CMRL-Exalogic case: Laker India denies ‘paper company’ claims, cites legal compliance

Kozhikode: Amid the ongoing Enforcement Directorate (ED) investigation into T Veena, daughter of Opposition Leader Pinarayi Vijayan, and the allegations surrounding Laker India Corp in connection with the CMRL-Exalogic financial transaction case, the company has rejected claims that it was a “paper company”.

Laker India Corp director Dr Anees Arakkal said on Saturday that the campaign portraying the company as a non-functional or paper entity was “factually incorrect”. The company was established in full compliance with the legal requirements and directives prescribed by the Central and State governments, he said, adding that the company currently held necessary legal registrations, approvals and licences, including GST and MSME/Udyam registrations. It also had a wholesale pharmacy licence obtained as part of its plans for future product expansion, he said.

Responding to reports about the company’s office near Pantheerankavu in Kozhikode, Arakkal said Laker India had applied for a licence with the Olavanna Grama Panchayat. The application was returned with instructions to make certain technical and document-format corrections.

“The company is fully complying with the directions of the Panchayat authorities,” he said, adding that steps were underway to make the required corrections, resubmit the application and complete the remaining procedures at the earliest.

Stating that the company’s activities included office, warehouse, depot, wholesale and retail operations and distribution of medical equipment, he maintained that Laker India operated in accordance with transparent business practices, quality standards and applicable government regulations.

The company has already received the support of several customers, he added.