Kerala

Exalogic’s Latest Scandal Unveiled: CM’s Daughter Veena and Company Fined Rs 1 Lakh Each!

CMRL Transaction Mystery Deepens as Action from 2021 Exposes HQ Change Irregularity

Recent revelations have sent shockwaves to Kerala CM Pinaray Vijayan and his daughter Veena Vijayan. Veena’s company, Exalogic, is now under intense scrutiny. The unfolding scandal, marked by fines and investigations, adds a new layer of complexity to an already perplexing narrative.

Key Points

  • Sasidharan Karta’s Deal with CMRL: Information reveals concerning details about CPM’s involvement in Sasidharan Karta’s CMRL.
  • Irregularities in Exalogic: Documents indicate irregularities in Exalogic Solutions Limited, with fines imposed on Chief Minister Pinarayi Vijayan’s daughter, T. Veena, for violating the Companies Act.
  • Crucial ROC Findings: The Registrar of Companies (ROC) in Karnataka issued a critical report. That raised questions about Exalogic’s inability to provide documents proving payments from CMRL, leading to potential investigations by ED and CBI.

The Communist Party of India (Marxist) finds itself on the brink as revelations surrounding the deal with CMRL unravel. Simultaneously, the spotlight intensifies on Exalogic Solutions Limited. The Registrar of Companies (ROC) in Karnataka imposed fines on Chief Minister Pinarayi Vijayan’s daughter, T. Veena, for clear violations of the Companies Act.

In a surprising turn of events, documents have surfaced exposing Exalogic’s violations. In February 2021, the company received a fine of Rs 2 lakh for violating regulations pertaining to the registered office. Notably, Exalogic relocated its registered office without informing the ROC, further complicating the unfolding narrative. This failure to adhere to the 30-day requirement for reporting changes to the ROC regarding the registered office adds a layer of complexity to the situation. 

The ROC’s critical report on Exalogic raises eyebrows. It also highlights the company’s inability to substantiate payments received from CMRL for services. The alleged violation of Section 188 of the Companies Act contradicts Chief Minister Pinarayi Vijayan’s initial explanations. And setting the stage for potential investigations by law enforcement agencies.

Amidst the chaos, the argument of a mere transaction between the two companies faces scrutiny due to the stake held by KSID, a government entity, in CMRL. The transaction has thus become a central concern, inviting complaints and demands for explanations.

Veena Vijayan’s attempt to freeze the company meets resistance from the Income Tax Department’s records. That exposes the arrears and further fuels allegations of fraud. The ROC contends that Exalogic’s submission of an audit report without an auditor’s signature and seal constitutes a punishable offence. It escalates the seriousness of the allegations.

As the fog thickens around CMRL’s dealings with Exalogic, the ROC report recommends a detailed investigation into the mysterious transactions. No documents supporting the agreement or other transactions between the companies have surfaced, leaving a void that demands scrutiny. Exalogic’s production of only GST documents in response to the ROC’s queries adds more layers to the mysterious narrative.

In 2017, Exalogic and CMRL signed an agreement for consultancy services, with monthly payments made to Veena and Exalogic. However, a preliminary investigation revealed that no services were provided during the payment period. That raises questions about the legitimacy of the transactions. The ROC’s findings led to a thorough examination by the Ministry of Corporate Affairs. That prompted calls for further investigation into the books of accounts for Exalogic and CMRL.

In conclusion, the political turbulence surrounding CPM, CMRL, and Exalogic unfolds with each revelation. It sets the stage for potential legal consequences. The irregularities and alleged fraud call for a meticulous examination. A fair investigation could leave the fate of those involved hanging in the balance.

Rohit Sharma

Rohit Sharma is a seasoned Political Journalist with a deep passion for Indian Politics. With over a decade of experience in the field, he has established himself as a trusted… More »

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button