Murugappa Group's CIFCL Under Fire: Dismisses Allegations as Baseless

Cholamandalam Investment and Finance Company (CIFCL), part of the Murugappa Group, has refuted allegations of corporate misgovernance as baseless. The claims were made by Cobrapost, suggesting dubious transactions involving CIFCL and other entities. The company affirmed its compliance with applicable laws and maintained its financial projections.

Cholamandalam Investment and Finance Company (CIFCL), a key firm under the Murugappa Group, has vehemently denied accusations of corporate misgovernance made by the Cobrapost website. These allegations, deemed 'malicious and baseless' by CIFCL, involve transactions totaling over Rs 10,000 crore.

CIFCL, in its regulatory filing, reassured investors of its steadfast performance and adherence to its board-approved business plan. The company emphasized that its net worth has increased significantly, thanks in part to future conversions of compulsorily convertible debentures (CCDs).

The company further detailed its robust collection processes, highlighting its expansive network serving over 50 lakh small transport operators across 1,700 branches in India. It stated that all financial operations, KYC, and compliance interpretations are conducted thoroughly and transparently, rejecting claims of benefitting individuals or irregular CSR contributions.

(With inputs from agencies.)