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  1. After family drama, it’s income tax raids at Chettinad Group

After family drama, it’s income tax raids at Chettinad Group

There has been more drama at the Rs 10,000-crore Chettinad Group, already seeing a family squabble.

By: | Published: June 11, 2015 1:08 AM

There has been more drama at the Rs 10,000-crore Chettinad Group, already seeing a family squabble. Over 200 income tax officials on Wednesday raided more than 30 offices and personal premises of the Chettinad Group, spread across Tamil Nadu, including the Chennai corporate office.

When contacted, an I-T official confirmed that the raids will continue till Thursday morning. The officials are said to have seized some incriminating documents during the raid. The official, however, declined to comment further.

Special teams were formed to conduct raids at different places, including Chettinad Palace, where MAMR Muthiah, Chettinad Cement managing director and foster son of group founder MAM Ramaswamy, has his office.

Speaking to FE, E Veda, Chettinad Cement’s counsel, said, “We have no comments to offer at this point of time and our officials are cooperating with the I-T department staff.”

Managing director Muthiah could not be reached for comment. On Tuesday, group patriarch MAM Ramaswamy had announced his decision to disown his foster son Muthiah (formerly Aiyappan). At a press meet on Tuesday, Ramaswamy, founder and former chairman and director of Chettinad Cement, had alleged that the company owed the state government huge sales tax dues.

“The government has told the company to pay up a minimum of around Rs 252 crore before negotiations can take place,” Ramaswamy said during the press meet.

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