Kozhikode ∙ Exalogic, the company of Chief Minister Pinarayi Vijayan’s daughter Veena Vijayan, has received financial support from Empower India Capital Investments Pvt Ltd, which has been associated with the controversial black sand company CMRL for four consecutive years. From 2016 to 2019, a total of Rs 77.60 lakh was paid to Empower Exalogic. The amount was given as an unsecured short-term loan. CMRL’s owner Shasidharan Karta and his wife Jaya Karta are directors of Empower, a company involved in the Masapadi controversy.
The Income Tax Settlement Board’s finding regarding the receipt of Rs 1.72 crore by Exalogic and Veena Vijayan from CMRL was the subject of much debate. It was found that this money was received for services not rendered. 1.72 crores was given in the same period as collateral-free loan. Veena Vijayan was contacted to see if Exalogy had settled this loan before it ceased operations in 2022, but did not receive a response.
In 2016, Rs 25 lakh, Rs 37.36 lakh in 2017, Rs 10.36 lakh in 2018, and Rs 4.88 lakh in 2019, a total of Rs 77.60 lakh has been purchased by Exalogic. The company documents say that the loan taken from Dhanalakshmi Bank in 2015 was repaid in 2021, but the documents given to the registrar do not say that Empower’s loan was repaid.
Experts in the field of corporate affairs say that normally no financial institution gives such unsecured loans. Financial institutions do not lend more than 25 percent of a company’s annual turnover. For financial institutions, such lending is a risky transaction.
Help in loss
The company records show that such a high amount was given as a loan to the company which had incurred a loss of Rs 44 lakh in the previous financial year. According to the information provided to the company registrar, Exalogic, which was started in 2014 with a capital of Rs 1 lakh, had an income of Rs 25.70 lakh and an expenditure of Rs 70.51 lakh in 2015. The company is at a loss of Rs 44.81 lakh. Financial institutions mainly consider the financial condition of the company to give loans. But Empower India was lending this much amount without collateral to the company which had a loss of 44 lakh rupees.
English Summary:
Exalogic gets 77.60 lakh unsecured loan from company which have connection with CMRL
2023-11-03 20:36:46
#lakh #unsecured #loan #CMRL #related #company #Exalogic
