Murugappa Family Settles With Ex-Chairman's Daughter Valli Arunachalam
All legal proceedings between the Murugappa family members are also withdrawn in pursuance of the arrangement.
Cholamandalam Investment and Finance Co. said on Sunday the family branch of MV Murugappan and the rest of the family members agreed to settle disputes.
Valli Arunachalam, the eldest daughter of Murugappan, was engaged in a legal battle with other family members for denying her a seat on the board of the company. The dispute arose after the demise of Murugappan, according to an exchange filing.
The terms of the agreement were first concluded among themselves and were later recorded by way of a memorandum among the members of the Murugappa family with the family branch, including Arunachalam and Vellachi Murugappan.
Necessary transactions in pursuance of the family arrangement shall be taken within the next 90 days. The parties have also agreed to withdraw all legal proceedings between the groups as part of the arrangement.
The family arrangement is envisaged primarily to bring about amity and maintain goodwill among the members of the Murugappa family and to maintain the overall harmony within the family in this generation as well as in the future.
"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", read the disclosure.
Apart from Cholamandalam Investment, the Murugappa family is also the promoter of Cholamandalam Finance Holdings Ltd., Coromandel International Ltd., Tube Investments of India Ltd. and seven other public companies.
