KOCHI: The High Court of Kerala will give the verdict, tomorrow, on the pleas given by Thomas Isaac and KIIFB against the Enforcement Directorate (ED) in the Masala Bond case. The plea was to quash the summons given by the ED. Justice VG Arun will pronounce the judgment in the case.

In the plea, former Finance Minister, Thomas Isaac argues that the ED, which accuses him of violating FEMA rules, has not clearly stated the crime.

While Kerala Infrastructure Investment Fund Board or KIIFB in its plea said that Masala Bonds were issued after getting permission from the Reserve Bank of India (RBI). Thus, the ED does not have the authority to investigate if FEMA rules were violated by the board. Only the RBI can examine if violations were made, argued KIIFB.

However, the ED had earlier told the court that they sent the summons to Thomas Isaac and KIIFB after irregularities were found in the transactions and that the investigation agency reserved the right to investigate such shady transactions.