Irregularities in issuance of shares in CIAL alleged

Nedumbassery: The office-bearers of Cochin International Airport Shareholders’ Organisation (CIASO) have alleged serious irregularities in the issuance of 25 percent of shares to four directors.
The office-bearers sought a probe into the irregularities in the distribution of shares. At a press conference here on Sunday, CIASO secretary Devassykutty Padayattil said that the State Government, which had kept 51 percent of shares in the initial stage, given back 25 percent later. These shares were issued to four directors, ignoring the minority shareholders.
A K Nazeer, vice-president of the CIASO, said that former managing director of the CIAL Sriram Bharath who had introduced and implemented several ambitious projects for the development of the CIAL, was removed from the post for no reason.
But Nazeer could not pin point any project solely introduced by Bharath. He alleged that most of the ongoing projects initiated by Bharath came to a standstill after his removal. He demanded that a permanent managing director for the CIAL should be appointed. The CIASO sought introduction of the users’ fee. The orgnisation accused that the CIAL management miserably failed to collect around Rs 45 crore from Air India towards the payment of ground handling contractors.
28/07/08 Newindpress

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Categories: Airports Jul 2008