End Of The Turf War At MCCI, Vellayan Subbiah Presides Over As Chief Guest

This is an annual ritual. Such annual events used to trigger quite an excitement. Well, the Madras Chamber of Commerce and Industry (MCCI) held its 189th annual general body meeting on the evening of July 25 in Chennai. Vellayan Subbiah, Executive Chairman of Cholamandalam Investment and Finance Company Ltd., a Murugappa group company, addressed the meeting as the chief guest. His coming was indeed significant. Does it reflect a change ? A trip down memory lane will put things in perspective and help one understand the larger implications of the presence of Vellayan Subbiah at the MCCI annual general body meeting. In mid-90s when the global automobile giants were readying to enter India, especially Chennai, a section of leading industrialists in Chennai wanted L Lakshman of Rane group and MCCI past President to steer industry body ASSOCHAM (Associated Chambers of Commerce and Industry ) as its President. Ostensibly, he was preferred because of his stature in the auto component industry. But two leading groups – the MA Chidambaram and Murugappa – were pitching for their not so popular family member, heading a firm to be the president of ASSOCHAM. The move by the other side to work for the election of Lakshman as the president of ASSOCHAM reportedly upset these two groups. Consequently, 8 companies each belonging to these two groups moved out of MCCI. The Madras Chamber of Commerce, being the oldest chamber in the country ,was one of the promoters of ASSOCHAM. Given this backdrop, Vellayan Subbiah as Chief Guest at the MCCI annual meet has set tongues wagging. Well, the MCCI mandarins have reasons to cheer as it may signal the end of the turf war that MCCI saw three decades ago.