MAM Ramaswamy, chairman Chettinadu Group, was ousted from the directorship of the group in the annual general body meeting of the conglomerate on Wednesday in Chennai. The octogenarian tycoon was eased out of the group by his adopted son R Muthiah.
Ramaswamy was not present in the meeting when the resolution, seeking his removal, was introduced and put to vote. The run-up to the annual general body meeting of the group saw a lot of twists and turns culminating in the arrest of the registrar of companies Manu Neethi Cholan by CBI’s anti-corruption wing on Tuesday for taking a bribe of Rs 10 lakh from Ramaswamy. The amount was paid to ensure that the ROC does not recognise the legality of Wednesday’s AGM.