CHENNAI: Less than a week after his adopted son claimed that he was unfit to run the family's businesses, M A M Ramaswamy has come out with a scathing declaration that he has disowned M A M R Muthiah aka S Ayyapan and written him out of his will. All of the family's prodigious assets currently under Ramaswamy's control will go into two charitable trusts, due processes for which are already under way.
"He will not get a penny of the remaining assets that I still control. He is not my son and I want nothing to do with him," said Ramaswamy, revealing that his latest registered will is such that all his remaining assets will go to two charitable trusts and not to M A M R Muthiah or anyone claiming them on his behalf.
The octogenarian industrialist also confirmed that M A M R Muthiah has already been disowned as per tradition of the family, "His name has been struck from the temple where the adoption took place", and the legal process of the annulment of his adoption was carrying on forthwith. "We will file the annulment case at the Madras High Court in a month's time. There is a long legal process involved in this and we are moving ahead with the process," said Ramaswamy's lawyer A Nagarajan.
The assets thus denied Muthiah aka Ayyapan are set to go into two charitable trusts under Ramaswamy's name - Chettinad Charitable Trust and M A M Ramaswamy Chettiar trust which have already been registered. "I have decided that every bit of what is left with me should go into charity. I have formed these two trusts and transferred certain properties and assets to said trusts," said Ramaswamy.
The Chettinad Group doyen's statement comes in the wake of a long and bitter feud between father and son, heavily publicised in the media. However, M A M R Muthiah's constant statements that he would be willing to reach a compromise has received a heavy blow with Ramaswamy's declaration today. While Ramaswamy brushed aside any interest in prising Muthiah's holdings in Chettinad Cements, the will stipulates that he will not be a beneficiary of the larger portion of the family's wealth - a part of which is the sprawling 126 acre Chettinad House, estimated to be worth more than a thousand crore.
Ramaswamy also repeated his allegations on his mistreatment and "betrayal" he had faced at the hands of his adopted son, declaring that it was the reason for his decision to disown him. "My wife and I had hoped that he would be a dutiful son to us, but it has not worked out the way we wanted. He has sidelined me from my own companies and taken over them. I am not interested in any of that wealth anymore. However, he will not get anything more from me," Ramaswamy concluded.
Ramaswamy's cousin and Chairman emeritus of SPIC A C Muthiah was also present at the press conference, in what is likely a sign of the family closing ranks against the adopted son. According to sources in the know, A C Muthiah is likely to be a trustee of the aforementioned trusts and will be closest and eldest surviving relative of M A M Ramaswamy legally once the annulment goes through.