In a joint press statement on August 20, the Murugappa family announced that its members have agreed to settle the disputes and differences between the family branch of the late Mr. M V Murugappan.
The press statement said, ” The Murugappa family is pleased to announce that its members have agreed to settle the disputes and differences between the family branch of late Mr. M V Murugappan (including Mrs. Valli Arunachalam and Mrs. Vellachi Murugappan), on one side, and the rest of the family members, on the other side, which arose post the demise of late Mr. M V Murugappan. The members of the Murugappa family first discussed and concluded the terms of the family arrangement amongst
themselves at a meeting in the presence of their respective advisors. This understanding was
recorded today by way of a memorandum entered into by the members of the Murugappa family
with the family branch of late Mr. M V Murugappan (including Mrs. Valli Arunachalam and Mrs.
Vellachi Murugappan). The family members are committed to undertake the necessary transactions
to effect the family arrangement within the next 90 days.”
The press release further stated that the main goals of the family arrangement are to maintain amity and goodwill among the Murugappa family members and to preserve the overall harmony of the family for both the present and the future.
“The family arrangement ensures that all disputes will be resolved amicably, and they are pleased that they have agreed to do so. According to spokespeople for the family members, the specifics of the family arrangement itself are confidential.
As part of the family arrangement, the parties have also agreed that after all agreed-upon steps outlined in the family settlement have been finished, all legal actions between the family groups will be dropped in accordance with the conditions of the family arrangement.
Murugappa family in the statement also named 11 companies of the group that are not the part of family agreements which includes entities like Carborundum Universal Limited, Cholamandalam Investment and Finance Company Limited, Cholamandalam Financial Holdings Limited, Coromandel Engineering Company Limited, Shanthi Gears Limited among others.
