CHENNAI: The Murugappa family has announced that its members have undertaken the “necessary actions to effect the family arrangement”, the terms of which had been recorded by way of a memorandum on August 20, 2023.
With this, the family arrangement with the family branch of late M V Murugappan is now effective.
“In the upcoming days, the parties will take steps to withdraw all legal proceedings between the family groups and complete some pending formalities,” the company said in a statement.
Post the settlement, the three-year issue between family members and the late MV Murugappan’s daughter Valli Arunachalam comes to an amicable end.
The company has also clarified that no listed company forming part of the Murugappa Group is “a party to the family arrangement, and nothing in the family arrangement relates to the management or control of, or grants any special rights to the parties in, any such companies”.
With this, the family arrangement with the family branch of late M V Murugappan is now effective.
“In the upcoming days, the parties will take steps to withdraw all legal proceedings between the family groups and complete some pending formalities,” the company said in a statement.
Post the settlement, the three-year issue between family members and the late MV Murugappan’s daughter Valli Arunachalam comes to an amicable end.
The company has also clarified that no listed company forming part of the Murugappa Group is “a party to the family arrangement, and nothing in the family arrangement relates to the management or control of, or grants any special rights to the parties in, any such companies”.