Ernakulam: The High Court has criticised the Kerala State Industrial Development Corporation (KSIDC) regarding an ongoing case involving the illegal financial transactions of Cochin Minerals and Rutile Limited (CMRL). The court raised concerns over KSIDC’s delayed response, alleging that it only sought an explanation from CMRL after the case had been brought before the court.
The initial order in the case was issued on February 7, followed by a request for an explanation from CMRL on February 21. It questioned whether KSIDC’s investigation would have been beneficial and said that KSIDC should prove itself as a victim in the matter.
During the proceedings, Additional Solicitor General of India, Arvind Kamath, represented the Serious Fraud Investigation Office (SFIO). SFIO informed the court that the investigation is against CMRL as well as Exalogic Solutions, a company owned by the Chief Minister’s daughter, Veena Vijayan, and KSIDC.
Comments