Muthoot Finance chairman MG George died after falling from fourth floor
Delhi Police denies any foul play
New Delhi, Mar 6: M G George Muthoot, largely credited for making the Muthoot Finance a pan-India and the largest gold loan NBFC, passed away on Friday evening in a freak incidence of falling from the fourth floor of his house.
As the chairman of the company, he played a pivotal role in taking Muthoot Finance to new heights, expanding its reach across the country and even overseas especially to the Middle East.
Police received information on Friday at 9.21 pm regarding the admission of M G George Muthoot at a hospital after falling from the fourth floor of the house and was later declared dead, a senior police officer said.
"Enquiry conducted into the matter and statements were recorded. The CCTV cameras were also checked. He was taken to Fortis Escort Hospital where he died during treatment. On Saturday, his post mortem has been conducted at AIIMS. No foul play is suspected. Inquest proceeding is being done," Deputy Commissioner of Police (South East Delhi) R P Meena said.
Muthoot, 71, was for long based in the National Capital even though his diversified group that runs over 20 businesses from gold loans to securities, realty estate to infrastructure, hospitals to hospitality and education, is headquartered in Kochi making it one of the largest business houses in the state.
M G George Muthoot's sudden and unexpected demise will be an irreparable loss to the Company, employees, all stakeholders, family, and friends. All directors and employees of the Company convey deep sympathy, sorrow and condolences to his family, the Muthoot Finance said in a regulatory filing on Saturday without giving reason for the cause of death.
He was responsible for scaling up the Muthoot Group's presence beyond the southern region by expanding its branch presence across north, east and west and thereby transforming the company into a pan India organization, it said.
He was instrumental in making the gold loan finance into an organised business.
Mathai George George Muthoot was born in November 1949 in Kozhencherry in the present day Pathanamthitta district of Kerala as the son of M George Muthoot, who began the finance business and as the grandson of Muthoot Ninan Mathai, the group founder.
After graduating from the Manipal Institute of Technology with a degree in mechanical engineering, Muthoot joined the family business as an office assistant and in 1979 he became the managing director and group chairman in February 1993.
In the early 1980s, the large family broke up and the family empire was divided between the cousin brothers and this led to the creation of Muthoot Pappachen Group, another diversified group in the state which runs rival gold loan company Muthoot Fincorp.
The Muthoot Group's flagship Muthoot Finance had a loan book of close to Rs 56,000 crore in the December 2020 quarter.
The group has grown manifold under him--when he took over it had just 31 branches but has over 5,550 branches across the country and outside today and the group.
Muthoot leaves behind wife Sara George and two sons. While eldest son George M George is the executive director of the group, the youngest son Alexander George is the director of the group and the second son Paul Muthoot George was murdered in 2009.
He was also a lay trustee of the powerful Orthodox Church in the state and was also a member of the national executive committee of Ficci and headed the Ficci Kerala council.
Forbes Asia listed him as the 44th richest Indian in 2020 with close to USD 5 billion assets and the richest Keralite.
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Nightclub fire: Goa court remands Luthra brothers in police custody for five days
Panaji (PTI): A court in North Goa on Wednesday remanded Gaurav and Saurabh Luthra, co-owners of the ‘Birch by Romeo Lane’ nightclub, in police custody for five days.
The brothers, brought to Goa from Delhi after being deported from Thailand in connection with the December 6 blaze that killed 25, were produced in the court after undergoing health check-ups twice at the District Hospital in North Goa.
Judicial Magistrate First Class Mapusa Puja Sardesai remanded the two brothers in police custody for five days.
Advocate Vishnu Joshi, representing Bhavana Joshi who lost four family members in the tragedy, said that the accused were asking for “special consideration” claiming poor health.
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“We said they should not be given any extra relaxation,” he said, adding that the court has taken cognisance of the fact that this is about the death of “25 people in the form of mass genocide”.
“But since they kept pressing for medical check-up, the court ordered reexamination of their health. It is clear in the medical examination that they don’t require any consideration. The accused sought special considerations in the lock-up like a good mattress, which the court refused,” said Joshi.
A team of the Goa Police, along with the Luthra brothers, arrived at the Manohar International Airport, Mopa, in North Goa at 10.45 am.
The duo was initially taken to a Primary Health Centre at Siolim for medical examination. They were then taken to the District Hospital at Mapusa.
After their health assessment, the two were brought to the court.
The court directed that the accused be sent for fresh medical examination. Accordingly, the two were again taken to the District Hospital.
Later, they were produced before Judge Sardesai, who ordered the five-day police custody of the accused.
After the fire tragedy at Arpora village, the Anjuna police had registered a case against the Luthra brothers on various charges, including culpable homicide not amounting to murder.
The brothers were arrested in Delhi on Tuesday after being deported from Thailand. A court there allowed the Goa Police their two-day transit remand.
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The duo had fled to Phuket in Thailand early on December 7, hours after the fire at their nightclub, prompting the authorities to issue an Interpol Blue Corner Notice and cancel their passports.
They were detained by Thai authorities at Phuket on December 11 following a request from the Indian government, which later coordinated with officials in Thailand to deport them under legal treaties between the two nations.
Five managers and staff members have already been arrested by the Goa Police in connection with the fire.
