Political rivalry takes a backseat when CPM leader hands over resort to BJP leader-founded firm in Kannur
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File photo of Kerala CPM leader MV Jayarajan
Kozhikode: When it comes to business, no political rivalry should be a hurdle, especially between known arch-rivals the CPI-M and the saffron party in Kerala.
As per a report in The Indian Express, an Ayurveda resort in Kannur, in which the wife and son of senior CPI(M) leader E P Jayarajan have shares, has been handed over to a private equity firm founded by Union Minister Rajeev Chandrasekhar of the BJP.
Jayarajan’s wife P K Indira and son Jaison hold shares in Vaidekam Ayurvedic treatment centre in Kannur. The deal, which became effective on April 15, involves Niraamaya Retreats, a company backed by Jupiter Capital, the private equity firm founded by Chandrasekhar.
Vaidekam Ayurveda healing centre in Kannur's Morazha village has reportedly handed over its operations to Niraamaya Retreats, which runs several hospitality ventures in India. According to a person familiar with the development, the deal was made to seek a professional partner to manage the Ayurvedic centre, and there was no politics involved.
The resort was the centre of a controversy within the CPI-M when Jayarajan's rivals in the CPI(M) sought a probe into his financial dealings.
The issue arose in December when P Jayarajan, a senior leader from Kannur, questioned E P Jayarajan's financial dealings during a state committee meeting. CPI(M) state secretary M V Govindan had stated that the party will not tolerate wrong tendencies and will intervene to correct them.
However, in February, Govindan said that there was no investigation against Jayarajan in the Vaidekam issue. Meanwhile, the property was being investigated by various central agencies, including the Income-Tax Department and the Enforcement Directorate (ED), whose fate remains to be seen with the takeover of the property by a firm linked to the union minister.