Vellayan Subbiah, Executive Chairman of Cholamandalam Investment & Finance Company
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SUPPLIED PIC
Cholamandalam Investment and Finance Company Limited on Thursday denied a media report claiming that its Executive Chairman Vellayan Subbiah would exit the company as part of a Murugappa family settlement, calling the speculation “factually incorrect and entirely baseless.”
The company filed a clarification with the National Stock Exchange and BSE in response to an article published by Moneycontrol today, titled “Vellayan Subbiah to exit Cholamandalam Investment Finance as part of Murugappa family settlement.” The stock exchanges had sought a formal response from the company on the news item.
In a statement issued through the company, the office of Vellayan Subbiah confirmed that he continues to serve as Executive Chairman under a duly approved five-year appointment running from April 1, 2025, to March 31, 2030. The statement also clarified that there has been no change in the management control structure or ownership of the Murugappa Group’s businesses.
The group confirmed that Vellayan Subbiah and M A M Arunachalam continue to oversee Tube Investments of India, Cholamandalam Investment and Finance Company, CG Power and Industrial Solutions, and their respective subsidiaries; an arrangement described as unchanged for several years.
Despite the denial, the stock remained under pressure. Shares of Cholamandalam Investment and Finance traded at ₹1,717.00 on the NSE, down ₹37.50 or 2.14 per cent, touching an intraday low of ₹1,628.00 against a previous close of ₹1,754.50.
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Published on February 26, 2026