Tube Investments of India, one of many firm’s flagship arms, is concerned in manufacturing cycles, metallic forming, tube merchandise and chains. In its letter to BSE, the corporate mentioned Murugappan had stepped down as chairman and resigned as director of the corporate with impact from when enterprise hours closed on Wednesday.
The firm mentioned Murugappan had stepped down upon reaching 65 years of age and added that he “wished to pursue philanthropy and other interests.”
TII’s Board additionally appointed M A M Arunachalam as the extra director (non-executive, non-independent) and Okay R Srinivasan as further director (government) of the corporate with rapid impact. Srinivasan was additionally appointed as president and whole-time director (key managerial personnel) for 3 years.
Similarly, Cholamandalam Investment and Finance Company, which is the monetary companies division of Murugappa Group, too mentioned in its BSE submitting that Murugappan had stepped down as Chairman and that the Board had elected Vellayan Subbiah as Chairman of the Board of Directors with impact from November 12. He was additionally appointed as an extra director of the corporate with rapid impact, the Board mentioned.