Ernakulam: The High Court has rebuked the Kerala State Industrial Development Corporation (KSIDC), stating that as a publicly funded institution, it should have welcomed the investigation by the Serious Fraud Investigation Office (SFIO). The court made these remarks while hearing KSIDC’s plea against the SFIO probe.
Furthermore, the court questioned KSIDC’s nominee in Cochin Minerals and Rutile Limited (CMRL) and the company’s inability to respond to any investigation. It was observed that it is illogical to claim that KSIDC’s nominee is unaware of the company’s affairs.
The petitioner, KSIDC, requested an adjournment of the inquiry, citing the need for clear evidence before proceeding with the investigation. Consequently, the petition has been adjourned until the 12th of the following month.
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