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This is an archive article published on September 5, 2000

SPIC chargesheets to Jayalalitha, others

CHENNAI, SEPT 4: AIADMK supremo J. Jayalalitha, leading industrialist A C Muthiah and former state industries sectretary C Ramachandran we...

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CHENNAI, SEPT 4: AIADMK supremo J. Jayalalitha, leading industrialist A C Muthiah and former state industries sectretary C Ramachandran were today chargesheeted in a corruption case relating to disinvestment of government stakes in petro- chemical giant SPIC in 1992.

Special judge A C Aramugaperumal Adityan, after handingover the copies of the chargesheet, posted the case for hearing on September 25.

The CBI charged Jayalalitha and Ramachandran with abusing their official position to favour SPIC co-promoter late M A Chidambaram to return as the company8217;s chairman and causing a loss of Rs 28.29 crore by relinquishing its right to invest in a zero interest bond issued by SPIC.

Chidambaram was also cited as an accused, but charges against him would abate as he is dead. Muthiah was the company8217;s vice-chairman at the time of the transaction.

The CBI took up the investigation on a direction from a single judge of the Madras High Court in December 1997 on a writ petition by Janata Party president Dr Subramanian Swamy against the disinvestment decision.

 

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