You are here: Home » Companies » News
Business Standard

M M Murugappan steps down as chairman of 3 Murugappa group firms

Vellayan Subbiah to take over as chairman of Cholamandalam Investment

Murugappan Group | Companies

T E Narasimhan  |  Chennai 

M M Murugappan
M M Murugappan

Three 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.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, November 11 2020. 12:14 IST