The recent decision to dismantle its two-decade-old non-statutory Corporate Advisory Board by the Murugappa group is not in the interest of the shareholders, said Valli Arunachalam, a family member of the Rs 38,000 crore Group. She also claimed that her family was not part of the decision making.
Last month, it was decided that the group and individual companies would now be led by senior family members, instead of the board, which was led by a family member and five outsiders. The Board was formed in January 2000 as part of a ‘new millennium strategy’, under a new corporate governance