Latest news with #Exalogic
Time of India
13-06-2025
- Politics
- Time of India
Exalogic case: CM Pinarayi Vijayan's replies vague, petitioner tells Kerala HC
Kochi: M R Ajayan, the petitioner seeking a CBI probe into the controversial CMRL-Exalogic case, has filed a counter-affidavit stating that chief minister Pinarayi Vijayan , a respondent in the petition, offered only vague denials and evasive responses to the allegations against him. Ajayan also sought a court-monitored investigation by the CBI into the allegations raised in the petition. He alleged that Exalogic received Rs 1.72 crore from Cochin Minerals and Rutile Ltd (CMRL) as illegal gratification. The petitioner further sought an investigation into the alleged political nexus involving the CM and the companies concerned. In his counter-affidavit, CM Vijayan described the petition as 'politically instigated litigation.' In response, Ajayan asserted that he has no political agenda and seeks no personal gain. The PIL, he said, is based on publicly available records and adjudicated facts, and is aimed at securing an independent investigation in the interest of justice, transparency and the constitutional right to know. Follow more information on Air India plane crash in Ahmedabad here . Get real-time live updates on rescue operations and check full list of passengers onboard AI 171 .
Time of India
11-06-2025
- Business
- Time of India
Exalogic affairs: CM Pinarayi Vijayan's daughter seeks quashing of plea for CBI probe
Kochi: T Veena, director of Exalogic Solutions Pvt Ltd and daughter of chief minister Pinarayi Vijayan , has filed a counter-affidavit in the high court opposing the petition seeking a CBI probe into the financial transactions between her company and Cochin Minerals and Rutile Ltd (CMRL), terming it an attempt to vilify her solely on account of her parentage. The PIL was filed by senior journalist M R Ajayan, alleging that Exalogic received Rs 1.72 crore from CMRL as illegal gratification. He also sought an investigation into the alleged political nexus involving the CM and the companies concerned. In her counter-affidavit, Veena submitted that the petition is aimed at casting suspicion on her professional endeavours merely because she is the CM's daughter. She pointed out that the ministry of corporate affairs has already directed the Serious Fraud Investigation Office (SFIO) to investigate certain affairs of CMRL, including transactions involving Exalogic, and that under the Companies Act, parallel investigations by other agencies, including the CBI, are barred in such matters. She contended that the petition lacks specific details or verifiable evidence, rendering it legally unsustainable and indicative of a fishing and roving enquiry. Two vigilance courts had earlier dismissed similar allegations, and those orders were later upheld by high court. Denying the allegation that Exalogic Solutions is a 'benami company,' Veena stressed that her father had no role in the company, which was founded in 2014, two years before he assumed office as CM and the petition is merely political mudslinging in the guise of public interest. She also described as speculative and inflammatory the petitioner's claim that the AKG Centre was used as a 'safe deposit place,' asserting that no factual basis or evidence was provided. She clarified that during the Covid-19 pandemic, the company's registered office in Bengaluru had been closed, and the AKG Centre address in Thiruvananthapuram was accordingly updated with the Registrar of Companies later. CM Vijayan had earlier also filed a similar counter-affidavit in the case. HC is scheduled to consider the matter on June 17.
The Hindu
11-06-2025
- Business
- The Hindu
Kerala CM's daughter T. Veena denies allegations in CMRL case, terms PIL a bid to ‘vilify' her
Kerala Chief Minister Pinarayi Vijayan's daughter T. Veena has refuted the allegation that Exalogic Solutions Private Limited, a company run by her, is a benami firm, saying that it is operated independently of her father. She made the statement in an affidavit filed before the Kerala High Court in response to a public interest litigation (PIL) seeking a CBI probe into the allegations regarding the financial transactions between the Exalogic and the Kochi-based private minerals firm Cochin Minerals and Rutile Limited (CMRL). She pointed out that the company was founded and managed by her and at all times operated independently of her father. He had no role in the business of the company, financial or otherwise. In fact, she founded the company in 2014 whereas her father assumed office of Chief Minister in May 2016. Refutes Kovalam palace charges She also said that she had no role in any decision , communication or transaction relating to the Kovalam palace. The allegation that she had exercised undue influence in the transfer of the Kovalam palace and that she was a conduit for 'unjust enrichment' is baseless and without any material. The allegations are 'ex-facie malicious , defamatory, and disparaging' of a woman professional. It is nothing but political mudslinging disguised as a public litigation, she said. Ms. Veena also said that the allegation that her husband and Minister for Public Works P.A. Mohamed Riyas' disclosure of income in his income affidavit was inconsistent with the firm's revenue is misconceived and misleading. Personal income, company turnover, and tax disclosures are governed by different standards. Any alleged discrepancy can only be addressed by the competent authority under the law. Besides, her husband was not a shareholder, director or beneficiary of Exalogic. He had had no connection with its business or operations at any point of time, according to the affidavit. 'A disguised attempt ' She said the PIL is 'a disguised attempt to vilify' her because of her identity as daughter of the Chief Minister. According to her, the Union Ministry of Corporate Affairs had ordered a probe by the Serious Fraud Investigation Office (SFIO) into certain affairs of CMRL, including the transactions with Exalogic under Section 212 (1)(c)of the Companies Act. As the SFIO is currently seized of the matter, all other agencies are precluded from probing it. The provisions of the Companies Act barred a parallel or overlapping investigation by any other agency into it. Besides, the very allegations forming the basis of the PIL were brought up before various Vigilance courts which had dismissed such complaints. Even the High Court had upheld the dismissals of such complaints and observed that the statements made by an authorised officer before the interim board for settlement – which was inadmissible under Section 4 of the Evidence Act and cannot be treated as judicial facts – cannot be the basis for setting criminal proceedings into motion, the affidavit pointed out.
Time of India
09-06-2025
- Business
- Time of India
Exalogic case: CM Pinarayi Vijayan files affidavit in Kerala high court opposing CBI probe
Kochi: Chief minister Pinarayi Vijayan has filed a counter-affidavit before high court opposing the public interest litigation (PIL) seeking a CBI probe into the controversial Exalogic-CMRL transaction, terming it a 'politically instigated litigation'. In his affidavit, he denied all allegations, including the claim that Exalogic Solutions, a now-defunct company owned by his daughter T Veena, is his 'benami company,' and that he received illegal gratification from CMRL. The PIL filed by senior journalist M R Ajayan alleged that Exalogic received Rs 1.72 crore from Cochin Minerals and Rutile Ltd (CMRL) as illegal gratification. He also sought an investigation into the alleged political nexus involving the CM and the companies concerned. During the last hearing, the court had directed the respondents, including the CM, to file their counter-affidavits. The matter is posted for further consideration on June 17. In his 19-page affidavit, Vijayan submitted that the petitioner had failed to produce any material to substantiate the allegations, terming the PIL a "textbook case of a fishing expedition", an attempt to prompt a roving inquiry without foundational facts. He contended that the prayer for a CBI probe was devoid of genuine public interest and was instead driven by personal and political motives, targeting him and his daughter based on a single private commercial arrangement. Vijayan stated that, as per his understanding, Exalogic was engaged to provide software and marketing consultancy services to CMRL under a legitimate agreement, and that all transactions were duly accounted for through banking channels. He disclaimed any knowledge of or involvement in his daughter's business affairs, stating that she acted independently. He also denied the allegation that he was the 'kingpin' in the transfer of Kovalam Palace to a private businessman, asserting that he had exercised no undue influence in the matter. He pointed out that he assumed office well after the transfer took place. Further, he submitted that the petitioner had neither alleged any bias or collusion on the part of the vigilance and anti-corruption bureau (VACB) nor challenged the decision of the vigilance court, which declined to direct registration of an FIR in the case. Vijayan also contended that the petitioner had failed to implead the state govt as a respondent and that entertaining a petition in the absence of any evidence of bias or inaction would undermine the constitutional framework of federalism. Additionally, he submitted that an investigation by the Serious Fraud Investigation Office (SFIO) is already in progress, and therefore, parallel investigations by other agencies into the same allegation cannot be undertaken.
The Hindu
24-04-2025
- Business
- The Hindu
Kerala CM's daughter Veena diverted funds from CMRL to EICIPL to repay loan: SFIO
T. Veena, the Kerala Chief Minister's daughter, diverted the funds she received from Cochin Minerals and Rutile Limited (CMRL) to settle the debt of her firm Exalogic Solutions Private Limited with Empower India Capital Investments Private Limited (EICIPL), a company run by Sasidharan Kartha, the Managing Director of CMRL, and caused a financial loss to CMRL, a publicly held company, according to the Serious Fraud Investigation Office (SFIO). The SFIO's final complaint filed before a Special Court in Kochi early this month noted that the diversion of funds 'effectively transferred a ₹50 lakh liability from the private company EICIPL to the publicly held CMRL, causing financial loss to CMRL.' The report pointed out that EICIPL had extended Exalogic a bank loan of ₹25 lakh on August 5, 2015. The payment was transferred to the account of Exalogic on August 6, 2015. The repayment was scheduled to begin on August 1, 2016 in 24 instalments with an interest rate of 12%. 'However, the Exalogic did not make any repayment as on 28/8/2016. Despite this, EICIPL sanctioned another loan of ₹25 lakh to Exalogic, which was disbursed on 29/8/2016. It was after the second loan that Exalogic repaid ₹4 lakh to EICIPL on 13/11/2016,' the SFIO reported. The agency had reported that CMRL had made a monthly payment of ₹5 lakh to Ms. Veena and ₹3 lakh to her firm, Exalogic, as retainer for IT and marketing consultancy services. 'The bank records indicated that funds paid by CMRL to Exalogic were redirected to cover Exalogic's debt with EICIPL,' according to the complaint. The 'investigations uncovered the collusion between T. Veena and Sasidharan Kartha to misappropriate funds.' The emails between the companies 'predominantly focused on invoice generation and payment processing rather than actual service provision, suggesting deliberate misuse of consultancy agreements for financial gains,' the SFIO alleged. The 'financial manoeuvrings effectively transferred ₹50 lakh liability from EICIPL to CMRL without delivery of any consultancy services,' it charged. Mr. Kartha is the first accused and Ms. Veena the 11th accused in the case booked under the Companies Act. The SFIO has named both Ms. Veena and Mr. Kartha and the three firms, CMRL, Exalogic and EICIPL as the accused in the third charge in the case. The allegation is that they committed the offence of fraud, an offence under Section 447 of the Companies Act, which is defined as any 'act, omission, concealment, or abuse of position with the intent to deceive, gain undue advantage, or cause harm to the company or its stakeholders.'
