Probe against Exalogic, CMRL, KSIDC involves public interest, Centre tells Delhi HC
4 days, 10 hours ago

Probe against Exalogic, CMRL, KSIDC involves public interest, Centre tells Delhi HC

The Hindu  

The Centre has defended before the Delhi High Court its decision to probe the affairs of Exalogic Solutions Private Limited, owned by Kerala Chief Minister Pinarayi Vijayan’s daughter T. Veena, Cochin Minerals and Rutile Limited, and the Kerala State Industrial Development Corporation by the Serious Fraud Investigation Office. In a written submission made to the court, which has already reserved its verdict on December 23, 2024, the Centre said, “The inquiries/investigations conducted reveal that during the course of operation of business of the CMRL, several illegal payments have been made to various political functionaries and entities.” “These transactions involve illegally inflating the expenditure by the CMRL towards payment to vendors in transportation, sludge handling operations etc. The Centre said there was “public interest” in calling for the probe as the allegation levelled against the companies under investigations was that the CMRL, on the basis of bogus bills, had made payments to Exalogic Solutions. “Moreover, the KSIDC, a State-owned corporation, has 13.4% stake in the CMRL which itself constitutes public interest,” the Centre said, rejecting the CMRL’s contention that no member of the public or bona fide share holder had raised any complaint. “.Investigation of a case involving larger public interest can be initiated by the department concerned either suo motu or upon a complaint/ inquiry report by any person/ authority established under any law,” it added.

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History of this topic

KSIDC should facilitate SFIO investigation and should not adopt face-saving tactics: Centre tells HC
5 months, 3 weeks ago

KSIDC should facilitate SFIO investigation and should not adopt face-saving tactics: Centre tells HC

The Hindu  

The Central government has informed the Kerala High Court that the decision of the Kerala State Industries Development Corporation to seek a forensic audit of the financial transactions of the Cochin Minerals and Rutile Limited was a face-saving attempt to wriggle out of the investigation being conducted by the Serious Fraud Investigation Office. The submission was made by the Registrar …

KSIDC Can't Escape SFIO Probe On Ground That It Is A Govt Agency, May Lose Reputation Before Public: Centre To Kerala High Court
10 months ago

KSIDC Can't Escape SFIO Probe On Ground That It Is A Govt Agency, May Lose Reputation Before Public: Centre To Kerala High Court

Live Law  

The Central Government, Director General of Corporate Affairs, Registrar of Companies and Serious Fraud Investigation Office has filed a reply before the Kerala High Court stating that the Kerala State Industrial Development Corporation Ltd could not take shelter and escape from the investigation conducted by the SFIO stating that they are a government agency and would lose reputation before the …

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