Congress leader and MLA Mathew Kuzhalnadan has sought the response of Industries Minister P. Rajeeve about the ongoing investigation by the Union Ministry of Corporate Affairs against Exalogic, the IT consultancy owned by T. Veena, daughter of Chief Minister Pinarayi Vijayan and the Cochin Minerals and Rutile Limited (CMRL), in which the State-run Kerala State Industries Development Corporation (KSIDC) has also come under scanner.
“The three companies were served a notice under section 206 of the Companies Act and they had responded. The investigation is being carried out as the response was not satisfactory. In this situation, the Industries Minister is morally bound to explain the said response to the general public”, Mr. Kuzhalnadan told reporters in Kozhikode on Saturday.
The MLA also questioned why the KSIDC had not demanded 14% of CMRL’s profit, which was its due as a 14% shareholder, especially when the government was in a financial crisis and also what action was taken for non remittance of the profit share. “Did the KSIDC and Industries Department help CMRL hide its unhealthy profit? He asked.
