Connect with us

Business

Murugappa female heir denied board berth in Ambadi Investments

Published

on

Murugappa. (Photo: Twitter/@Murugappa_Group)
Murugappa. (Photo: Twitter/@Murugappa_Group)

The hopes of one of the female heirs, Valli Arunachalam of the industrial conglomerate, the Rs 38,105 crore Murugappa Group, of becoming a Director in the family’s holding company Ambadi Investments Ltd (AIL) were dashed at the Annual General Meeting (AGM).

A majority of the shareholders of AIL — uncles and cousins of Arunachalam — voted against the resolution proposing her candidature for appointment as a Director of AIL at the AGM held through video-conferencing on Monday morning.

Following the provisions of Section 160 of the Companies Act, Arunachalam had proposed her candidature for the Director’s post through a notice to the company on August 5, 2020 along with a deposit of Rs 1,00,000.

As per the results of the resolutions passed at the AGM uploaded on AIL’s website, 49 shareholders with voting rights of 91.36 per cent had voted against Arunachalam’s appointment as the Director while four shareholders with 8.64 per cent voting rights voted in her favour. There was one invalid vote.

Ambadi Investments owned by the Murugappa Group promoter family is the ultimate holding company of the group.

But a cursory glance at the voting pattern on various other resolutions signals divisions in the Murugappa family.

The resolutions moved for the reappointment of M. M. Venkatachalam and M. A. M. Arunachalam as non-Executive Directors of AIL were opposed by two shareholders with 8.63 per cent voting rights.

Similarly, the resolution for confirmation of two interim dividends declared and paid for the financial year 2019-20 to those members whose names appear in the Register of Members as on the record date was also opposed by two shareholders with 8.63 per cent voting rights.

The three resolutions were passed by 51 shareholders with 91.37 per cent voting rights voting in favour. They were moved before the resolution for the appointment of Arunachalam as Director was moved.

Senior members of the Murugappa Group family declined to comment when IANS contacted them after the AGM on Monday.

A couple of days ago when IANS had specifically asked if the Murugappa family members had agreed to offer her a board seat in AIL, Arunachalam said,”My application for the board seat will be voted on September 21 AGM.”

“I am hopeful that I will get a board seat,” Arunachalam added.

She also denied having filed a court case in the matter.

Early this year, the US-based Arunachalam, daughter of late M. V. Murugappan, had alleged that the group promoters have a gender bias against women getting into the family business, hence she and her sister were denied a board berth in Ambadi Investments after their father’s death in 2017.

Arunachalam had laid two proposals before the other branches of the Murugappa Group family — give a board berth to her or her sister Vellachi Murugappan or buy her family’s 8.15 per cent stake in Ambadi Investments at a fair value.

Arunachalam had said her family also holds stakes in the group’s listed companies.

After her father’s demise, her family did not have a board representation in Ambadi Investments, she added.

Murugappan was on AIL’s board from 1969 until sometime in 2016, when he resigned due to health reasons.

The unwritten ‘male only’ rule in AIL’s boardroom was there for a long time, including the time when Arunachalam’s father Murugappan was alive.

Responding to the issue, she had told IANS earlier,”My father and I never discussed this. However, I have checked with my mother and she has confirmed that my father often expressed his displeasure over the exclusion of women from the management of the family business, albeit in the face of resistance from other family members.”

“There cannot be any gender discrimination for board berth. Similarly, there cannot be written or any unwritten rules whereby daughters, daughters-in-law, and sons-in-law can be denied board berth and the board membership is reserved only for the male heirs,” D. Varadarajan, a Supreme Court advocate specialising in company/competition/insurance laws, said to IANS.

Varadarajan had earlier said Arunachalam should offer her candidature for appointment at the ensuing AGM by following the provisions of the company law.

Perhaps that is what Arunachalam did under Section 160 of the Companies Act and was voted against.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

CMS launches AI-automated ATM security software ‘Algo’

Published

on

By

SBI ATM. (File Photo IANS)
SBI ATM. (File Photo IANS)

Mumbai, Oct 14 (IANS) CMS Info Systems (CMS) has announced the launch of fully automated, Artificial Intelligence-powered ATM security software application ‘Algo’.

CMS Algo is an end-to-end security encrypted a fool-proof solution to prevent ATM frauds at the time of cash replenishment or maintenance, the company said in a statement.

The application is machine-agnostic and can operate on any ATM manufactured by any OEM.

Rajiv Kaul, Executive Vice Chairman, Chief Executive Officer and Whole-time Director of CMS Info Systems, said: “This application can run on any ATM across the world and helps in fraud prevention. The solution is cost-effective in the back-end and low cost in the front-end.”

“The biggest saving is the reduction of fraud, no requirement of a call centre, and restricted access to data and premises,” he said.

He noted that the company has deployed Algo on 52,000 ATMs in India.

Continue Reading

Business

CCI okays Tube Investments’ stake buy in CG Power

Published

on

By

Competition Commission of India
Competition Commission of India

New Delhi, Oct 14 (IANS) The Competition Commission of India (CCI) has approved the acquisition of shares in CG Power and Industrial Solutions Ltd by Tube Investments of India Ltd.

The proposed combination envisages acquisition of more than 50 per cent of the equity share capital of CG Power and Industrial Solutions Ltd (CG Power) by Tube Investments of India Ltd (TIIL).

TIIL is a listed entity and is part of Murugappa group. It has three business verticals including engineering, metal formed products and bicycles. It is engaged in the manufacture of a wide range of products for automotive, railway, construction, mining and agriculture industries.

Also a listed entity, CG Power has two major business units — power systems and industrial systems.

The power systems business unit focuses on power transmission, distribution, power solutions, setting up of integrated power systems among others.

Continue Reading

Business

Uber hires Amazon veteran to lead mobility teams in Bengaluru

Published

on

By

Manikandan Thangarathnam
Manikandan Thangarathnam

Uber on Thursday announced it hired Amazon veteran Manikandan Thangarathnam as senior director to lead all rider and platform engineering teams in Bengaluru.

Uber said it is also hiring 85 more engineers in the country. This is in addition to hiring 140 engineers the ride-hailing service announced last month.

“As the world steps into a new normal, adaptability is going to be a key aspect to usher in growth. I look forward to leading the bright minds at Uber and innovating together for the world, one ride at a time,” said Mani.

At Amazon, Mani helped build several core platforms and products.

He led engineering efforts for the Amazon Appstore and was instrumental in bootstrapping the tech major’s Chennai office and building a vast team of engineers.

The Rider mobility team works on the challenge of enabling the next billion trips by building new services including high capacity vehicles (Uber bus), and car rentals, among others.

The company said the Marketplace team is building a highly-available and scalable self-serve gateway to configure, manage, and monitor Application Programming Interfaces (API) of every business domain at Uber.

Uber recently hired another Amazon veteran Jayaram Valliyur as senior director to lead its global finance technology team, spread across multiple geographies.

Continue Reading

Business

OnePlus investing Rs 100 crore to boost retail footprint in India

Published

on

By

OnePlus to launch 2 Nord smartphones on Oct 26
OnePlus to launch 2 Nord smartphones on Oct 26

Smartphone maker OnePlus is committed to invest Rs 100 crore towards deeper market penetration by taking premium offline experience beyond metro cities and expanding its reach through new online and offline retail partnerships, a top company executive said on Thursday.

With over 5,000 offline stores including partnered stores across the country, the smartphone maker is planning to scale up to more than 8,000 stores in the coming quarters, Navnit Nakra, VP and Chief Strategy OnePlus India told IANS.

“At present, we have over 30 OnePlus experience stores across India and will be opening 14 new experience stores in the next six months.

“We’ll launch our biggest experience store globally, the OnePlus Nizam Palace in Hyderabad later this year. We are also working towards covering 100 cities through our service centre network in the next year,” Nakra informed.

The smartphone maker launched its India R&D centre in 2019 and is committed to achieve long-term growth in the country.

Currently, the company has 300 employees in the R&D team and hope to double that number in the coming months.

Nakra said that India continues to be a key market for OnePlus since the brand’s entry in 2014.

“We began our commitment to Make in India initiative in February 2018 and since then, we have been manufacturing our devices in the country. We have also commenced the manufacturing of the OnePlus TVs and OnePlus Nord in India,” Nakra told IANS.

By 2021, all OnePlus TVs will be manufactured locally in India.

“On our smart TV portfolio, we commenced the manufacturing of the Y series in India and by 2021, all OnePlus TVs will also be manufactured locally including the Q and the U series,” Nakra informed.

He said that 100 per cent of OnePlus smartphones are being manufactured in India including OnePlus 8 series, OnePlus Nord and the recently launched OnePlus 8T.

OnePlus has launched its new flagship 5G smartphone the ‘OnePlus 8T’ with 120Hz Fluid AMOLED display and quad-camera set up, in India.

The OnePlus 8T will be available in two colours, aquamarine green and lunar silver at Rs 45,999 (12GB RAM+ 256GB internal storage) and Rs 42,999 (8GB RAM+128GB internal storage).

“OnePlus is consistently exploring opportunities to fuel its growth and meet the needs of more users, by starting to strategically diversify into new product categories and new price points but, at the same time, not compromising on our OnePlus promise,” Nakra told IANS.

OnePlus Nord series is also likely to get new entrants this month, according to multiple reports.

The rumoured OnePlus Nord N10 5G and OnePlus Nord N100 are said to be launching as soon as the end of October, first in the US market.

Continue Reading

Business

Sensex in red amid volatility on global cues

Published

on

By

Bombay Stock Exchange (BSE). (File Photo: IANS)
Bombay Stock Exchange (BSE). (File Photo: IANS)

Amid a largely volatile trade, the key Indian equity indices traded in negative on Thursday morning.

Weakness across Asian markets and fading hopes of a further stimulus in the US, weighed down on the investor sentiments, analysts said.

At 10.25 a.m., Sensex was trading at 40,643.97, lower by 150.77 points or 0.37 per cent from its previous close of 40,794.74.

It opened at 41,048.05 and has so far touched an intra-day high of 41,048.05 and a low of 40,541.13 points.

The Nifty50 on the National Stock Exchange (NSE) was trading at 11,953.30, lower by 17.75 points or 0.15 per cent from the previous close.

Continue Reading

Business

US stocks drop as stimulus hopes wane

Published

on

By

New York Stock Exchange. (File Photo: IANS)
New York Stock Exchange. (File Photo: IANS)

Wall Street’s major averages finished lower on Wednesday as investors grew concerned over the uncertain fate of a US coronavirus stimulus deal.

The Dow Jones Industrial Average slid 165.81 points, or 0.58 per cent, to 28,514.00. The S&P 500 fell 23.26 points, or 0.66 per cent, to 3,488.67. The Nasdaq Composite Index sank 95.17 points, or 0.80 per cent, to 11,768.73, Xinhua news agency reported.

Eight of the 11 primary S&P 500 sectors declined, with consumer discretionary down 1.43 per cent, leading the laggards. Industrials closed up 0.54 per cent, the best-performing group.

US-listed Chinese companies traded mostly lower, with six of the top 10 stocks by weight in the S&P US Listed China 50 index ending the day on a downbeat note.

Investors continued to look for clues on new stimulus. An impasse among US lawmakers in Washington has somewhat dimmed hopes that more Covid-19 relief aid would come to fruition before the election.

“We have two sides that are very far apart in terms of arriving at some form of stimulus, and I do not think it is likely we see a breakthrough before the election,” Mitch Zacks, CEO at Zacks Investment Management, said in a note on Wednesday.

Looking ahead, analysts said markets will remain sensitive to news of fiscal support in the lead-up to the election.

Meanwhile, Wall Street pored through newly-released earnings reports.

Goldman Sachs on Wednesday delivered quarterly results that well exceeded consensus estimates. Its shares rose 0.2 per cent.

Bank of America shares fell more than 5 per cent after its earnings topped expectations and overall revenue missed estimates.

Continue Reading

Trending

Hey, wait!

Do you want to receive important news straight to your inbox every week?