Shareholders reject M A M Ramaswami's reappointment as Dir

The shareholders of Chettinad Cement Corporation, the flagship company of Chettinad Group of Companies, today decided not to reappoint its Chairman and noted industrialist M A M Ramaswami as a Director.
At the 51st Annual General Meeting of Chettinad Cement Corporation here, a resolution seeking 82-year-old Ramaswami's non-appointment as Director of the company was moved and passed, according to shareholders.
Ramaswami, a former Rajya Sabha MP, is the Chairman of the company while his adopted son M A M R Muthiah serves as its Managing Director. The Chettinad Group, with varied interests, is one of the prominent business houses in South India.

"Resolved that Dr M A M Ramaswami, Director, who retires by rotation pursuant to Section 152 of Companies Act 2013, be and is hereby not reappointed as Director of the Company", the resolution moved at the AGM said.
Ramaswami was not present at the AGM as he was admitted to a private hospital in the city late last night.
Ramaswami's non-election as Director of Chettinad Cement Corporation comes a day after CBI arrested the Registrar of Companies here on bribery charges, for allegedly demanding and accepting Rs 10 lakh as bribe from him.

The Registrar M Manu Neethi Cholan was nabbed red handed by CBI yesterday for allegedly demanding and accepting Rs 10 lakh as illegal gratification from Ramaswami to declare "null and void" the resolutions to be adopted at today's meeting, where the rival group within the Chettinad Group management was planning to take control over the companies.

However, CBI which registered a case of bribery against Ramaswami, did not arrest him considering his age.
With shareholders rejecting Ramaswami's reappointment as Director, the post of Chairman, Chettinad Cement Corporation, would become vacant, a shareholder who did not want to be named, said.
Apart from cement business, the Chettinad group is engaged in activities in granite, engineering, silica, garnet, Information Technology, education, healthcare, plantations, shipping, transportation.
Ramaswami was also Pro-Chancellor of Annamalai University at Chidambaram in Tamil Nadu, but it was taken over by the State government due to alleged 'financial irregularities'.
He holds 24 per cent stake in Chettinad Cement Corporation (91,83,834 shares). Muthiah holds 15 per cent (55,86,709 shares) while his wife, Geetha Muthiah has 18 per cent stake(69,53,690 shares).