The Kerala High Court has recently made a significant decision regarding the ongoing investigation into the financial transactions of the Kerala Infrastructure Investment Fund Board (KIIFB). The court has granted permission to the Enforcement Directorate (ED) to issue new summons to former Kerala Finance Minister Thomas Isaac in connection with this case. The decision was made by Justice Devan Ramachandran’s bench, which also involved the modification of earlier interim orders.
The Additional Solicitor General, representing the ED, put forth the argument that the investigation was facing obstacles in progressing further without questioning Thomas Isaac. In response to this, the court has authorised the ED to issue fresh summons to Isaac, specifically related to the alleged violations of the Foreign Exchange Management Act (FEMA) during the distribution of Masala Bonds.
In the modified order, Justice Devan Ramachandran clarified that the pendency of the writ petitions would not hinder the ED from issuing new summons to any person, including the petitioners (presumably including Thomas Isaac), and continuing the investigation. However, this authorization is subject to further orders from the court.
Importantly, Thomas Isaac has been granted the right to approach the High Court if any issues or concerns arise in connection with the summons issued by the ED. The court has scheduled the next hearing for the petitions related to this case on December 1, indicating that further developments and decisions will be made in the coming days.
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