The Kerala High Court asked whether the Kerala State Industrial Development Corporation (KSIDC), which had a 13.41% stake in Cochin Minerals and Rutile Ltd (CMRL) and a director nominee in the company, was aware of the controversial ₹135 crore spending made by CMRL, which has come under the investigation of the Serious Fraud Investigation Office (SFIO).
Justice Devan Ramachandran raised the question while considering a plea of the KSIDC challenging the SFIO investigation against it.
The court said it wished to see KSIDC, a government company, come clean on the issue. If the company has a case that the CMRL has kept it in the dark regarding the controversial payments, it’s a serious issue. “Is it not worrying you that your director was kept in the dark regarding the payments of ₹135 crore?” the court asked the counsel.
