EP Jayarajan's kin to sell shares in Vaidekam resort

KOZHIKODE: LDF convener EP Jayarajan's wife Indira and son Jaison, who are key investors and members of the board of directors of Vaidekam Ayurveda Healing Village, will sell their shares in the company. Sources said the move to sell their shares in Kannur Ayurvedic Medical Care Pvt Ltd, which owns the resort, comes amid allegations of wealth amassment within CPM. Also, the company has come under the scanner of central agencies, including I-T authorities.Indira and Jaison have informed the director board of their intent to transfer their shares worth around Rs 92 lakh to other investors. It is learnt that the new investors are based in Thiruvananthapuram. The process will be completed after it is approved by the registrar of companies.Jaison, a founder-director of the company, has shares worth Rs 10 lakh while Indira has shares worth Rs 81.9 lakh. Jaison had shares worth Rs 25 lakh in 2014 and he had transferred shares worth Rs 15 lakh to his mother who invested another Rs 67 lakh later. Sources close to the firm said that the total investment by 20 investors for setting up the resort was around Rs 22 crore, of which Rs 7.5 crore was a bank loan."The ayurveda healing village had a turnover of only Rs 16 lakh in 2021-22 and Rs 25 lakh during the last fiscal," said a source.Meanwhile, CEO of Vaidekam Thomas Joseph moved to another firm following the completion of his tenure on January 1.A team of officials from TDS wing of I-T department had carried out an inspection at the resort on March 2 and the department had, on Wednesday, served a notice directing the firm to provide details about the contracts entered into for construction of the ayurveda resort, information of shareholders and their investments.The resort was mired in controversy after CPM leader P Jayarajan reportedly raised wealth amassment charges against EP Jayarajan citing the stake of his family members in the resort. EP had denied all allegations and CPM state secretary MV Govindan had said that the controversy was a media creation and the party hadn't initiated a probe against EP.