Recently, Valli's plea got rejected. The Rs 38,000-crore family-run Murugappa Group has voted against initiating Valli Arunachalam on the board of its family-owned firm Ambadi Investments, which organized its board meeting on Monday. Valli had sent a notice on August 5, 2020, to the company along with a deposit of Rs 100,000 to propose her candidature for the position of a Director. She was denied when a vote was held on Monday during Ambadi Investments’ annual general meeting on Monday, with 91% of the board voting against her appointment as director, sources told a leading daily.
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Valli Arunachalam is the daughter of the late MV Murugappan, former executive chairman of the Murugappa Group and the grandson of Murugappa Group founder Dewan Bahadur AM Murugappa Chettiar. When MV Murugappan died in 2017, he left the 8.15% stake he held in Ambadi Investments to his wife and his two daughters. Over the past two years, Valli, the older daughter has been struggling for a stay in the family business.
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She has neither been able to sell the family’s stake to another family member nor get a seat on the board of Ambadi. As a shareholder is a right, she can seek to exercise and be voted on. Ambadi investments is the holding company of the group and has a direct shareholding in the group companies. 91% percent of Ambadi Investments is held by the Murugappan family. Of this, 8.15% now belongs to Valli, her sister and her mother. Valli and her family also hold stakes in the group's listed companies.
