A.Vellayan has taken charge as Chairman of the Murugappa Corporate Board (MCB). He had stepped aside from the Chairmanship of the Murugappa Group Corporate Board and of Coromandel International Ltd. and EID Parry India Ltd in May this year after the stock market regulator SEBI charged him and three others with insider trading.
Mr.Vellayan had that said SEBI order linking him, to trades by two individuals in shares of Sabero Organics Gujarat Ltd., a company that was acquired by Coromandel International Ltd. in May 2011, was “based merely on suspicion” and is a “far-fetched.”.
A statement of the Group said: “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, it added.
Consequently, Mr. Vellayan has resumed charge as Chairman of MCB.
