Income Tax Department today conducted raids against the Rs 10,000-crore business conglomerate Chettinad Group of Companies at its premises in three states.
A top Income Tax official said that raids were carried out in 37 places of the Chettinad Group in Tamil Nadu, two places in Andhra Pradesh and a few places in Mumbai.
“Yes, raids are going on,” the official told PTI on condition of anonymity.
In a significant development at the Chettinad Group, Ramaswamy had yesterday declared his decision to disown his son M A M R Muthiah.
The 84-year-old philanthropist and former Rajya Sabha MP stated that the assets would not go to M A M R Muthiah or anyone claiming on his behalf or under him.
The family feud in the Group came to the fore after Ramaswamy was not elected as a Director in the AGM of Chettinad Cement Corporation, the group’s flagship company, last year.
(With PTI input)