HC vacates stay in case against Cial ex-MD

Kochi: High court has vacated its interim stay on further proceedings in a vigilance case against V J Kurian, former managing director of Cochin International Airport Ltd (Cial), over allegations that he allotted 1.20 lakh shares of the company in the name of a benami in 2004.Justice A Badharudeen passed the order while disposing of a petition filed by Kurian challenging the proceedings pending before the special court, Muvattupuzha. In Jan 2023, the special court had ordered a quick verification of allegations that Kurian allotted shares meant for Cial employees under the employees' stock ownership plan (ESOP) to one V O Sebastian, who was not an employee.Kurian argued that no such ESOP scheme had ever been implemented and that the allotment of shares was carried out in accordance with a decision of CIAL's board of directors, with no individual role attributable to him. On that basis, HC had earlier granted him interim relief.Opposing the petition, the public prosecutor submitted that an inquiry under the special court's order required prior sanction from the govt under Section 17A of the Prevention of Corruption Act, and the prosecution had already applied for such approval. However, the process had been stalled due to the interim stay. In view of this, HC vacated the stay and disposed of Kurian's petition, allowing prosecution to proceed further.