New Delhi: The Ministry of Corporate Affairs has initiated an inquiry against Exalogic Solutions, owned by Veena Vijayan, daughter of Kerala Chief Minister Pinarayi Vijayan, in connection with monthly payment controversy. The investigation stems from alleged irregularities involving illegal transactions between Exalogic Solution and Cochin Minerals and Rutile Ltd (CMRL).
The Union Ministry of Corporate Affairs decided to launch the probe following reports from the Karnataka and Kochi Registrar of Companies, which revealed significant financial irregularities. An investigation by these regulatory bodies found discrepancies in the information provided by the Kerala State Industrial Development Corporation (KSIDC), prompting further action.
Officials from Karnataka, Tamil Nadu, and Puducherry will collaborate on the inquiry, which has been mandated to submit a report within four months. If the investigation uncovers any irregularities, the ministry has indicated its intent to pursue additional inquiries against Exalogic Solutions. The scope of the investigation also encompasses KSIDC (Kerala State Industrial Development Corporation ) .
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