The internal family power struggle for control of Chettinad Group of Companies came to a head today with its founder Chairman and noted industrialist MAM Ramaswami being eased out of its Board and divested of his executive powers after being appointed Chairman Emeritus.
Shareholders of Chettinad Cement Corporation at its Annual General Body meeting here resolved not to renew 82-year-old Ramaswami's appointment as one of the Directors on its Board. The Chettinad group, one of the prominent industrial houses in South India with diverse interests, is stated to be a Rs 4,000 crore business empire.
The resolution passed at the meeting read "Dr M A M Ramaswami, Director, who retires by rotation pursuant to Section 152 of Companies Act 2013, be and is hereby not reappointed as Director of the Company".