Chennai: There seems to be no end to the troubles of Chettinad Group. Infrastructure giant Chettinad Group is under tax probe with offices in 30 locations across Chennai, Andhra and Mumbai being raided by the Income Tax Department. The family-run business is already in the midst of a bitter inheritance row.
Chettinad group is a South Indian business conglomerate with presence in Mumbai, Andhra Pradesh and Mumbai. The company has been accused of tax evasion. This development comes even as a power struggle has erupted within the group between former chairman MAM Ramaswamy and his adopted son MAMR Muthiah. Ramaswamy publically disowned Muthiah at a press conference in Chennai
He also refused to give him any share in his property. "He (Muthiah) is not my son. He will be neither my own son nor my adopted son. There is no relation between him and me. You have heard about (the phrase) blood is thicker than water. That is how he will be to me forever," Ramaswamy told reporters. The family feud in the Rs. 10,000 crore Chettinad Group that has business interest across various verticals like cements, hospitality, education, came to the fore recently after Ramaswamy was not elected as a Director in the AGM of Chettinad Cement Corporation, the group's flagship company, last year.
It turned ugly on May 23 at the Chettinad Palace when fourteen alleged henchmen of an assistant of Ramaswamy were arrested for locking a room of Muthiah. In a bid to reach out to his father, Muthiah said he was ready to resolve differences with him. Ramaswamy said he was not ready to settle differences with M A M R Muthiah at any cost.
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