Exologic Probe Deepens: Unveiling Irregularities, Crimes, and a Registration Crisis for KSIDC

State Government Faces Company Registration Crisis as Department of Company Affairs Launches Full Investigation

Exologic is now going to face a high-stakes investigation against serious allegations under Section 2006(4) of the Companies Act. The order initiating the probe pointed fingers at numerous irregularities and established crimes made by the company owned by the Kerala CM Pinaray Vijayan’s daughter. And it forced the Ministry of Corporate Affairs into the spotlight for a crucial follow-up investigation.

A particularly damning charge leveled is against the Kerala State Industrial Development Corporation (KSIDC), accused of negligence for failing to furnish a satisfactory response to a notice from the Registrar of Companies. The stakes are high, with the possibility of KSIDC’s registration facing cancellation.

What intensifies the complexity is the involvement of Veena Vijayan, daughter of Chief Minister Pinarayi Vijayan. Her connections to Exologic appear to be under intense scrutiny. The alleged involvement in securing monthly kickbacks from CMRL has put her in a precarious position. The allegations reach beyond the borders of Kerala, with the Registrar of Companies in Bengaluru and Kochi unearthing irregularities in financial transactions.

The gravity of the situation is underscored by the Union Ministry of Corporate Affairs directing a comprehensive investigation by a team spanning Karnataka, Tamil Nadu, and Puducherry. The four-month timeline imposed on this team to submit their findings adds urgency to an already complex situation. Notably the absence of any Kerala representative among those charged with the preliminary investigation. It highlights the involvement of central agencies in this high-profile case.

The investigation takes a broader scope by delving into the financial ties between CMRL, KSIDC, and Exologic. And the department is seeking to unravel the intricate threads that tie these entities together. A three-member committee, armed with the mandate to scrutinize these financial relationships, now holds the responsibility of crucial inquiry.

As the investigation unfolds, allegations against Veena Vijayan persist. Mathew Kuzhalnadan MLA also raises serious concerns about financial improprieties involving Exologic. The MLA contends that the company received exorbitant sums from CMRL. He presented documents supporting claims of an additional Rs 42 lakhs changing hands.

In the face of mounting accusations, Veena Vijayan has maintained that the payments were legitimate fees for services rendered, including those of her father, the Chief Minister. However, the Registrar of Companies’ reports counter these claims, setting the stage for a protracted legal battle.

As Kochi becomes the epicenter of a multifaceted investigation, the air is thick with anticipation. The coming months promise revelations and perhaps legal repercussions. That adds another chapter to the city’s complex socio-political landscape. In the eyes of the public, a relentless fight against corruption takes precedence when Mathew Kuzhalnadan MLA echoed the sentiment that the truth must be unveiled, regardless of the powerful forces involved.

In conclusion, the Exologic saga unfolds against a backdrop of intricate financial dealings, allegations of corruption, and the involvement of influential figures. The investigation spans state boundaries. And it promises to be a litmus test for the legal system’s ability to navigate and expose complex webs of impropriety. As the wheels of justice turn, Kerala is hoping for transparency and accountability in this unfolding drama.

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 »

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