A Vellayan heads Murugappa Group again
Mr. Vellayan has accepted the board’s request and has resumed charge as chairman of the Murugappa Board
Chennai: Mr A. Vellayan, who had stepped down from the post of chairman of the Rs 26,900-crore Murugappa Group after Sebi charged him and three others with insider trading is set to resume the post.
In a statement, the Group said that its corporate board believes that this action is consistent with its values of putting all stakeholder interests first.
“The group corporate board 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,” noted the statement. Mr. Vellayan has accepted the board’s request and has resumed charge as chairman of the Murugappa Board.