The Kerala High Court in the case Shone George v. Ministry of Corporate Affairs and Ors. observed wherein the plea is moved by the lawyer seeking a Serious Fraud Investigation in the conduct of business affairs of the Cochin Minerals and Rutile Ltd, CMRL.
The court observed that CMRL is presently entangled in a slew of bribery allegations.
It has been alleged before the court that the Company indulged in corruption, and handed bribes to Veena Thaikandiyil (Veena Vijayan), daughter of Chief Minister Pinarayi Vijayan, and her company Exalogic Solutions Pvt. Ltd., as well as other public servants in order to facilitate illegal objectives.
The bench headed by Justice Devan Ramachandran in the case observed and seek response of the opposite parties in the matter.
The petitioner in the plea averred that the order issued by the Income Tax Settlement Board revealed huge corporate fraud committed in the accounts of the Company for facilitating illegal mining and illegal procurement of illuminate from Kerala coastal zones.
It has also been alleged by the petitioner in the plea that the said order clearly indicated an organized attempt on the part of politicians and other key managerial personnel of companies for committing corruption, and thereby causing huge public loss and ecological issues to Kerala’s coastal areas.
Further, the petitioner in the plea submitted before the court that although he had filed a petition before the Ministry of Corporate Affairs seeking investigation by the Serious Fraud Investigation Office (SFIO), no further action had been taken against the corporate respondents.
The petitioner in the plea alleged that the delay in considering his petition could result in evidence being tampered with.
In the present case, the petitioner has approached the Court seeking it to invoke its constitutional powers read with Section 210(2) of the Companies Act, 2013 to order investigation by the SFIO into the affairs of the corporate respondents, and to direct disgorgement of all amounts siphoned off from CMRL.
Accordingly, the court listed the matter for further consideration on December 21, 2023.
The counsel, Advocates Mariya Rajan, Shinu J. Pillai, S. Suja, Aiswarya James, Nesmel Divan, Diya Bijoy, and Swetha Elizabeth Sabor moved the present plea.
