Ad Here  
May
June
July
August
September
October
 
 
Titan Company – sales recovery to kick in Maruti – for young buyers V-Guard launches app-enabled water heater system Back in growth mode LVB posts 31 per cent growth in Q1 net profit L&T bags the Mumbai Trans-harbour link order Smartphone onslaught by Chinese brands Bajaj Finserv – Q1: fare well TI Cycles plans retail expansion to drive sales for premium bicycles L & T’s floating dock for navy IOB on turnaround path Rane targets Rs.5500 crore topline by 2018-19 Michelin to double Chennai capacity A niche in FMCG business... Mercedes-Benz sales continue to zoom AL introduces Guru & Partner Preparing for the next growth curve Vellayan is back, after 150 days Ponni Sugars (Erode) Ltd: not so sweet 2012-13 L&T profit up by 11 per cent Tata Motors charts investments in PV and CV businesses Shriram Life clocks more than Rs.1000 crore premium in 2015-16 Singur minus Nano – victory or folly? Land wars Tata Motors joins compact SUV bandwagon with Nexon Daimler grows sales and share in India Last stages HPCL plans Rs.61,000 crore capex over 5-years Sivasankaran enters taxi space to take on Uber and Ola Ode to Ratan Tata E.I.D Parry (India) Ltd: another sweet year Dish TV – subscriber additions encouraging Toyota and Suzuki to introduce EVs in India by 2020 Hyundai India achieves 7 mn production at Chennai factory He excels in the nuts and bolts of entrepreneurship Yamaha unveils scooter boutique Wabco launches safety system Hyundai to focus on SUVs and AMT variants Consolidating leadership position in smartphones Nissan exit shouldn’t affect ALL AL secures orders for 3600 buses TVS Automobile invests Rs.75 crore in start-up firms ITC chairman calls for policy impetus to transform agriculture The gainers and the losers Hindalco – re-rating ITC – steep excise hike Welcome focus to improve rural India... Chinese smart phones flourish in small towns too! TN government keen on revival of operations at Nokia complex PPP model for infrastructure development It takes two to tango PSU non-life firms seek to protect share M & M unveils driverless technology for tractors Tata Steel, ThyssenKrupp sign MoU to merge European units Emami – a new growth mantra Right to privacy – now it’s fundamental! Daimler’s truck exports from Chennai cross 5000 units Gamesa to set up a plant in Nellore RoC in the dock... Sundram Fasteners rejigs international When small is not so beautiful… Solar installations exceed 2015 capacity in five months Housing demand revival Increasing market share Forging industry worried over lower supply of steel and its price 29 per cent jump in TCS revenues Tata Motors aims to be among the Top 3 global CV & PV firm Smooth sailing of SAIL L & T set bigger ambitions in defence business CAPITAL NOTES Aurobindo Pharmacy: good turnaround Are they really independent? New India Assurance posts impressive show The unexpected exit Tata gets 4-star rating for Zest Carnival Films acquiring 3000 screens pan India Eyes strong growth in 2016-17 Kone India eyes further growth in elevator market From the toughest to the best year Record two-wheeler sales AL wins Deming prize again Is this a generation gap? A welcome initiative-even critics are recognised TVS Srichakra plans capacity expansion Tata Motors bets on new launches
 
Vellayan is back, after 150 days
Arunachalam Vellayan, Chairman, Murugappa Group, is back in the Murugappa Corporate Board (MCB).
At the time while stepping down his office had said, “In keeping with family values and tradition, he has stepped aside from the chairmanship of the MCB and of Coromandel International and EID Parry India until this matter is resolved."

The 114-year old Group is one of India’s biggest business conglomerates with interests in engineering, cycles, auto parts, fertilizers, sugars, insurance and financial services.

Vellayan, a fourth-generation-entrepreneur, had been in the wilderness for five months following SEBI’s charge of insider trading against him in a case relating to the acquisition of Sabero Organic by Coromandel International. He and others were asked to make good a profit of Rs 2.15 crore.

At the time while stepping down his office had said, “In keeping with family values and tradition, he has stepped aside from the chairmanship of the MCB and of Coromandel International and EID Parry India until this matter is resolved."

Vellayan had promised to cooperate with SEBI in resolving the matter.  SEBI passed its order based on the analysis of trading patterns between May and June 2011 during which time the scrip soared from Rs 58 to Rs 130.  It may be noted that in stepping down from the chairmanship had taken the high moral ground because the MCB was only a non-statutory body.

Now, in end October Vellayan’s office believes that "The SEBI order linking Vellayan, to trades by two individuals is based merely on suspicion and is a far-fetched tenuous conjecture."  A statement of the Group said: “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,”

The Group Corporate Board believes that this action is consistent with the Group's values of putting all stakeholder interests first and enables Vellayan to resume the chairmanship of the Group to continue providing the requisite strategic direction and leadership for the Group's interests, it added.

Consequently, Vellayan has resumed charge as Chairman of MCB.

Author :
Reported On :
Sector :
Shoulder :
RELATED NEWS
ABOUT IE
IE, the business magazine from south was launched in 1968 and pioneered business journalism in south. Through the 45 years IE has been focusing on well-presented and well-researched articles. When giants in the industry stumbled to keep pace with the digital revolution, IE stayed affixed embracing technology.
Read more
 
PRIVACY POLICY
Economist Communications Ltd is committed to ensuring that your privacy is protected.
Read more
TERMS AND CONDITIONS
You agree that your use of this Website and the purchase of the magazine will be governed by these terms and conditions.
Read more
 
CONTACT US
S-15, Industrial Estate,
Guindy,
Chennai - 600 032.
PHONE: +91 44 22501236
EMAIL: indecom1968@gmail.com