Thiruvananthapuram, July 2 (IANS) Kannur International Airport Ltd. (KIAL), one of Kerala’s flagship infrastructure projects that was officially commissioned during the decade-long tenure of the Pinarayi Vijayan government, has come under fresh scrutiny after the KIAL Shareholders’ Association submitted a detailed memorandum to Chief Minister V.D. Satheesan seeking a Vigilance investigation into the airport company’s functioning during the previous regime.

The issue assumed political significance after MLA T.K. Govindan, elected as a CPI(M) rebel from the Thaliparambu constituency in Kannur raised it in the Assembly recently, prompting fresh calls for an official enquiry into the affairs of the company.

The shareholders’ association has alleged that a series of decisions taken by the previous management resulted in substantial financial losses to KIAL and adversely affected thousands of shareholders who had invested in the airport company expecting long-term returns.

The memorandum reportedly points to irregularities in administration, deviations from established procedures, financial decisions that allegedly caused losses to the company and violations of statutory provisions governing corporate functioning.

The association has sought a comprehensive Vigilance investigation into the manner in which KIAL was managed, contending that the affairs of the company warrant an independent probe to fix accountability and safeguard the interests of shareholders.

The memorandum has also questioned the overall governance of the airport company, alleging that key decisions were taken without adequate transparency and that several administrative and commercial actions require detailed examination by an independent agency.

The demand for a Vigilance enquiry comes at a politically sensitive time, with the issue now figuring both in the Assembly and before the Chief Minister.

Government sources indicated that the complaint is expected to be examined before any decision is taken on the request for an investigation.

KIAL, conceived as Kerala’s fourth international airport with substantial public participation through equity investment, attracted thousands of shareholders from within the State and abroad.

While the airport has expanded its passenger and cargo operations over the years, concerns over its financial performance and governance have periodically surfaced, with shareholder groups seeking greater transparency in its administration.

–IANS

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