In a fresh twist to the ongoing family feud between Dr MAM Ramaswamy, the patriarch of the multi-billion dollar Chettinad Group, and his adopted son MAMR Muthiah, the adopted son Muthiah has accused industrialist AC Muthiah of trying to grab assets belonging to MAM Ramaswamy, who is now hospitalised and unwell. AC Muthiah, who is the cousin of Dr MAM Ramaswamy, has denied all allegations.
In a statement released on Wednesday, MAMR Muthiah, who is the Group â€“ Managing Director of Chettinad Group, said that his father has been unwell for the past few months and is not conscious or in a position to take decisions. He stated that, â€śduring my absence and taking advantage of my father health, AC Muthiah and ARL Sunderesan (Advocate) with the help of Dr. Madan Mohan (Fortis Malar, Adyar) seems to have taken thumb impression and signatures of my father on blank papers and other unfilled forms with a motive and intention to grab property and make an illegal gain and to grab my fatherâ€™s movable and immovable properties and are creating documentsâ€ť.
He further said that a â€ścalculated fraudâ€ť was being played, and alleged that with the above documents AC Muthiah and AR.L Sundaresan had approached Kotak Securities Limited to transfer 91,83,834 shares of Chettinad Cement Corporation to the trust run and administered by AC Muthiah and ARL Sunderesan.
MAMR Muthiah has lodged a complaint with the Commissioner of Chennai City Police regarding this.
Speaking to The News Minute, AC Muthiah denied all the allegations made by MAMR Muthiah.
â€śI donâ€™t know why he is adopting such trivial and mean tactics. He should be a gentleman and should behave differently. There is no truth in what he is saying. MAM formed two trusts because he deserted him and put him to such distress. Whatever little assets MAM had, he has transferred it to the trust to do some charity,â€ť said AC Muthiah, adding that as trustees of the new trusts, he and other family members are consolidating all his assets.
â€śHe is not in a position to sign, so he put a thumb impression. The notary public was there, the doctor was there, everybody was present. We are not stealing anything, itâ€™s nonsense. I donâ€™t need their money at all,â€ť AC Muthiah added, dismissing the allegation that MAM Ramaswamy's signatures were taken on blank papers.
AC Muthiah confirmed that the Chettinad Cement shares belonging to MAM Ramaswamy have been transferred a few days ago to Dr MAM Ramaswamy Chettiar Trust, of which AC Muthiah is one of the trustees.
â€śMAM would have given everything to him if he had behaved himself. The whole community has hatred towards him,â€ť AC Muthiah said referring to MAMR Muthiah.