Murugappa family ends dispute with Valli Arunachalam

economictimes.indiatimes.com:

Murugappa family, owners of the ₹74,000 crore industrial group with companies including Tube Investments of India and Carborundum Universal, said its members have agreed to «amicably» settle disputes and differences within its promoter group and would «undertake the necessary transactions to effect the family arrangement within the next 90 days,» in a joint statement on Sunday. The communique, which did not reveal the terms of the agreement, said this will also bring to a close legal challenges including that mounted by family scion Valli Arunachalam following the death of her father and group patriarch MV Murugappan in 2017.

Arunachalam had demanded a board seat at Ambadi Investments or a suitable value for the combined stake of her family totalling 8.15%. «The members of the Murugappa family first discussed and concluded the terms of the family arrangement among themselves at a meeting in the presence of their respective advisors,» the joint statement from the Murugappa family read.

«This understanding was recorded today by way of a memorandum entered into by the members of the Murugappa family with the family branch of late Mr MV Murugappan (including Mrs Valli Arunachalam and Mrs Vellachi Murugappan).» All legal proceedings between the family groups will also be withdrawn, according to the terms of the family arrangement after all agreed steps specified in the settlement have been completed. The details of the settlement were not immediately available.