Mani Counters Palazhi Tyres Allegations
Kerala (India) Congress leader and former minister K M Mani said a State Government probe into the affairs of Palazhi Tyres Ltd politically motivated. Mani said that no financial irregularity has been committed and the company documents will speak themselves.
“The only fault with the company is that the mission for setting up a tyre factory has not become a reality till date, for various reasons. It owns 37 acres of well-kept rubber estate having big valuation at Valavoor in Meenachil taluk. The company has been registered as per company and co-operative laws and it has an audited annual balance sheet,” KM Mani told local newspapers.
The original plan (composed while registering the company in 1995) was to set up a 6 billion rupee radial tyre factory. MOUs for expertise and buy-back arrangement were also signed with Matador company of Slovakia and Techno Expert of Slovenian Republic, according to the New India Press.
Man blamed natural rubber prices and globalisation (specifically the introduction of multinational tyre giants into the country) for his company’s failure to complete its plans.