Family members, including Valli Arunachalam and Vellachi Murugappan, on one side, and the rest of the family members, on the other side, entered into a Memorandum of Understanding, following a discussion. According to the filing, the family members are committed to undertake necessary transactions to effect the family arrangement within the next 90 days.
However, the terms of arrangement are confidential.
“The family arrangement ensures that all the issues between the members will be settled, and they are happy that they have agreed to resolve this amicably. The terms of the family arrangement itself are confidential”, said the family members' of representatives.
Committed to maintain the overall harmony within the Murugappa family, in this generation, as well as in the future, the arrangement was made.
As part of the settlement, the involved parties have also agreed to withdraw all legal proceedings between the family groups.
The Murugappa family also ensured that no listed company forming part of the Murugappa Group is a party to the family arrangement.
"Nothing in the family arrangement relates to the management or control of, or grants any special rights to the parties in, any listed companies," the release read.
M V Murugappan's eldest daughter, US-based Valli Arunachalam, demanded a board seat in the group’s holding company Ambadi Investments based on the family’s shareholding.
In October 2020, Arunachalam had sent legal notices to the Murugappa family members and management of AIL, after shareholders, with 91.37% of votes, rejected her proposed appointment to the board.
Murugappa family agrees to settle disputes among members that arose post demise of patriarch M V Murugappa - The Economic Times
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