The second half of 2014 was full of drama for the Chettinad Group which has its interests in cement, education, information technology, healthcare, plantations, shipping and logistics.
On August 26, 2014, the Central Bureau of Investigation arrested M Manuneethi Cholan, the Registrar of Companies in Chennai, for allegedly accepting bribe to the tune of Rs. 10 lakh.
CBI charge
The CBI later said it was Mr. Ramaswamy who bribed the registrar to declare any decision taken at the company annual general meeting as “null and void.”
At the firm’s AGM on August 27, the shareholders defeated the resolution seeking re-appointment of Mr. Ramaswamy as Director. People who know Mr. Ramaswamy and Mr. Muthiah say the relationship between the two turned sour post-AGM. Saturday’s drama was not a surprise to many.
