Kannur Airport shareholders approach new CM, seek Vigilance probe
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Thiruvananthapuram: Kannur International Airport Ltd. (KIAL), one of Kerala's flagship infrastructure projects 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 administration.
The issue has gained political significance after T.K. Govindan, an MLA elected as a CPI(M) rebel from the Thaliparambu constituency in Kannur, raised the matter in the Kerala Assembly recently, renewing calls for an official inquiry into the company's affairs.
The shareholders' association has alleged that a series of decisions taken by the previous management caused substantial financial losses to KIAL and adversely affected thousands of shareholders who had invested in the airport company expecting long-term returns.
According to the memorandum, the allegations include administrative irregularities, deviations from established procedures, financial decisions that allegedly resulted in losses to the company, and violations of statutory provisions governing corporate functioning.
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The association has sought a comprehensive Vigilance investigation into the management of KIAL, arguing that an independent probe is necessary to fix accountability and safeguard the interests of shareholders.
The memorandum also questions the airport company's overall governance, alleging that several key decisions were taken without adequate transparency and that multiple administrative and commercial actions require detailed examination by an independent agency.
The demand for a Vigilance inquiry comes at a politically sensitive time, with the issue now being raised 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.
Conceived as Kerala's fourth international airport with substantial public participation through equity investment, KIAL attracted thousands of shareholders from within the state and abroad.
Although the airport has expanded its passenger and cargo operations over the years, concerns over its financial performance and governance have surfaced periodically, with shareholder groups repeatedly seeking greater transparency in its administration.
With IANS inputs