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Home >Companies >News >M.M. Murugappan steps down as chairman of Tube and Cholamandalam Investments

Noted industrialist and chairman of diversified conglomerate Murugappa Group M M Murugappan has stepped down from two of the group entities' to pursue philanthropy and other interests, the two companies said on Wednesday.

Tube Investments of India, the group firm of the Murugappa Group, informed the BSE that Murugappan has stepped down as chairman and resigned as director of the company with effect from close of business hours today upon reaching 65 years of age and wishes to pursue philanthropy and other interests.

Meanwhile, the board appointed M.A.M. Arunachalam as additional director (non-executive, non-independent) and K.R. Srinivasan as additional director (executive) of the company with immediate effect. Srinivasan was also appointed as president and whole time director (key managerial personnel) for a three year period.

Tube Investments of India has its main business divisions cycles, metal forming, tube products and chains. Cholamandalam Investment and Finance Company, another group firm of Murugappa Group, said in a BSE filing that Murugappan has stepped down as Chairman and wishes to pursue philanthropy and other interests as mentioned by him in his letter to the Board.

The Board of Cholamandalam Investment and Finance Company elected Vellayan Subbiah as Chairman of the Board of Directors with effect from November 12. Subbiah was also appointed as an additional director of the company with immediate effect, the filing said.

Cholamandalam Investment is the financial services division of Murugappa Group. It commenced business as an equipment finance company and and has emerged as a comprehensive financial services provider offering vehicle finance, home loans, home equity loans, among others.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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