CHENNAI: Octogenarian industrialist MAM Ramaswamy on Tuesday disowned his foster son MAMR Muthiah alias S Ayyapan, and announced that the family’s assets will now go into two charitable trusts.
While Ramaswamy brushed aside any interest in prising away Muthiah’s holdings in Chettinad Cements, his will stipulates that he won’t be a beneficiary of the larger portion of the family’s wealth - a part of which is the sprawling Chettinad House, estimated to be worth over `1,000 crore.
Ramaswamy’s seething discontent with his adopted son was palpable in the press conference on Tuesday, as he brushed aside every statement that MAMR Muthiah made last week. “He says he’s built the firm? Considering the state of the industry, costs and volumes then and now, he should have built it up many times more than he has managed,” he observed, adding that he was well capable of handling business matters. But, Ramaswamy denied any interest in Muthiah’s current holdings except regret.
“He can keep what he has, I only regret that I transferred my wife’s shares to him. This is how he managed to oust me from my businesses. Now, I want nothing to do with him,” he said. “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,” Ramaswamy added.
His bone of contention with his foster son was also the latter’s alleged “stinginess”. “He does not understand the principles upon which this family was built upon. The family motto is Strive, Save and Serve. But for him, the buck stops at Save,” he said.
Ramaswamy’s relative and chairman emeritus of SPIC, A C Muthiah, was also present at the press conference, in a sign that the family was closing ranks against the adopted son. According to Ramaswamy, A C Muthiah is a trustee of the new trusts and will be the closest and eldest surviving relative of Ramaswamy once the annulment goes through. “The family will take care of these assets and use this property for what it was meant - charity,” said Ramaswamy.
The assets under question, excluding the Chettinad Cements holdings, are valued at several thousand crores, according to sources. A large part of this is held by Ramaswamy, who also retains a 22 per cent stake in Chettinad Cements. However, a trust in which Muthiah alias Ayyapan is also a trustee, holds substantial assets.
“Almost all of this came through the transfer of my wife’s holdings to him,” said Ramaswamy.
Read more here MAM Ramaswamy Disowns Foster Son, Omits Him From Will
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