DR. T.M.THOMAS ISAAC Vs. DEPUTY DIRECTOR

JUDGEMENT

(1.) The Kerala Infrastructure Investment Fund Board (hereinafter referred to as 'KIIFB' for ease) is stated to be a body corporate, constituted by the State of Kerala under Sec. 4 of Kerala Infrastructure Investment Fund Act, 1999, (hereinafter referred to as 'KIIF Act' for ease).

(2.) Shorn of all unnecessary details, the pleadings on record indicate that 'KIIFB' issued Rupee Denominated Bonds, or the 'Masala Bonds', which opened for subscription on 26/3/2019 and closed on 27/3/2019. It is also asserted that bonds were dual listed on the London Stock Exchange (LSE) and the Singapore Exchange Ltd. (SGX); and that pricing of the issue was arrrived at using a book building process, which is standard for all primary market transactions.

(3.) Among the afore two writ petitions - which are being heard together, adverting to the analogous factual circumstances pleaded and similarity of the reliefs sought - W.P. (C)No.26228/2022 has been filed by the 'KIIFB', along with its Chief Executive Officer and Joint Fund Manager; while, W.P(C)No.25774/2022 has been filed by an individual, who is stated to have been its ex officio Vice Chairperson.