New Delhi: The Serious Fraud Investigation Office (SFIO), a multi-disciplinary organisation under the Ministry of Corporate Affairs, will investigate the case involving Veena Vijayan and her firm, Exalogic. The SFIO has taken control of the investigation from the Registrar of Companies, citing financial irregularities surrounding the Exalogic-CMRL deal. This development could pose a notable challenge for Veena Vijayan, CMRL, and KSIDC. The SFIO is anticipated to conduct inspections and issue summons for interrogations as part of its investigative approach.
The genesis of the SFIO’s involvement lies in a complaint filed by Shaun George, son of PC George, leading to the transfer of the inquiry from the Registrar of Companies to the SFIO. The Registrar of Companies initially initiated the investigation under Companies Act 212 A&C. Both the Bengaluru RoC and Ernakulam RoC, during their preliminary investigations, uncovered substantial irregularities in the Exalogic-CMRL deal.
Shaun George further sought legal recourse, filing a petition the High Court to transfer the case from the RoC to the SFIO, citing serious violations by Veena and Exalogic. The Ministry of Corporate Affairs announced the SFIO’s inquiry while the High Court was deliberating on the petition.
A six-member team, headed by Additional Director Prasad Adelli, will conduct the investigation. The team comprises high-ranking officials from the Ministry of Corporate Affairs, with Deputy Director Arun Prasad serving as the investigating officer. The inquiry team commits to delivering its report within the stipulated timeframe of eight months.
Simultaneously, when there was a discussion in the Legislative Assembly surrounding the allegations, including those against Exalogic and Veenga Vijayan, the Chief Minister refuted the claims, stating that “the accusations against me and my family are baseless.”
Comments