'Chettinad Cements shares owned by Ramaswamy fraudulently being transferred'

Over 91.83 lakh shares of Chettinad Cements held by industrialist M.A.M. Ramaswamy are fraudulently being transferred to a trust run and administered by industrialist A.C. Muthiah and others, a top official of Chettinad Cements alleged on Wednesday.

In a statement issued here late on Wednesday, M.A.M.R. Muthiah, managing director of Chettinad Cements, alleged that A.C. Muthiah and an advocate with the help of a doctor seems to have taken the thumb impression of Ramaswamy, admitted in Fortis Malar Hospital, on blank papers and forms.

M.A.M.R. Muthiah said a police complaint has been lodged against A.C. Muthiah and others.

"My father is not conscious. He is not in a position to take any decision on his own," M.A.M.R. Muthiah said.

"My father is in a critical condition. He is not in position to execute any documents," he told IANS.

According to M.A.M.R. Muthiah, it has come to his notice that A.C. Muthiah and others had filled some blank forms and had approached Kotak Securities Ltd. to transfer 91,83,834 shares held in Chettinad Cements held by Ramaswamy to the trust run and administered by them.

"It is nearly 23 percent of the stake in Chettinad Cements," M.A.M.R. Muthiah said.

Despite several attempts by IANS, A.C. Muthiah was not available for comments.

Interestingly, the relationship between M.A.M.R. Muthiah and Ramaswamy soured badly to the extent that the latter disowned the former as his son.

M.A.M.R. Muthiah is the adopted son of former Rajya Sabha member Ramaswamy.

"I have disowned him and do not wish to call him my son. Whatever the law may be, he is no more my son. According to me, he can be only S. Ayyappan (original name) and not M.A.M.R. Muthiah," Ramaswamy told the media here at his residence in June.

According to Ramaswamy, though a substantial part of his properties is with Ayyappan, whatever is remaining should go to two charitable trusts -- Dr. M.A.M. Ramaswamy Chettiar of Chettinad Charitable Trust and Dr. M.A.M. Ramaswamy Chettiar Trust -- in which Ayyappan will have no part to play or have a say.

"I have also written and registered a will that all the assets which may be left at the time of my death would go only to the said trusts and not to Ayyappan or M.A.M.R. Muthiah or any one claiming on his behalf or under him," Ramaswamy said.

Meanwhile, M.A.M.R. Muthiah said it was difficult to fight a person like A.C. Muthiah and h was trying his best.