Key members of the family and directors on the board of Kasturi & Sons, who are opposed to the Editor-in-Chief and Publisher of the group publications, N Ram, are considering moving the Company Law Board (CLB) over issues about the running of the group.
Kasturi & Sons has 12 board members. The families of each of the four cousins, who together control the entire equity, has three members on the board. There are just under 50 shareholders -- all of them members of the Kasturi Ranga Iyengar family. The cousins are G Narasimhan (father of N Ram, N Ravi, N Murali), S Parthasarathy (father of Malini Parthasarathy, Nirmala Lakshman and Nalini Krishnan), S Rangarajan (father of Ramesh Rangarajan, Vijaya Arun and Akila Iyengar), and G Kasturi (father of K Balaji, K Venugopal and Lakshmi Srinath). Members of the families of the four cousins -- sons of Kasturi Srinivasan and Kasturi Gopalan (the second-generation owners) – own 25 per cent equity each.
The crux seems to be the appointment of K Balaji as the new managing director, after re-designating N Murali as senior managing director despite opposition from some family members. Some of the board members also seem to have raised questions on the appointment of Ram's daughter Vidya as the London correspondent and nephew Narayan Lakshman as the Washington correspondent of The Hindu.
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