In a bid to calm the storm over the long-running power struggle at Chettinad Cement, its managing director MAMR Muthiah has said he was ready to call truce with his estranged father MAM Ramaswamy, the promoter of the Chettinad Group, provided Ramaswamy broke free from the clutches of his “ill advisors”. Muthiah also wanted his father to stay away from the management of Chetttinad Cement.

The tussle had reached a flash point recently, when Ramaswamy alleged tht Muthiah,his adopted son, was trying to eliminate him. Muthiah had complained that Ramaswamy’s henchmen tried to break open his office at Chettinad Palace in his absence.

Speaking to mediapersons on Friday, Muthiah alleged that a group of 5-7 people surrounding his father were “poisoning” his mind against him, thereby not letting anyone find an amicable solution.

“I am still not able to understand what actually was the problem between us; all I know he (Ramasamy) is angry with me. At least 200 people, including senior people from the Chettiar community and the company, had tried to speak to him to find a solution, but all in vain. He is used to a dominant position all his life, doesn’t want to listen to anybody, including people from the community,” he said. “It is either his way or no other way.”

Asked about his father’s allegation that he was trying to sell the property (Chettinad Palace in Chennai) and trying to seize the assets, Muthiah said the palace was a heritage property and nobody could sell it. “As far as assets go I am the only son after him and legally everything will come to me only.Why would I try to grab it?,” he asked.

Muthiah said Ramaswamy should not interfere in the business of Chettinad Cement and accept that he was old now. He should let the next generation run the business and hence hand over the reins. Muthiah claimed that when he took over, Chettinad Cement had a market cap of Rs 60 crore, 400 employees and one plant. Today, that has increased to Rs 4,000 crore, 7,000 employees and seven plants.

“I have put in sweat and blood, why should I let it go?” asked Muthiah, who claims that his father was taking decisions that were not good for the company and that was why shareholders chose not to reappoint him as chairman during the AGM last year. Muthiah and his family hold around 70% in the company while his father Ramasamy holds 22%.

Ramaswamy and his adopted son’s relationship has been strained over the last few months, witnesing a number of untoward incidents and litigation.

Recipe for trouble

The tussle had reached a flash point recently, when Ramaswamy alleged that Muthiah,his adopted son,

was trying to eliminate him.

Muthiah alleged that a group of 5-7 people surrounding his father were “poisoning” his mind against him.

Muthiah said Ramaswamy should not interfere in the business of Chettinad Cements and accept he was old now.

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