The CBI arrested M. Manu Neethi Cholan, Registrar of Companies, in Chennai on Tuesday on bribery charge. He allegedly took Rs. 10 lakh from M.A.M. Ramaswamy, chairman of the Chettinad Group, to stall a takeover of the group.

Registrar took bribe to stall Chettinad Group takeover: CBI

Mr. Cholan took Rs. 10 lakh from M.A.M. Ramaswamy, chairman of the Chettinad Group of Companies, to declare an expected takeover of the group at its annual general body meeting on Wednesday null and void, a press release from the Central Bureau of Investigation said.

The Anti-Corruption Branch of the agency intercepted the car in which Mr. Cholan was travelling after collecting the money. The cash and the car were seized.

CBI officials searched his residence and offices in Chennai. Several incriminating documents, Rs. 20 lakh in cash and a hard disk were seized. The Chettinad House in Chennai was also searched.

In New Delhi, CBI Director Ranjit Sinha said that about a month ago, the agency received inputs that attempts were being made to bribe the Registrar.

Investigations helped the CBI lay a trap and arrest the officer soon after he received the bribe allegedly from Mr. Ramaswamy, 82. Although the industrialist was made an accused, he was not arrested considering his age.

The CBI said preliminary findings suggested that the industrialist’s adopted son was planning to stage the takeover. (The Hindu)