The Crime Branch CID (CB-CID) will investigate an allegation that officers of the Greater Chennai Police’s Central Crime Branch (CCB) coerced the managing director (MD) of a firm to pay ₹50 crore to a shareholder removed from its board. The agency will take it up as the probe has been ordered by the Madras High Court, sources in the CB-CID said.
Balasubramaniam Sriram, a director in Ocean Lifespaces India, a Chennai-based company engaged in interior design, general contracting, and property development, was removed from its board. Mr. Sriram challenged his removal before the National Company Law Tribunal (NCLT).
The CCB also filed an first information report (FIR) on August 14, 2023 on Mr. Sriram’s complaint that he was cheated by the company’s promoters.
