Misappropriation tantamount to exchequer loot: Registrar of Companies Kerala

KOCHI: The office of the Registrar of Companies Kerala on Monday informed the High Court that misappropriation of funds in Cochin Minerals and Rutile Ltd is tantamount to looting of public exchequer and it will have an impact on the general industrial development of the state. Citing the complaint filed by Shone George, the ROC pointed out that as a promoter, Kerala State Industrial Development Corporation Ltd is the second largest individual shareholder holding a 13.4 per cent stake in the CMRL and a nominee of KSIDC was always there in the board of the CMRL. The ROC filed the counter-affidavit in response to a petition filed by the KSIDC challenging the probe by the Serious Fraud Investigation Office into the affairs of the CMRL, KSIDC and Exalogic Solutions Private Ltd owned by CM’s daughter Veena T. The affidavit stated that the SFIO designated six officers as inspectors to investigate the affairs of the three companies. HC directs KSIDC to produce copy of explanation letter The Kerala High Court on Monday asked the Kerala State Industrial Development Corporation Ltd to produce documents proving it had sought an explanation from the Cochin Minerals and Rutile Limited about the financial transactions with Exalogic Solutions. When the petition filed by the KSIDC challenging the action of the Serious Fraud Investigation Office came up for hearing, KSIDC’s counsel and lawyer C S Vaidyanathan, submitted that the transactions between the CMRL and the IT company were kept in the dark.