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There is no fear of trembling hands; Minister Isaac responds to Muraleedharan

Kochi: Minister TM Thomas Isaac has said that the BJP’s efforts to stifle Kerala’s development by destroying Kifbi will be met with strong repercussions. Union Minister V Muraleedharan has no doubt about that. Muraleedharan is outraged that Kerala is not ruled by people who are afraid of the central agencies that have been sacked. So much can be said for that situation. We are not afraid of those hands holding hands, ”Isaac said in a Facebook post.

Minister’s Facebook post in full

Union Minister V Muraleedharan is outraged that Kerala is not ruled by people who are afraid of the central agencies that have been sacked. So much can be said for that situation. We are not afraid of those hands holding hands. The BJP’s attempts to stifle Kerala’s development by crushing Kifbi will backfire. He has no doubt about that.

The Union Minister described the collection of money from abroad through masala bonds as “receiving money from abroad”. I am not surprised that a BJP minister who has raised party funds with commissions and corruption in a manner unprecedented in the history of India felt that way. Do not assume that everyone else is like themselves.

According to V Muraleedharan’s statement, Kifbi had raised money through masala bonds in violation of the rules. He must specify which rule was violated. Kifbi has complied with all the existing rules and regulations in the country to raise money through masala bonds. How did NTPC raise Rs 2,000 crore through masala bonds? He may not have known that the National Highway of India had gone to the London Stock Exchange to raise Rs 5,000 crore through masala bonds. If there were, such nonsense would not have been called out in public.

Kifby has complied with all the rules followed by NTPC and NHAI to raise money through masala bonds. Like these, Kifby is a legally formed body corporate. If such people can use the masala bond to complete development work, then Kifbi can also be used.

According to FEMA, the money was raised through the Kifby Masala Bond through the Reserve Bank. The NOC of the Reserve Bank is sufficient for a body corporate to raise money through masala bonds. No prior permission of the Central Government is required as the State Government does when borrowing.

The Reserve Bank, which enforces the FEMA Act, has not been accused of violating the Kifby Act. They have not yet raised a single question about it. To date, no explanation has been sought from the Union Finance Ministry as to why. Thus, the ED is trying to take action during the election period on something they have not yet directly objected to. This is a violation of the election rules.

Let me remind Muraleedharan and his associates of one thing. There is no need for the ED to roam around Kerala with the pretense that it can demoralize and harass state government officials. If the inquiry is to know and understand the facts, we will cooperate fully with them. Besides, if the Kochi unit of the ED thinks that anything can be done with the hunk that the BJP is behind it, there will be a similar reaction.
If you want to show the kind of legitimacy that other states have, here’s the answer. No doubt about it.

I am outraged that Kerala is not ruled by people who are not afraid of the central agencies that have been disbanded …

Posted by Dr. T.M. Thomas Isaac on Wednesday, March 3, 2021
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