Chettinad Group of Industries, known for its aristocracy, finds itself in a quagmire with MAMR Muthiah, the adopted son of group patriarch MAM Ramaswamy, alleging that AC Muthiah, chairman SPIC, who is also a cousin of his father, was trying to cheat the former and his father to usurp the assets of the Rs10,000 crore worth industrial conglomerate.
Sadly enough MAM Ramaswamy, described as the King of Indian Turfs, because of the record number of derbies won by his horses, is in the Intensive Care Unit of the Fortis Malar Hospital in Chennai due to serious kidney ailments. The father-son duo fell apart some months ago following complaints by Ramaswamy that the adopted son was trying to oust him from the Chettinadu Group, one of the largest industrial conglomerates in south India with interests in cement, real estate, construction, shipping and logistics. Since then Ramaswamy disowned MAMR Muthiah and had adopted A C Muthaiah as his legal heir.
In a complaint to the Chennai Police on Thursday, MAMR Muthiah alleged that AC Muthiah was trying to usurp the assets of the Chettinadu Group with the assistance of ARl Sundaresan, Ramaswamy’s lawyer and Dr Madan Mohan of Fortis Malar Hospital.
According to MAMR Muthiah the trio have taken thumb impression of Ramaswamy, who is admitted to Malar hospital in a serious condition, on blank papers and other unfilled forms with an intention to grab his properties and are creating documents for the same.
In a separate statement, Muthiah also alleged that the trio was intending to transfer shares held by Ramaswamy in Chettinad Cement Corporation to the trusts run by AC Muthaiah.
last year saw the fight between Ramaswamy and MAMR Muthiah taking an ugly turn with each issuing statements and counter statements charging each other with fraud and cheating.