The CPI(M) and BJP are often at each other’s throats in Kerala. But, when an Ayurveda resort in which the family of senior CPI(M) leader E P Jayarajan has a stake wanted to rejuvenate its business, politics did not stand in the way and the operations were handed over to a hospitality venture backed by a private equity firm founded by Union Minister Rajeev Chandrasekhar of the BJP. The family of CPI(M) central committee member and Left Democratic Front (LDF) convener Jayarajan owns shares in Vaidekam Ayurvedic treatment centre in Kannur. A few days ago, it inked a deal — that came into effect on April 15 — with Niraamaya Retreats, that is backed by Jupiter Capital, the private equity firm founded by Chandrasekhar. Sources in the Vaidekam Ayurveda healing centre in Kannur’s Morazha village said operations had been handed over to Niraamaya Retreats, which operates several hospitality ventures in the country. “There is no politics in the deal. Vaidekam investors do not have any exposure in the hospitality industry and they were looking for a professional partner to run the Ayurvedic centre,” said a person familiar with the development. Jayarajan’s wife P K Indira and son Jaison hold shares in Vaidekam that was recently in the midst of a political storm after Jayarajan’s rivals in the CPI(M) sought a probe into the financial dealings of Jayarajan. The controversy over Vaidekam erupted last December after P Jayarajan, a senior leader from Kannur, was said to have questioned E P Jayarajan’s financial dealings. He is said to have raised the questions during a state committee meeting. At the time, CPI(M) state secretary M V Govindan, without referring to the resort issue, said, “There are wrong tendencies in the party, which will not be tolerated. If there are unacceptable tendencies, the party will intervene and correct them. Rectification is a continuing process.’’ However, the issue died down after Govindan said in February that there was no probe against Jayarajan in the Vaidekam issue. However, in the meantime, the property came under the scanner of various central agencies, including the Income-Tax Department and the Enforcement Directorate (ED). Sources said the idea to hand over the operations of the Rs 21-crore resort to a professional player in the hospitality industry had come up before the directors much before the controversy. “Jayarajan has no involvement in the property. His wife and son have together made an investment of Rs 82 lakh. The project has 20 investors, with each investor assigned to put a share of Rs 50 lakh each. There was nothing shady in the venture, which had only Rs 25 lakh as turnover in the last year,’’ said a source. Jayarajan on Wednesday told the media in Kannur, “I want to see that institution emerge as a leading ayurvedic treatment centre. My wife and son are free to take any decision about their investments. I don’t want to reveal what has been discussed in the party. I have a clear idea about the entire controversy and I will take up it with the party if required. But I would never reveal it outside the party.” But, Leader of Opposition V D Satheesan of the Congress alleged there was politics behind the deal. “This is a give and take between the two sides. When CPI(M) leader was in trouble, BJP came to the rescue. There is a camaraderie between them,’’ he said.
