Chennai: Income Tax Department on Wednesday conducted raids against the Rs 10,000-crore business conglomerate Chettinad Group of Companies at its premises in three states.
The group's Chairman Emeritus M A M Ramaswamy had on Tuesday declared that he has disowned his son M A M R Muthiah whom he adopted in 1996. A top Income Tax official said that raids were carried out in 37 places of the Chettinad Group in Tamil Nadu, two places in Andhra Pradesh and a few places in Mumbai.
"Yes, raids are going on," the official told PTI on condition of anonymity.
In a significant development at the Chettinad Group, Ramaswamy had on Tuesday declared his decision to disown M A M R Muthiah. Ramaswamy had said that he had written and registered a will that all the assets, which may be left at the time of his death would go only to the newly formed trusts, Dr M A M Ramaswamy Chettiar of Chettinad Charitable Trust and Dr M A M Ramaswamy Chettiar Trust.
The 84-year-old philanthropist and former Rajya Sabha MP stated that the assets would not go to M A M R Muthiah or anyone claiming on his behalf or under him. He had also said that Muthiah would not perform any ceremonies or obsequies on his demise.
"I have disowned him and do not wish to call him my son," he had said.
The family feud in the Group that has business interest across various verticals like cements, hospitality, education, came to the fore after Ramaswamy was not elected as a Director in the AGM of Chettinad Cement Corporation, the group's flagship company, last year....