Shyamjith, the son of Jayarajan’s sister, raised the questions in a Facebook post on Sunday, demanding disclosure of the amount Indira received upon retirement from Kerala Bank and the corresponding records of her investment in the Kannur establishment.
His intervention followed Jayarajan’s categorical denial of allegations linking his wife’s investment to money allegedly received from mineral-sands businessman Sasidharan Kartha, associated with Cochin Minerals and Rutile Limited.
Shyamjith asked whether the retirement benefits available to a former Kerala Bank employee could account for Indira’s shareholding. He maintained that the figures and supporting investment documents should be made public to establish the source of the funds.
The post also claimed that documents concerning several transactions connected with the resort had yet to emerge. Shyamjith said further evidence and information about financial relationships surrounding the establishment remained undisclosed.
However, he stopped short of establishing wrongdoing, stating that nobody should be presumed guilty before the relevant records were examined.
Jayarajan had maintained on Saturday that his wife invested her retirement benefits in the resort during 2022-23, when the establishment was experiencing financial difficulties. He said the investment was made through banking channels and that the relevant company records were available.
The CPM central committee member denied having any personal shareholding in Vaidekam. He acknowledged offering advice and assistance during the project’s initial development but rejected suggestions that he had a financial stake in the enterprise.
Vaidekam general manager Thomas Joseph separately defended the investment, stating that Indira had used provident fund proceeds. He dismissed allegations that money from Kartha had entered the resort through her.
Neither Jayarajan’s explanation nor the management’s statement disclosed the precise retirement settlement or the corresponding investment amount. The absence of those figures forms the central issue raised in Shyamjith’s latest post.
The controversy intensified after a Facebook post attributed to Shyamjith on Saturday alleged that Indira had received money from Kartha and invested it in Vaidekam. The post also contained allegations about other investors and purported unaccounted funds.
Shyamjith subsequently disowned that publication, claiming his Facebook account had been hacked and misused. He maintained that he had not deliberately published the allegations.
Jayarajan rejected the accusations and announced plans for legal action against those responsible for circulating them.
The dispute has also become entangled with the dismissal of Shyamjith’s wife, T K Deepa, who had worked in the resort’s accounts department.
Jayarajan alleged that Deepa was removed after an internal examination identified financial irregularities. He claimed that she had drawn payments beyond her authorised salary and that company funds and assets had been improperly handled.
Shyamjith disputed those accusations, maintaining that his wife had committed no financial wrongdoing. He alleged that her dismissal violated employment procedures and that she had not received a proper opportunity to defend herself.
He also claimed that Indira had attempted to secure changes to investment-related documents and that Deepa faced retaliation after refusing to cooperate. Those allegations have not been independently established.
Shyamjith said the employment dispute had been taken to the labour authorities. He argued that an employer’s powers did not override statutory protections available to employees, irrespective of disagreements with the management.
The resort management, however, maintained that disciplinary action followed the discovery of alleged financial misconduct. Its position directly contradicts Shyamjith’s account of the circumstances surrounding Deepa’s departure.
(The article ‘
‘ appeared first on Free Press Journal.)
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