BJP leader Shone George approached the Kerala High Court to be included as a respondent in the petition filed by the Kerala State Industrial Development Corporation  (KSIDC) challenging the Serious Fraud Investigation Office (SFIO) investigations against them.

In his petition, Shone George pointed out that he had filed a complaint against KSIDC with evidence and documents that exposed their involvement in the fraudulent transactions under investigation.

Shone pleaded with the court to hear him before taking a final decision on the KSIDC’s petition.  He pointed out that the Karnataka High Court had dismissed a similar petition filed by Exalogic Solutions, and the court upheld the legality of the SFIO probe.

Shone George, in his petition stated that the KSIDC is the second largest individual shareholder having 13.4 per cent stake in CMRL and it had a nominee on the board of CMRL all the time.

KSIDC, in its petition, stated that as a shareholder, it should not be probed by SFIO or any authority for the alleged transaction between CMRL and Exalogic Solutions. The order for the SFIO probe was also silent about the allegations against the KSIDC.

Shone George, in his plea, pointed out that he had filed a complaint against the KSIDC with evidence and documents that exposed their involvement in the fraudulent transactions under investigation.  He has alleged that Kerala State Industrial Development Corporation (KSIDC) was involved in corporate misconduct.

Earlier this month, the Kerala High Court declined to stay the ongoing SFIO investigation proceedings in the state run Kerala State Industrial Development Corporation (KSIDC).

Rejecting the KSIDC plea to stay the proceedings against the KSIDC by the SFIO, Justice Devan Ramachandran asked why the KSIDC was afraid of the investigation.

The Ministry of Corporate Affairs  on 31 January  issued an order handing over the probe into the affairs of Exalogic Solutions, the  firm owned by Chief Minister Pinarayi Vijayan’s daughter Veena  Vijayan , as well as Cochin Minerals and Rutile Ltd (CMRL) and Kerala State Industrial  Development Corporation Industrial(  KSIDC) to the Serious Fraud Investigation Office (SFIO) A six-member team  is authorised  to probe the matter, with Deputy Director M Arun Prasad as the investigating officer.