The Karnataka High Court reserved its order on the plea filed by Exalogic Solutions, Veena's company, seeking to stay the investigation by the Serious Fraud Investigation Office (SFIO).
The Karnataka High Court has reserved its order regarding the plea filed by Exalogic Solutions Private Ltd. This company, of which Kerala Chief Minister Pinarayi Vijayan’s daughter, Veena T, is a director, has been under scrutiny due to alleged illegal financial transactions. Justice M Nagaprasanna heard the petition challenging the Union Ministry of Corporate Affairs' direction to SFIO to investigate the company's affairs.
The Serious Fraud Investigation Office (SFIO) is investigating these transactions, which involve Cochin Minerals and Rutile Limited (CMRL). CMRL, engaged in sourcing beach sand minerals along the Kerala coast, reportedly made illegal payments totaling Rs 135 crore to various political functionaries in Kerala state and other entities, including Exalogic Solutions Private Limited.
The investigation is not only focused on ESPL but also extends to CMRL and the Kerala State Industrial Development Corporation. The Union Government ordered this investigation based on an interim status report submitted by the inquiry officer of the Registrar of Companies. The report revealed the alleged illegal payments and their impact on public interest, justifying the SFIO’s involvement.
In response to the petition filed by ESPL, represented by Veena, questioning the order for investigation, the Additional Solicitor General of India, Arvind Kamath, defended the SFIO’s actions. He emphasized that the investigation was necessary due to the magnitude of the alleged financial irregularities. Furthermore, Kamath argued that the Registrar of Companies had already handed over records to the SFIO, making parallel investigations unnecessary.
While the legal proceedings
continue, Exalogic, a now-defunct IT company owned by Veena Vijayan, has
asserted that the SFIO’s investigation into the financial transactions between
Exalogic and CMRL is unwarranted2. The Karnataka High Court’s decision will
determine the course of action in this complex case.
While reserving the order, the
court:
Verbally requested the SFIO
not to take any coercive action against the company until the final verdict.
Asked the company to cooperate
by providing the documents requested by the SFIO.
Veena has been directed to
reply to the SFIO notice.
Important to note:
The court has not yet issued
its final decision on whether to stay the investigation or not.
The Kerala High Court
previously dismissed a similar plea from the Kerala State Industrial
Development Corporation related to the same investigation.
The SFIO investigation is
looking into the financial dealings between Exalogic Solutions and Cochin
Minerals and Rutiles Ltd (CMRL).
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