Valli Arunachalam sends legal notice to Murugappa family1 min read . Updated: 08 Oct 2020, 11:09 AM IST
- Valli's legal efforts come after AIL shareholders during an AGM rejected her bid to become a non-executive director of the company with 91.36% of votes cast against her
- Valli said she had complete faith in the judiciary and confident that justice will prevail
MUMBAI: Valli Arunachalam, the daughter of the conglomerate’s late executive chairman MV Murugappan, who has been fighting a battle for representation on the board of Murugappa group holding company on Thursday said that she has issued a legal notice to the Murugappa family members, Ambadi Investments Ltd (AIL), and other people related to the matter .
“I can hereby confirm that following careful and thorough deliberation and in consultation with our independent advisors, we have decided to seek legal remedies with respect to our ongoing efforts to settle my father’s will. Accordingly, we issued legal notices to the Murugappa family members, Ambadi Investments Ltd management, the Company and other people in relation thereto," she said in a statement.
“It was a big step for us and a very unfortunate one, as we have worked tirelessly over the course of the last three years to bring about an amicable settlement of my father’s interests in AIL. With the family voting unanimously to reject my appointment to the AIL board, we have seemingly reached the end of the road for an amicable settlement," she added.
Arunachalam’s legal efforts come after last month’s AGM of AIL shareholders comprising largely uncles and cousins of Valli, where her bid to become a non-executive director of the company was rejected with 91.36% of votes cast against her.
“Given how the Murugappa family has treated our family branch over the past three years, we have no confidence that our substantial stake in the family business will be safeguarded by them. Perhaps most confounding to us is that the Murugappa family has attempted to project their stand as principled and righteous," Valli said, adding: "We have complete faith in the judiciary and are emboldened by some of the recent decisions. We are confident that justice will prevail."