Kerala

Unveiling Veena Vijayan’s AKG Center Saga: From Address to Falsified Documents, SFIO Probe Underway

Delving into the Controversy: Veena Vijayan's AKG Center Scandal and the Ongoing SFIO Investigation

Thiruvananthapuram: Chief Minister Pinarayi Vijayan’s daughter, Veena Vijayan, and her company, Exalogic, are under scrutiny due to recent events. Due to a complaint about opening a registered office for Exalogic at AKG Center, the Registrar of Companies (ROC) has fined Veena Vijayan. The complaint was received by the Enforcement Directorate in 2021, and it was then forwarded to the ROC. Punitive action resulted from Veena’s response, which did not satisfy authorities even after she was asked for an explanation.

Exalogic was initially hit with a heavy fine of Rs 1 lakh but was eventually lowered to Rs 20,000. In this sense, Veena’s statement was documented, signifying a turning point in the story as it developed. After that, a request to freeze the company was made, but this action involved many difficulties and complexities.

Brewing Complaints and Attempts to Freeze

Complaints surrounding Exalogic have been brewing for some time, with Veena Vijayan realizing the looming threat posed by questions related to ROC’s AKG Centre. To preemptively address these concerns, the company attempted to initiate a freeze. However, the ROC’s investigation uncovered falsified and misleading documents within the application and affidavit submitted by Exalogic. A report from Bengaluru ROC has urged for Veena’s prosecution, highlighting the gravity of the situation.

Allegations of Cover-Up and Concealment

Speculations have arisen from various quarters alleging that the freezing Exalogic, was an attempt to cover up irregularities. 

Observers have intensely scrutinized the company’s actions and Veena Vijayan’s involvement. Allegations have surfaced regarding the falsification of documents submitted to the ROC. Recent revelations indicate that Exalogic lacked the necessary merit to contest the freeze. The eligibility criteria is reserved for companies inactive for two consecutive years. However, the company applied in 2022, concealing its transactions until May 2021.

Legal Ramifications and the High Court’s Verdict

The issue has taken on a new dimension due to the participation of the Karnataka High Court. Even though financial crimes are more complicated in today’s technologically evolved world, the court decided that the Serious Fraud Probe Office (SFIO) probe should go on. The court’s decision emphasizes the need to dissect complex relationships between parties. It also underscores the role that each party plays in the unfolding events.

Additionally, the High Court rejected Exalogic’s plea to transfer the investigation to another agency, emphasizing the statutory powers of the SFIO. The court’s decision to uphold the arguments presented by the Additional Solicitor General underscores the gravity of the situation. The matter, as determined by the Income Tax Settlement Board, directly affects the public interest, further highlighting the need for a thorough investigation.

To sum up, the accusations levied against Veena Vijayan and Exalogic pose a severe threat to the transparency and integrity of the company. The need for accountability and compliance with regulations is becoming more apparent as inquiries and court cases move forward. The case’s conclusion will undoubtedly influence how people view corporate responsibility and governance in India’s larger economic environment.

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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