India Business News: CHENNAI: The Murugappa Group on Sunday said the members of the family have agreed to settle all disputes between the family branch of late MV Murugapp.
The Murugappa family has reached a Memorandum of Understanding to settle their disputes and differences following the demise of M V Murugappan. Terms of the arrangement remain confidential. The family members representatives have said that the agreement ensures all issues will be settled and harmony in the family will continue in future generations.
The family members of the Murugappa family have agreed to settle disputes and differences in order to "maintain overall harmony within the family". As part of the family arrangement, all legal proceedings between family members will be withdrawn, and no listed company in the Murugappa Group will be a party to the agreement. The family arrangement comes after Valli Arunachalam, a scion of the group, had moved the National Company Law Appellate Tribunal alleging oppression and seeking representation on the holding company, Ambadi Investments.
The Murugappa family has settled the long-standing dispute between its members after the death of late MV Murugappan. The terms of the agreement have not been disclosed. Dr Valli Arunachalam, a US-based nuclear scientist and daughter of MV Murugappan, had previously demanded a board seat in Ambadi Investments, the group s holding company, based on the family s shareholding.