When Atlas listed salesmen as board members

Dubai - Two small-time employees file cheating case against jewellery conglomerate.

Indian nationals Lukoo Sugunan Madathiparambil and Ajith Muruleedharan Kovooril were just small time employees of Atlas Jewellery India, or so they thought. But earlier this year, they got the shock of their lives when Indian authorities informed that they were, in fact, listed as senior board members of the jewellery conglomerate.
Atlas Jewellery's owner, MM Ramachandran, is still in detention in Dubai, after he was picked up about two weeks ago for issuing dud cheques worth millions of dirhams.
Hired for small roles in two Kerala branches of the company, the duo said they had no idea that they were actually on the board.
According to a report in the Times of India, the income tax department raided 23 branches of the group, including Thrissur, Coimbatore, Kochi, Thiruvananthapuram, Bengaluru, Mumbai and New Delhi, in February this year. Tax evasions to the tune of Rs30 million came to light, according to the report.
Talking to Khaleej Times over the phone, Madathiparambil said: "The truth about my actual position with the company was unearthed in February ... I was called by the tax authorities and I received the biggest shock of my life when I found out that I was in fact an independent director (in) a company with a net worth of several ... (millions)."
Madathiparambil began his career in 2009 as a salesman for the company's outlet in Nedumbassery Airport (Cochin International Airport).
"I am a Grade 10 pass out ... In 2012, MM Ramachadran recognised me for my sincere work and promoted me as his personal secretary," said Madathiparambil.
"I used to take care of the gold exports from Cochin to Dubai along with other small-time administrative work for a salary of Rs17,000 ... However, Ajith (Kovooril) and I would occasionally accompany Ramachadran sir to his meetings and we were made to sign several documents ... I had no idea what my signatures were used for."
'Posts and responsibilities'
According to the company's 24th annual report and audited statement of accounts for the year ended March 31, 2014, Madathiparambil and Kovooril have been listed as independent director and managing director of Atlas Jewellery India respectively.
The report said: "Lukoo is a commerce graduate ... having more than 10 years experience in sales, marketing and distribution. He is the present non-executive independent director of the company and member of audit committee, nomination and remuneration committee and shareholders/investors grievance and share transfer committee."
In Kovooril's case, the report stated that he was appointed as an additional director as well as managing director of the company in the board meeting dated June 9, 2014, subject to approval of shareholders. "He is an IT graduate having more than six years of versatile experience in IT, sales and marketing," the report stated.
However, Kovooril claimed he is only a Grade 12 pass-out.
"I began my career with Atlas at the Cochin Edapally showroom in Kerala and was later moved to the Coimbatore showroom in Tamil Nadu," said Kovooril. "I would travel to different places with Mr Ramachandran. He would say that he needs me to fix projectors etc.
"When I found I was the managing director, I was in a state of shock. Ramachandran is a big, educated businessman ... and I come from a poor family ... I was devastated."
Legal action
The duo has taken legal action against the company's senior management. They have filed a case against MM Ramachandran, his wife, Indira Ramachandran, and other parties involved in the company in a Kerala court in June.
Advocate Babu Karukapadeth, who is representing both Madathiparambil and Kovooril, said: "The complainants ... (have) filed ... a case of cheating, which is currently under ... investigation in Kerala."
Authorities refuse to comment
Income tax officials in Cochin, Kerala, refused to comment on the issue.
Repeated attempts to contact UAE-based management officials of Atlas Jewellery for comments on the issue were ignored. Calls, SMS texts and e-mails went unanswered.
dhanusha@khaleejtimes.com (With inputs from agencies)

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