Members say they have decided to settle the differences with the family branch of late M.V. Murugappan to maintain the overall peace and harmony within the family

The members of the Murugappa Group announced that they have agreed to settle the disputes and differences with the family branch of late M.V. Murugappan to maintain the overall peace and harmony within the family.

Differences cropped up between the family branch of late M.V. Murugappan (including Valli Arunachalam and Vellachi Murugappan) and the rest of the family members as Ms. Valli Arunachalam sought a representation on Ambadi Investments, the holding company of the ₹74,220-crore Murugappa Group, post the demise of her father.

In a regulatory filing, the Murugappa Group said that the members of the 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 on Sunday by way of a memorandum entered into by the members of the Murugappa family with the family branch of late M.V. Murugappan (including Ms. Valli Arunachalam and Ms. Vellachi Murugappan).

The family members are committed to undertake the necessary transactions to effect the family arrangement within the next 90 days, it said.

The family arrangement is envisaged primarily to bring about amity and maintain goodwill amongst the members of the Murugappa family, and to maintain the overall harmony within the family, in this generation, as well as in the future, the statement further said.

“The family arrangement ensures that all the issues between the members will be settled, and they are happy that they have agreed to resolve this amicably. The terms of the family arrangement itself are confidential”, said representatives for the family members.

As part of the family arrangement, the parties have also agreed that all legal proceedings between the family groups will be withdrawn as per the terms of the family arrangement after all agreed steps specified in the family settlement have been completed.

No listed company forming part of the Murugappa Group is a party to the family arrangement, and nothing in the family arrangement relates to the management or control of, or grants any special rights to the parties in, any such companies, the statement said.

Carborundum Universal, Cholamandalam Investment and Finance Co., Cholamandalam Financial Holdings, Coromandel Engineering, Coromandel International, E.I.D Parry, Tube Investments, Kartik Investments Trust, CG Power and Industrial Solutions, Shanthi Gears and Wendt (India), are the listed firms that are not party to the family arrangement.