Allahabad HC pulls up ED, EOW for ‘shoddy’ probe in Shine City scam
The court directed the three agencies to file a status report showing the progress of the investigation in this matter and fixed July 1, 2024, as the next date of hearing.
The court directed the three agencies to file a status report showing the progress of the investigation in this matter and fixed July 1, 2024, as the next date of hearing.
The Serious Fraud Investigation Office (SFIO), which is probing Kerala Chief Minister Pinarayi Vijayan's daughter Veena Vijayan’s IT has sent a notice to Karakonam Somervell Memorial CSI medical college over its financial dealings with Exalogic Solutions.
The notices were issued under section 217(2) of Companies Act, based on the inspections conducted on the bank accounts of Exalogic Solutions.
Congress MLA Mathew Kuzhalnadan has accused Chief Minister Pinarayi Vijayan of having orchestrated the mineral sand mining at Thottappally in Alappuzha to purportedly aid the interests of CMRL.
In its notice, the SFIO asked Veena Vijayan to produce documents related to financial transactions between her company, Exalogic Solutions, and Cochin Minerals and Rutile Limited (CMRL).
The Exalogic Solution’s petition seeking a stay on the SFIO probe against it comes amid reports that the central probe agency will serve a notice on Veena Vijayan asking her to appear before it as part of the ongoing investigation related to her firm’s dealings.
The officials from the SFIO reached CMRL office at 9 am and commenced the examination of documents related to the company.
The cash-strapped company became the first domestic airliner to go into bankruptcy after the NCLT admitted an insolvency petition filed by SBI on behalf of 26 lenders on June 20.
The charge sheet clearly articulates that IL&FS kept functioning despite RBI's strictures and SFIO now maintains that the rot could have been prevented had the central bank acted with haste to cauterise the wound, knowing fully well the extent of the malaise.
Those charged by SFIO include former IL&FS Vice Chairman Hari Sankaran and former IFIN MD Ramesh Bawa, both of whom are under arrest.
