Almost Rs 1,236 crore has been hitherto spent by the State Government for land acquisition. It is estimated that another Rs 1,300 crore is needed for completing the acquisition work.
The summons were issued as part of its probe into alleged violations in the financial dealings of KIIFB when he was the state Finance Minister in the previous LDF government.
Isaac has sought the quashing of the two summons issued in connection with the dealings of KIIFB.
Last month, announcing his decision to not appear before the ED, the former finance minister of Kerala had called the central agency a political tool of BJP.
The company will take up basic infrastructure development projects and allied technical aspects in various sectors, both in and outside India.
The Centre had earlier rejected Kerala’s claims that the Rs 14,000 crore borrowings under KIIFB and KSSPL are not direct debt for the State.
The strict order came on June 13 as the banks did not follow the initial directive given to them in April. With this, many entities under the State Government will have to face obstacles in availing of loans.
The State’s debt which was at Rs 1.90 lakh crore has risen to Rs 3.24 lakh crore over five years, the CAG points out in its annual audit report.
Balagopal said CAG was ignoring the social and economic relevance of the entities that make these borrowings termed as off-budget by the CAG.
A Cabinet meeting, chaired by Chief Minister Pinarayi Vijayan, accorded sanction for the environment-friendly buses for the KSRTC-SWIFT at an expense of Rs 455 crore.