"Restructuring clearly seems to have been done to safeguard the family interest, rather than shareholders' interest," she said.
did not respond to Business Standard's query on her claims immediately.
Arunachalam added, "It is a family business. Until recently, my late father was an integral part of the Group. Every family branch has representation and is a promoter of the Group and it is only reasonable that all the family branches be informed of such a major restructuring."
While refusing to comment on the Board's dismantling, she said, from her 24 years of work experience in Fortune 500 MNCs, the Corporate Advisory is an extremely valuable resource to business groups. They are instrumental in building synergies across various businesses, in establishing and maintaining a strong value system. They also provide diversity and objectives in the leadership thought process on matters ranging from succession planning to business strategies.
"We will take next steps after discussing with our advisors," said Arunachalam, adding that branches of the Group family did not respond to her family offer to buy Arunachalam family's stake. On whether she is talking to some body outside to sell the stake, she did not comment.
Valli Arunachalam, the daughter of the conglomerate’s executive chairman late MV Murugappan, is taking on the male members on the board of Ambadi Investments Limited (AIL), the group’s holding company.
Arunachalam said she was ready to take the battle to courts after her bid for a seat on the male-only board of AIL was rejected by other family members at the company’s annual general meeting a day earlier.
Valli, her sister Vellachi Murugappan and their mother M V Valli Murugappan, collectively hold 8.15 per cent stake in Ambadi, a stake they inherited from M V Murugappan
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