Chettinad Group AGM begins, likely to elect new Chairman

Written by Press Trust of India | Chennai | Updated: Aug 27 2014, 21:02pm hrs
A day after CBI arrested Registrar of Companies here on bribery charges, the Annual General Meeting of a leading business house Chettinad Group of Companies began here today in the absence of its Chairman M A M Ramaswami who has been hospitalised.

Sources at Rani Seethai Hall, the venue for the meeting, said Ramaswami (83) was hospitalised at a private hospital in the city late last night.

The Company officials kept the media away from the meeting, which according to sources was expected to elect Ramaswamy's adopted son M A M R Muthiah as new Chairman of the company ousting the incumbent Chairman.

Yesterday, Registrar of Companies, Chennai, M Manu Neethi Cholan was arrested by CBI for allegedly demanding and accepting Rs 10 lakh as illegal gratification from Ramaswami to declare null and void the resolutions adopted at today's meeting where the rival group within the Chettinad Group management was planning to take control over the companies.

However, CBI which registered a case of bribery against Ramaswami, did not arrest him considering his age.

Chettinad Group is known for its diversification of business with Ramaswami, a veteran industrialist and former MP at the helm.