Press Note from the Murugappa Corporate Board

 

The Group Corporate Board of the Murugappa Group has requested Mr. A. Vellayan to resume the chairmanship of the Group Board after an assessment of the status of the ongoing proceedings against alleged insider trading and after considering expert legal advice of Senior Counsel on this matter. The Group Corporate Board believes that this action is consistent with the Group’s values of putting all stakeholder interests first and enables Mr. Vellayan to resume the chairmanship of the Group to continue providing the requisite strategic direction and leadership for the Group’s interests.

Consequently, Mr. Vellayan has accepted the Board’s request and has resumed charge as Chairman of the Murugappa Corporate Board.