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According to the former finance minister, the show cause notice is a gimmick orchestrated by the BJP-led union government eyeing the upcoming elections.

The bonds have a five-year tenure and will mature by March end

Thomas Isaac said he would consult with his lawyers before deciding to appear before the ED as the issue witnessed a long legal battle earlier, adding that he was busy till January 21.

Subsequently, on receipt of the form ECB, RBI allotted a Loan Registration Number (LRN) for the proposed issuance of rupee-denominated bonds. 

The court said that since further proceedings pursuant to the notice were stayed against KIIFB on its plea, the petitioners - CM, Isaac and Abraham -- "were also entitled to a similar interim relief".

The HC said the agency can collect information without summoning Isaac when KIIFB officials had appeared before the ED on seven occasions.