Speaking to Sky Sports News HQ, Murray hit out at chairman David Somers for his reluctance to answer a number of questions, a stance which drew a constant barrage of boos and calls for him to step down from the assembled shareholders in the Ibrox stands.
Murray, who lasted a year as chairman of newco Rangers after being appointed by owner Charles Green in June 2012, likened the AGM to a pantomime, claiming it was 'fiery and comical in equal measure'.
"I wouldn't take my daughter to the pantomime this season after seeing that lot in action today," he said.
"It was extremly fiery at the beginning and it looked like it wouldn't take place as the fans were really wound up. As it went on, it became apparent that no questions would be answered and that the board were just doing what Mike Ashley tells them.
"David Somers more or less said he would do what he does with or without the fans which in any walk of life, sport or business, I have never heard any company that doesn't need its own customers. It really is quite shocking actually.
"I'm afraid he handled the AGM pretty arrogantly. You would have thought he would have learned from last year when he got a pretty fiery reception but he just continued with more of the same and he appeared to be turning round taking instructions from Sandy Easdale and Derek Llambias when he was in difficulty - but he never answered the questions he was asked."
Asked what he thought of Llambias' appointment as the club's new chief executive officer earlier this month, Murray said: "Quelle surprise."
Llambias had worked at St James' Park with Newcastle owner Ashley, who has an almost 9 per cent stakeholding in the club and a large slice of the team's merchandising through his Sports Direct company.
"I think when the loans came in it was going to be always Ashley's men who would be on the board. The two others who remain on the board are doing what he tells them," he said.
"It will be interesting to see who the finance director is and whether he has any connections to Mike Ashley's dynasty or indeed if they get any other directors who have any connections.
"But at the moment, the impression Somers is giving is the only money he will accept is from Ashley, which, given the huge conflicts of interests on the retail side, it is not very healthy. And given my background of institutional investment, that is not what they like. They want new investment and total transparency on where the retail money is going.
And Murray believes the timing of manager Ally McCoist's departure from his role as Rangers manager was no coincidence, coming just hours before the AGM.
He said: "Somers actually passed the issue of Ally McCoist onto Derek Llambias but it seems to me as a Scottish mathematician I know that coincidences do not happen. So for Ally McCoist on the Sunday evening before an AGM to go it's not rocket science to know that is not a coincidence and that was not explained properly at all."
However, Murray did offer the Ibrox supporters a crumb of comfort when revealing Ashley will not allow the club to follow oldco Rangers into administration.
Rangers entered administration in February 2012 over a number of unpaid bills, including to HMRC, before being consigned to liquidation four months later.
"The only thing I would glean from the meeting - although it was not actually said specifically but I gleaned from that - Ashley will not let this club go into administration. He will definitely fund it.
"I think we know it is not going to go into administration which could be a relief for some. For me I would rather know there was a big investment coming rather than cutting costs because this great stadium needs to be full and back in Europe as soon as possible.
"If it had gone into administration, which it has been close to four times in the last 12 months, then that would be a ban in Europe for another several years and we can't have that."
And former Rangers director Paul Murray backed up Malcolm Murray's claims that little in the way of substance could be taken from the meeting.
Speaking to Sky Sports News HQ's Luke Shanley outside Ibrox, he said: "Yet again it was another pantomime. We thought we had played all this out last year but if anything this year was even worse.
"In fact, the situation at the club is worse than it was last year. It's very disappointing for the board to stand up there and give no answers to any questions when the club's at its lowest ebb is quite incredible really.
"The best question was asked at the AGM on why Mike Ashley does not come out and state his intentions and I don't know why he can't do that. I don't understand why that hasn't happened so far."
Asked if he and fellow former Rangers investor Dave King would consider coming back in with another offer to take control at Ibrox, Murray said: "The most important thing is the state of the club. It has to move forward and obviously at the moment it is at its lowest ebb for many, many years.
"Dave King is still very interested in getting involved in the club but obviously you need the support of the shareholders and with Sandy Easdale's Group, Laxey and Mike Ashley they have 51 per cent of the shares so it's very difficult to get involved when you have a controlling block against you."
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