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KIIFB moves HC over ED notice in Masala Bond case
Gulf Today
|December 12, 2025
The long-running dispute over the Kerala Infrastructure Investment Fund Board's (KIIFB) landmark 2019 Masala Bond issue returned to the spotlight on Thursday, with the state’s flagship investment agency moving the Kerala High Court to quash an adjudication notice issued by the Enforcement Directorate (ED).
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The petition challenges the central agency's finding that KIIFB violated Foreign Exchange Management Act (FEMA) norms in the deployment of its bond proceeds.
KIIFB, in its plea, urged the court to suspend all actions arising from the adjudication notice until the legality of the ED’s conclusions is settled through a final verdict.
After brief preliminary arguments, the court scheduled the matter for detailed consideration on Tuesday, when it will examine the agency's request for an interim stay on the ED proceedings.
Cette histoire est tirée de l'édition December 12, 2025 de Gulf Today.
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