Trouble started for Binoy and Kodiyeri when a three-page letter dated January 5 from H.I.A. Al Marzooqi, sponsor of a Dubai-based company, was made available last month to the media, stating that he had started legal proceedings against Binoy for alleged fraud of Rs 13 crore.
Speaking to a TV channel from Dubai on Thursday evening, Binoy said that the controversy arose because of a "misunderstanding".
"Al-Marzooqi is a nice gentleman and he was not aware of what exactly was the issue. When he was told of what happened, he agreed to withdraw the case. And since tomorrow is a holiday here, I will file a new application to lift the travel ban. Moreover I also have a few programmes here," said Binoy.
With the opposition Congress and the BJP taking it up both inside and outside the assembly, the issue has been raging for the past few weeks causing a huge dent in the image of both the CPI-M and Kodiyeri.
The latest development would come as a huge relief for Kodiyeri, as he is all set to get a second three-year term at the helm of the state unit of the ruling CPI-M as the upcoming state party conference is to be held at Thrissur from February 22-25.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)