Kerala

Unraveling the Exalogic Controversy: Veena Vijayan’s Financial Saga

Deciphering the Discrepancies: Shaun George's Revelations and Assembly Allegations

Thiruvananthapuram: The recent revelations of Pinaray Vijayan in the Kerala Assembly pertain to Exalogic company’s financial affairs. It debunked claims of its inception with Veena Vijayan’s mother’s pension funds. According to documents from the Department of Corporate Affairs, Veena’s investment in the company amounts to a mere Rs 1 lakh, with her being the sole shareholder. Contrary to earlier assertions, the company’s capital appears to stem from long-term loans, with a significant proportion originating from Veena herself.

Key Points

  • Financial discrepancies uncovered: Documents reveal that the Exalogic company’s capital was previously claimed to be sourced from Veena Vijayan’s mother’s pension. But it amounts to a mere Rs 1 lakh, with significant funding originating from long-term loans.

  • Contradictory claims emerge: Chief Minister Pinarayi Vijayan’s assertions in the Kerala Assembly regarding the company’s funding stand being challenged.

  • Escalating controversy and defiant response: The Opposition plans to issue a notice against the Chief Minister for alleged misinformation in the Assembly. Despite mounting pressure, Veena Vijayan and her company remain silent.

Contradictory Claims Surface

The disclosure of these documents, brought forth by Shawn George, has sparked an uproar as it contradicts assertions made by Chief Minister Pinarayi Vijayan in the Kerala Assembly. Vijayan had previously stated that Veena’s company was funded by her mother’s pension, a claim now refuted by the Exalogic balance sheet shared by Shawn on Facebook. In response, the opposition plans to issue a notice to the Assembly, alleging misinformation by the Chief Minister.

Deepening Controversy and Defiant Response

The controversy surrounding Exalogic, intensified by a Union Ministry of Corporate Affairs inquiry into its dealings with CMRL, has deepened further with these revelations. Despite the ongoing scrutiny, Veena Vijayan has remained silent on the matter. This adds weight to Shawn’s legal battle against Exalogic. Of particular significance is the company’s financial ties with Empower India Capital Investments Pvt Ltd, an affiliate of CMRL. The entity has provided substantial financial support over the years.

The findings of the Income Tax Settlement Board regarding Exalogy’s receipt of funds from CMRL have further fueled the controversy. This is particularly notable in light of the company’s financial state. Questions loom over the legality and motives behind such transactions, especially given Exalogic’s reported losses. Despite the mounting allegations, Chief Minister Vijayan remains defiant, dismissing them as baseless attacks on his family.

As the saga unfolds, the people of Thiruvananthapuram await further developments, eager for clarity amidst the intricate web of accusations and rebuttals. The truth remains elusive, but the veil of secrecy surrounding Exalogic’s affairs grows thinner with each revelation. This exposes the complexities of power and privilege in Kerala’s political landscape.

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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