Thiruvananthapuram: Exalogic, a company owned by Chief Minister Pinarayi Vijayan’s daughter, Veena Vijayan, is under pressure following the conclusive report from the Bengaluru Registrar of Companies (ROC). The ROC has pointed out that Exalogic failed to submit the required documents to validate its dealings with CMRL, and the preliminary investigation suggests potential legal actions under sections with fines and imprisonment.
Mysterious transactions have been reported at Exalogic, which has not provided the contract documents between the two companies. The Bengaluru ROC recommends potential actions under Section 447 and 488 of the Companies Act, 2013, emphasizing the need to scrutinize the account details of both companies to uncover any suspicious transactions.
The report highlights that CMRL, being a government-shareholding company, should have reported dealings with related parties to the board. However, the CMRL board was not informed about the agreement with Exalogic, a violation of Section 188 of the Companies Act.
The Union Ministry of Corporate Affairs has initiated a detailed investigation based on irregularities found in the ROC’s preliminary report. This report supports the findings of the Income Tax Interim Settlement Board’s order, further weakening the defence of Chief Minister Pinarayi Vijayan and the CPI(M) in protecting Veena from the controversy.
