Murugappa Group Chairman steps down from two group companies

Chennai: M M Murugappan, Chairman of the Murugappa Group conglomerate stepped down from his leadership position in two of the group's companies to pursue philanthropy and other interests, Tube Investments of India and Cholamandalam Investment and Finance Company said in letters to the BSE on Wednesday.

Tube Investments of India, one of the company's flagship arms, is involved in manufacturing cycles, metal forming, tube products and chains. In its letter to BSE, the company said Murugappan had stepped down as chairman and resigned as director of the company with effect from when business hours closed on Wednesday.

The company said Murugappan had stepped down upon reaching 65 years of age and added that he "wished to pursue philanthropy and other interests."


TII's Board also appointed M A M Arunachalam as the 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 three years.

Similarly, Cholamandalam Investment and Finance Company, which is the financial services division of Murugappa Group, too said in its BSE filing that Murugappan had stepped down as Chairman and that the Board had elected Vellayan Subbiah as Chairman of the Board of Directors with effect from November 12. He was also appointed as an additional director of the company with immediate effect, the Board said.