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Vigilance Court orders quick verification against former CIAL MD, others

Petitioner alleges that a benami of V.J. Kurian had illegally acquired around 1,20,000 shares of the company through the Employees Stock Ownership Plan

January 21, 2023 08:09 pm | Updated January 26, 2023 09:52 am IST - KOCHI

The Special Judge (Vigilance), Muvattupuzha, has ordered a quick verification on a complaint alleging that a benami of V.J. Kurian, former Managing Director of the Cochin International Airport Ltd (CIAL), had illegally acquired around 1,20,000 shares of the company through the Employees Stock Ownership Plan (ESOP).

The court ordered the quick verification on a petition submitted by Girish Babu, a native of Kalamassery. The Dy.SP, Vigilance and Anti-Corruption Bureau, Ernakulam has been directed to carry out the quick verification on the allegations, particularly on the violation of ESOP. The quick verification report has to be submitted within three months, according to the order issued on January 18.

Mr. Kurian is the first respondent while Sebastian of Puzhakal Padam, Thrissur is the sixth respondent. The other respondents include former and serving officials of CIAL.

‘Benefit of ₹5 crore’

The petitioner had alleged that the sixth respondent, who was not an employee of CIAL, had received 1,20,000 shares at a face value of ₹10. Mr. Kurian was not allotted any share as he was the Managing Director and a member of the Civil Service. The complaint put the net benefit from the alleged deal at over ₹5 crore.

In his response to the development, Mr. Kurian said the quick verification had been ordered without hearing him. Necessary legal recourse would be initiated, he said.

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