The Ministry of Corporate Affairs has initiated an investigation into Exalogic Solutions, owned by T Veena, the daughter of Chief Minister Pinarayi Vijayan.
The probe is in response to allegations that Exalogic Solutions received significant monthly payments from Cochin Minerals and Rutile Ltd (CMRL) without rendering any services. The central government issued this directive on Friday night. A three-member investigative team, comprising Karnataka Deputy Registrar of Companies Varun BS, Chennai Deputy Director K M Shanker Narayan, and Pondicherry Registrar of Companies A Gokulnath, has been appointed to conduct the inquiry. The panel has been instructed to submit its report within four months.
The ministry's investigation will focus on the financial transactions of the company in response to complaints and concerns raised. Additionally, the probe will extend to the Kerala State Industrial Development Corporation (KSIDC). Previously, the Ministry of Corporate Affairs had issued show cause notices to CMRL and KSIDC following revelations by the Income Tax Interim Settlement Board, which uncovered unauthorised payments amounting to Rs 133 crore to trade union leaders, officials, and politicians.
The decision to launch a formal investigation was made after the Registrar of Companies in Bengaluru conducted an inquiry, revealing various violations and offences under the provisions of the Companies Act 2013. Acting on this inquiry report, the central government has taken steps to investigate the allegations against Veena's Exalogic Solutions.