MM Murugappan has stepped down as the chairman and director of three listed companies of the ₹38,105-crore Murugappa Group as he turned 65 years old. The board of directors of Cholamandalam Investment and Finance Company (Chola) elected Vellayan Subbiah as the Chairman with effect from November 12. Coromandel International's board of directors elected A Vellayan as their Chairman.