Cochin Minerals and Rutile Limited (CMRL) is a publicly listed chemicals company based in Kochi, Kerala, India. Founded in 1989, it operates as a prominent producer of synthetic rutile and ferric chloride. Dr. S.N. Sasidharan Kartha is an NRI businessman and the chief promoter and managing director of CMRL. He established the company with financial assistance from the Kerala State Industrial Development Corporation (KSIDC). Both CMRL and Sasidharan Kartha are central figures in a major ongoing political controversy in Kerala known as the CMRL-Exalogic payoff case. വീഡിയോ കാണാം
Investigating agencies, including the Enforcement Directorate (ED) and the Serious Fraud Investigation Office (SFIO), allege that CMRL made fraudulent or illegal payments totaling ₹2.78 crore to Exalogic Solutions, a now-defunct IT firm owned by T. Veena, the daughter of Kerala politician Pinarayi Vijayan, without receiving any actual services in return. Income Tax Department reports and documents submitted to courts allege that Sasidharan Kartha and CMRL maintained a diary recording illegal payments distributed to numerous mainstream politicians across political spectrums, trade unions, media houses, and police officers to ensure smooth business operations.
In September 2026, it emerged that Sasidharan Kartha filed a retraction affidavit to withdraw statements previously given to the ED, alleging he was interrogated under duress despite poor health. Meanwhile, political friction continues to escalate as leaked diary pages naming top leaders spark fresh demands for a CBI probe. The case has become a major flashpoint in Kerala politics, with opposition parties demanding transparency and accountability from the government.
The CMRL-Exalogic payoff case remains one of the most closely watched controversies in the state, with potential implications for several high-profile individuals and institutions. As investigations continue and new revelations surface, the case underscores the growing scrutiny of corporate-political linkages in India and the role of investigative agencies in uncovering alleged financial irregularities.
