ED summons; Thomas Isaac need not appear, says HC

KOCHI: Former Finance Minister Thomas Isaac and KIIFB CEO Dr KM Abraham will not have to appear before the ED anytime soon in the summons in the Masala Bond case. As directed by the High Court, the KIIFB Finance Deputy General Manager and officials will appear on the 27th and 28th, and answer the summons. Officials should give an explanation to the ED on how the money raised through the masala bond was utilized. Justice Devan Ramachandran also directed that there should be no arrest or other measures or mental torture at this stage. The bench said that the truth should come out.

The court will consider Thomas Isaac's petition against the ED summons and follow up on KIIFB's petition on March 7. Thomas Isaac's lawyer reiterated that the Masala bond was not a personal decision. KIIFB argued that a situation where the CEO has to appear in person should be avoided. ED's counsel said that when an investigation is conducted in an institution, those at the top level are bound to answer.