Three companies of the Rs 38,105-crore Murugappa Group on Wednesday announced that M M Murugappan stepped down as the chairman and director as he turned 65.
Cholamandalam Investment, Tube Investments of India, and Coromandel International were the three firms to inform the stock exchanges of the resignation on Wednesday.
The group’s spokesperson did not respond to Business Standard’s query on whether Murugappan also retired as the group’s chairman.
It may be noted, that chairmen retire when they turn 65 and sources said this an unwritten rule that the Murugappa family abides by. In 2018, A Vellayan resigned after he turned 65, and in 2009 MA Alagappan stepped down after he turned 65.
Tube Investments said Murugappan resigned with effect from the close of business hours on Wednesday and wishes to pursue philanthropy and other interests. The company did not disclose the name of the successor.
The Board of Directors of Coromandel International elected 67-year old A Vellayan as chairman with effect from November 12.
Vellayan Subbiah was elected as chairman of Cholamandalam Investment, the NBFC arm of Murugappa Group. He is part of the fourth generation of the family.