A Vellayan stepped aside as Chairman of Murugappa Group Corporate Board

He took the decision because of charges of insider trading on him by the Securities and Exchange Board of India (SEBI).

May 23, 2015 13:00 IST
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A Vellayan was on 22 May 2015 stepped aside from the chairmanship of the Murugappa Group Corporate Board. He also relinquished the post of Chairman in the Coromandel International Ltd. and the EID Parry India Ltd.

Vellayan took this decision in the backdrop of an order issued on 21 May 2015 by the Securities and Exchange Board of India (SEBI) linking him to trades by two individuals in shares of Sabero Organics Gujarat Ltd., a company that was acquired by Coromandel International Ltd. (subsidiary of Murugappa Group) in May 2011.

As per the SEBI, he passed on unpublished sensitive information related to the acquisition to the traders which amounted to insider trading practices prohibited under the SEBI (Prohibition of Insider Trading) Regulations, 1992.

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