The party suspends NC Mohanan and CK Manishankar for failure in key constituencies during the assembly polls.
The case was registered after it surfaced that money was paid to the BSP candidate K Sundara to withdraw his nomination at the Manjeswaram assembly constituency in the April 6 assembly polls.
Action was initiated after the CPM reviewed the defeats in Tripunithura, Thrikkakara, Piravom and Perumbavoor constituencies.
Further, the CPM State Committee-approved election review report also found that the party's failure resulted in Kerala Congress (M) chief Jose K Mani's debacle in Pala segment.
The ruling CPM's assembly election review report contains specific references indicting the veteran leader in connection with the campaign.
Sudhakaran, who is isolated in the party over his alleged lack of cooperation during LDF's campaigning for the Assembly Polls in Ambalapuzha, has written a poem titled 'Nettavum Kottavum'
The transgender activist was presumably still suffering when she made history in March as the first transgender person to file nomination to Kerala Assembly polls.
The two are expected to take stock of this later in the week, when they will meet up with a cross section of their party leaders and workers.
The INL leader has rubbished the allegation that he received financial support from party rivals for his campaign from Kozhikode South
The response comes in the wake of a two-member committee probing former minister G Sudhakaran's alleged lack of cooperation during the assembly election campaign.