The dispute over the ownership of the assets of the Kumudam group of publications was resolved on Sunday with the disputants signing a Memorandum of Understanding. A press statement released by N. Ram, Editor-in-Chief, The Hindu, in this regard reads as follows:
“An amicable settlement has been arrived at between Dr. A. Jawahar Palaniappan and Mr. P. Varadarajan, resulting in a Memorandum of Understanding (MoU) being signed by them on Independence Day 2010 at the residence of their common friend, Mr. N. Ram, Editor-in-Chief of The Hindu.
“According to this MoU settlement, which was forged over several mediated meetings over a four-month period, two magazines, which are currently part of the Kumudam group, will go to Mr. Varadarajan and to his brother, Dr. P. Srinivasan, and the remaining seven magazines of the Kumudam group will be with Dr. Palaniappan and his mother, Mrs Kothai Annamalai.
“The separation process will now go ahead on the basis of independent professional valuation. The process is expected to be completed in two months' time and result in a final settlement.
“Mr. Ram wishes to place on record the fact that the warm sentiments expressed by the Honourable Chief Minister of Tamil Nadu, Thiru Kalaignar M. Karunanidhi, in the Tamil Nadu Legislative Assembly on April 26, 2010, emphasising the need to safeguard the interests of the Kumudam publications and his encouragement of the process of finding a mediated compromise solution on a just and amicable basis helped create the atmosphere and the framework for the amicable settlement. Mr. Ram also wishes to commend the legal advisers and other professionals for their contribution to crafting the MoU.”