The Murugappa family on Sunday announced that its members have agreed to settle the disputes and differences between the family branch of late M V Murugappan (including Valli Arunachalam and Vellachi Murugappan), on one side, and the rest of the family members, on the other side, which arose post the demise of late M V Murugappan, the company announced through an exchange filing.
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 M V Murugappan (including Valli Arunachalam and Vellachi Murugappan).
The family members are committed to undertake the necessary transactions to effect the family arrangement within the next 90 days, said through the filing.
“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of the family arrangement, the parties have also agreed that all legal proceedings between the family groups will be withdrawn as per the terms of the family arrangement after all agreed steps specified in the family settlement have been completed.
