Kerala HC stays proceedings on ED show-cause notice to CM Pinarayi Vijayan, others in KIIFB masala bonds issue

The Kerala High Court on Thursday (December 18, 2025) stayed for three months all proceedings pertaining to the show-cause notice the Enforcement Directorate (ED) had issued to Chief Minister Pinarayi Vijayan, former Finance Minister Thomas Isaac and the CEO of KIIFB K.M. Abraham on the usage of funds mobilised by the board through masala bonds for infrastructure projects in the State.

The stay order came on a joint petition they had filed challenging the show-cause notice the ED issued a month ago in connection with the masala bonds issue. The notice was issued to the Chief Minister in his position as the chairman of KIIFB.

The court observed that all proceedings against the KIIFB on the matter had been stayed. The same applied to the Chief Minister and the others.

The matter has been posted for hearing in January.