Valli Arunachalam has alleged that family members did not factor in “logic and fairness” while rejecting her on the holding company’s board, and is considering a range of options at this stage.
On Tuesday, Ambadi Investments Ltd (AIL), the holding company of Chennai-based Murugappa Group, has rejected the appointment of Valli Arunachalam on its board.
Also read: AIL rejects board seat for Valli Arunachalam
“Sadly, it appears that logic and fairness do not factor in the family’s calculus. The only thing I can see is that they do not want women to be included in the business owing to their regressive mindset related to gender equality,” Arunachalam said in an e-mail response to BusinessLine.
Valli, the eldest daughter of former executive chairman MV Murugappan, had been corresponding with family members since August 2019, seeking a board seat. She, her sister Vellachi Murugappan and their mother MV Valli Murugappan together hold an 8.15 per cent stake in AIL, which she said entitled them to at least one board seat.
“The only impression that the family has given to us in the past is that of contradictory stands. I firmly believe that nothing has gone wrong from our end and we have only ever made earnest and persistent efforts towards securing our rights, pursuing justice, and contributing to the family business in the best manner possible,” she said.
“Logically, people felt that based on the fact that all the other family branches having a board seat, my late father himself having a seat, and the size of our holdings being similar to those of other board members, that a directorship for me was a foregone conclusion,” she added.
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