Murugappa female heir denied board berth in Ambadi Investments

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By Venkatachari Jagannathan
Chennai, Sep 22 |
The hopes of one of the female heirs, Valli Arunachalam of the industrial conglomerate, the Rs 38,105 crore Murugappa Group, of becoming a Director in the family’s holding company Ambadi Investments Ltd (AIL) were dashed at the Annual General Meeting (AGM).

A majority of the shareholders of AIL — uncles and cousins of Arunachalam — voted against the resolution proposing her candidature for appointment as a Director of AIL at the AGM held through video-conferencing on Monday morning.

Following the provisions of Section 160 of the Companies Act, Arunachalam had proposed her candidature for the Director’s post through a notice to the company on August 5, 2020 along with a deposit of Rs 1,00,000.

As per the results of the resolutions passed at the AGM uploaded on AIL’s website, 49 shareholders with voting rights of 91.36 per cent had voted against Arunachalam’s appointment as the Director while four shareholders with 8.64 per cent voting rights voted in her favour. There was one invalid vote.

Ambadi Investments owned by the Murugappa Group promoter family is the ultimate holding company of the group.

But a cursory glance at the voting pattern on various other resolutions signals divisions in the Murugappa family.

The resolutions moved for the reappointment of M. M. Venkatachalam and M. A. M. Arunachalam as non-Executive Directors of AIL were opposed by two shareholders with 8.63 per cent voting rights.

Similarly, the resolution for confirmation of two interim dividends declared and paid for the financial year 2019-20 to those members whose names appear in the Register of Members as on the record date was also opposed by two shareholders with 8.63 per cent voting rights.

The three resolutions were passed by 51 shareholders with 91.37 per cent voting rights voting in favour. They were moved before the resolution for the appointment of Arunachalam as Director was moved.

Senior members of the Murugappa Group family declined to comment when IANS contacted them after the AGM on Monday.

A couple of days ago when IANS had specifically asked if the Murugappa family members had agreed to offer her a board seat in AIL, Arunachalam said,”My application for the board seat will be voted on September 21 AGM.”

“I am hopeful that I will get a board seat,” Arunachalam added.

She also denied having filed a court case in the matter.

Early this year, the US-based Arunachalam, daughter of late M. V. Murugappan, had alleged that the group promoters have a gender bias against women getting into the family business, hence she and her sister were denied a board berth in Ambadi Investments after their father’s death in 2017.

Arunachalam had laid two proposals before the other branches of the Murugappa Group family — give a board berth to her or her sister Vellachi Murugappan or buy her family’s 8.15 per cent stake in Ambadi Investments at a fair value.

Arunachalam had said her family also holds stakes in the group’s listed companies.

After her father’s demise, her family did not have a board representation in Ambadi Investments, she added.

Murugappan was on AIL’s board from 1969 until sometime in 2016, when he resigned due to health reasons.

The unwritten ‘male only’ rule in AIL’s boardroom was there for a long time, including the time when Arunachalam’s father Murugappan was alive.

Responding to the issue, she had told IANS earlier,”My father and I never discussed this. However, I have checked with my mother and she has confirmed that my father often expressed his displeasure over the exclusion of women from the management of the family business, albeit in the face of resistance from other family members.”

“There cannot be any gender discrimination for board berth. Similarly, there cannot be written or any unwritten rules whereby daughters, daughters-in-law, and sons-in-law can be denied board berth and the board membership is reserved only for the male heirs,” D. Varadarajan, a Supreme Court advocate specialising in company/competition/insurance laws, said to IANS.

Varadarajan had earlier said Arunachalam should offer her candidature for appointment at the ensuing AGM by following the provisions of the company law.

Perhaps that is what Arunachalam did under Section 160 of the Companies Act and was voted against.

Source: IANS

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An actor must be thick-skinned: Kriti Kharbanda

An actor must be thick-skinned: Kriti Kharbanda

New Delhi, Oct 27 | Giving up and sitting back has never been an option for actor Kriti Kharbanda who insists that as an actor it is important to be thick-skinned in order to survive. Adding that for an actor, there are always enough people to put him/her down, but very few who will motivate, she says, “You should be your biggest cheerleader. The moment you give up on yourself, the world will refuse to help. And when one decides not to, nothing in the world can break you. Before my big hit, people would say, ‘she won’t last’. However, I refused to pay any heed to that, and focussed on the positives — there were many still willing to put money on me. Then came the life changing hit. But it happened to me only because I didn’t give up and kept going.”

Kharbanda who will be seen in Bejoy Nambiar’s ‘Taish’ along with Pulkit Samrat, releasing on October 29 on Zee 5, says that the director managed to bring out the best in her and the role was both challenging and intense. “It is unlike anything I have done before. ‘Taish’ has introduced me to a very different side of my acting abilities. Working on this film has taught me several things which I would like to imbibe and utilize while working on other projects too.”

Expecting that the film will precipitate more work, the actor who made her acting debut in 2009 with the Telugu film ‘Boni’ and has worked in Kannada, Hindi and Telugu language films does not really see any drastic contrasts between the industries in different regions. “It is all about the the people you work with. I have had good and bad experiences everywhere. There is never a guarantee that if you are working within a particular region or with a production house, everything will be smooth or bad. For me, it has only been about personal growth, no matter which language I have worked in. How I used to understand and respond to a situation — I wouldn’t react the way I did five years ago, considering one matures with age.”

Excited about the kind of cinema being made by a newer crop of directors working on a smaller budget and willing to experiment with narratives, the actor who starred in films like ‘Veerey Ki Wedding’ and ‘Pagalpanti’ says she is always on a lookout for roles that pose new challenges. “So many talented people coming from across the country are coming forward with novel stories. I would love to be part of those tales.”

As one witnesses major films being released on OTT platforms, Kharbanda says that while an actor would love a theatre release considering the experience it offers to audiences, in times like these, premieres on digital platforms are understandable. “Well, if theatre releases are not happening, this cannot mean that we would stop working. Also, it makes all the sense to support the producer if he decides that the future of the film is on an OTT platform.”

For someone who does not mind spending time at home, the lockdown was not really brutal. “I am glad that I managed to learn several new things during that time including playing the piano. The idea is to constantly think ahead. The lockdown taught me to prioritize my physical and mental health. We now know not to take anything for granted.”

All set to start shooting for her next film ’14 Phere’ to be directed by Devanshu Singh, Kharbanda adds, “I have also signed something else, which should be announced by the last week of November.”

(Sukant Deepak can be contacted at sukant.d@ians.in)

Source: IANS

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Bookshelf: Books that spotlight children's mental health

Bookshelf: Books that spotlight children's mental health

New Delhi, Oct 27 (IANSlife) In these unprecedented times, when isolation fatigue, gloom and the fear of losing a beloved has also come to grip children, taking care of their mental health is of paramount importance.

Here’s a list of books that address the various emotions children struggle with, and can be companions to them during the hard times.

‘The Room on the Roof’ by Ruskin Bond

A classic coming-of-age story which has held generations of readers spellbound! Rusty, a sixteen-year-old Anglo-Indian boy, is orphaned and has to live with his English guardian in the claustrophobic European part in Dehra Dun. Unhappy with the strict ways of his guardian, Rusty runs away from home to live with his Indian friends. Plunging for the first time into the dream-bright world of the bazaar, Hindu festivals and other aspects of Indian life, Rusty is enchanted, and is lost forever to the prim proprieties of the European community. Written when the author was himself seventeen, this moving story of love and friendship, with a new introduction and illustrations will be enjoyed by a whole new generation of readers.

‘Who Stole Bhaiya’s Smile?’ by Sanjana Kapur

Bhaiya does not feel like playing these days. Could it be because of his new monster friend Dukduk, who is always hanging around him. No one in the family takes Bhaiya seriously. But Chiru knows there is more than what meets the eye. A story about the lingering effects of depression. The book is illustrated by Sunaina Coelho.

‘Hearts Do Matters’ by Anita Myers

What the world needs now in these times is love. ‘Hearts Do Matter’ supports children and adults through the losses and grief in their life. It teaches us that even when loved ones cannot be with us, we can feel their presence in our hearts. The new release is a beautiful picture book about a little girl who has a very special relationship with her mother. Her mother promised she would always be with her, and she shows in the book that she kept her promise in the most loving way.

Source: IANS

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Yotta infrastructure to invest Rs 7,000 cr for data centre park in UP

Yotta infrastructure to invest Rs 7,000 cr for data centre park in UP

Mumbai, Oct 27 | Hiranandani Group subsidiary Yotta Infrastructure on Tuesday announced to invest Rs 7,000 crore to set up a 20-acre hyperscale data centre park in Greater Noida.

The company said it has received necessary approvals from the US government for the park that will house six interconnected data centre buildings offering 30,000 racks capacity and 200MW of power.

The construction for the first building will commence in December.

“Yotta’s vision to support the Digital India initiative just received a big boost with the inclusion of our northern India campus that will enable us to address India’s growing need for data sovereignty,” said Dr Niranjan Hiranandani, Co-founder and Managing Director of the Hiranandani Group.

In July, Yotta launched the world’s 2nd largest tier IV data centre in its Navi Mumbai Datacenter park.

The company has also inked an MoU with the Tamil Nadu government to set up a campus in Chennai at an investment of Rs 4,000 crore.

“We expect our NCR campus to be operational with the first building before July 2022.

“It was a very natural choice for us to look at NCR to set up our third facility after Navi Mumbai and Chennai, given the growing needs of enterprises and intentions of hyperscale cloud service providers for expanding their availability zones in this region,”: said Sunil Gupta, Co-founder and CEO of Yotta Infrastructure.

Yotta is a managed data centre service provider that designs, builds, and operates large-scale hyperdensity Data Center Parks in Navi Mumbai, Chennai and Delhi.

Source: IANS

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