM.” Murugappa Group’s spokesperson said the matter is a family issue and so it cannot comment.
Arunachalam, one of the heirs to the 119-year old Murugappa Group, claims that her family holds over 8 per cent share in the holding firm.