M M Murugappan steps down as chairman of 3 Murugappa group firms

Vellayan Subbiah to take over as chairman of Cholamandalam Investment

Three companies of the Rs 38,105-crore Murugappa Group on Wednesday annou­nced that M M Murugappan stepped down as the chairman and director as he turned 65.

Cholamandalam Investm­ent, Tube Investments of India, and Coromandel Intern­ational were the three firms to inform the stock exchanges of the resignation on Wednesday.

The group’s spokesperson did not respond to Business Standard’s query on whether Murugappan also retired as the group’s chairman. 

It may be noted, that chairmen retire when they turn 65 and sources said this an unwritten rule that the Murugappa family abides by.  In 2018, A Vellayan resigned after he turned 65, and in