 "CBI court extends judicial custody of Chennai RoC")
A CBI Court here, has extended the custody of Registrar of Companies, Chennai, who was arrested for taking bribe of Rs 10 lakh from industrialist M A M Ramasamy of Chettinad Group.
The Court has said it will take a decision on whether the Registrar M Manuneedhi Cholan has to be sent to the Police custody or not on September 1.
The Court also extended Judicial custody of Cholan till September 8.
Today, when the matter came up for hearing, CBI requested the Court that the agency needs Cholan on custody for further investigation. It also said that the CBI officials arrested Cholan along with Rs 10 lakh and another Rs 40,000 recovered from the car he was traveling.
Further, on search conducted in his office and residence, the agency recovered Rs 24.81 lakh along with several title deeds and immovable assets in his name and his relatives' names.
In a statement on Tuesday, the CBI said that reliable information was received that Cholan had demanded Rs 10 lakh as illegal gratification from Ramaswamy, the chairman of the Chettinad Group of Companies.
The statement also revealed that there was an attempt by a rival group within the management to take control over the Chettinad Group during the AGM.
Cholan, according to CBI, demanded the illegal gratification for not approving the decision that was going to be taken at the AGM.
Ramaswamy is known to be the richest Chettiar, one of the richest trading communities in the country, on an individual basis and also known as 'Chettinad Arasar' (King) and he has also been the Sheriff of Chennai for two terms.
His grandfather was the the Rajah of Chettinad. In 2012, Forbes listed him as the 88th richest person in India with a net worth of $650 million.
The Chettinad Group has over 15 companies, including listed Chettinad Cement. The group's other interests include cement, power, textile, health care, education, logistics, coal terminals, construction, plantations, and others. According to the Chettinad Group of Companies, Muthiah is the managing director of the Group.
The group was promoted by Raja Sir Annamalai Chettiar KCSI, grandfather of Ramaswamy.