Exalogic Solutions Private Limited, owned by T Veena, the daughter of Kerala Chief Minister Pinarayi Vijayan, faced a setback on Friday when the Karnataka High Court dismissed Veena’s petition to halt the Serious Fraud Investigation Office (SFIO) inquiry into the company’s financial affairs. The court announced that the verdict details would be revealed at 10:30 am on Saturday, allowing the SFIO to continue its investigation. Justice M. Nagaprasanna’s bench delivered the judgment in response to a petition challenging the Central Corporate Affairs Ministry’s directive to initiate an investigation.
Exalogic expressed concerns about a concurrent investigation by another department while the Registrar of Companies (ROC) was already conducting its own inquiry. However, the SFIO contended that evidence suggested Exalogic had received Rs 1.72 crore from Cochin Minerals and Rutile Limited (CMRL), constituting a serious offense warranting investigation by an agency with extensive powers.
The case was brought before the High Court as the SFIO was gearing up to interrogate Veena. Investigations by the ROC in Bengaluru and Ernakulam uncovered irregularities in transactions between Exalogic and CMRL. The Central Income Tax Department’s Interim Settlement Board discovered that CMRL had transferred a significant sum to Exalogic without providing any services, leading to the transfer of the inquiry to the SFIO, with an expected completion timeline of 8 months.
Previously, the High Court had directed Exalogic to furnish all documents requested by the SFIO, while Veena Vijayan was instructed to respond to the SFIO’s notice. The court also issued an order to stay proceedings, including arrest, until the verdict was announced.
On Friday, Kerala’s opposition leader, V D Satheesan, suggested that Chief Minister Pinarayi Vijayan’s hands may not be as clean as he asserts. His remarks came in response to the Karnataka High Court’s decision to reject a petition filed by Exalogic Solutions.
“Previously, the chief minister asserted his innocence, stating that his hands were clean and expressing no fear of any investigation. However, his actions to impede the SFIO investigation suggest otherwise, indicating apprehension about the inquiry and casting doubt on his previous claims of innocence,” said Satheesan.
However, the Communist Party of India (Marxist) views the investigation as politically motivated. The party alleges that the Bharatiya Janata Party (BJP) is leveraging central agencies to undermine the state government and gain political advantage in Kerala.
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