Kerala HC Refuses To Stay SFIO Probe Against KSIDC, CMRL, CM’s Daughter’s Firm

The Kerala High Court on Wednesday has declined to stay the Serious Fraud Investigation Office probe into state-run KSIDC, Chief Minister Pinarayi Vijayan’s daughter’s firm & Kochi-based mines company CMRL.

Senior central government counsel RV Sreejith stated, Justice Devan Ramachandran refused to put on hold the probe by SFIO into the 3 companies on a plea moved by the Kerala State Industrial Development Corporations.

The SCGC, who appeared for the Ministry of Corporate Affairs and SFIO, stated that the court also declined to interfere with the notices directing KSIDC to produce documents sought by the probe agency.

SCGC Sreejith stated that, however, the court gave them liberty to seek time to file the book of accounts, maintained in Tally or any other software, for the period from 2012-13 to till date.

The order came on the plea moved by KSIDC seeking to quash the central government order directing an investigation by SFIO under the Companies Act into the affairs of KSIDC.

The KSIDC has claimed in its plea that the central government order was illegal as it was passed without hearing it.

Besides KSIDC, the Ministry of Corporate Affairs also ordered an SFIO probe against Cochin Minerals and Rutile Ltd and the CM’s daughter’s firm Exalogic Solutions Pvt Ltd.

The KSIDC also termed as illegal the notice issued by the Registrar of Companies regarding an inspection at its office on February 8 & 9 and the SFIO notice seeking documents from the state-run entity.

The High Court listed the matter for further hearing on February 12.