[1] Muthiah was born on 19 October 1929 to industrialist M. Ct. M. Chidambaram Chettyar and C. Valliammai Achi.
Muthiah took over the family business in 1954 on the early death of his father in an aeroplane crash.
Muthiah served as the Chairman of the Indian Overseas Bank from 1954 until its nationalisation in 1969.
He also served as the Chairman of the United Fire and General Insurance company and was President of the Southern Indian Chamber of Commerce and Industry.
Muthiah also served as President of the Andhra Pradesh State Finance Corporation and was one of the directors of Indian Bank.