KOTTAYAM: In the corporate world, there is a concept of reverse merger, where an unlisted privately-held company is merged into a stock exchange-listed shell or smaller outfit so that it does not have to go through the hassles associated with initial public offerings.
On Wednesday, in a reverse merger of sorts, the PJ Joseph-led Kerala Congress faction joined PC Thomas’ Kerala Congress, in a move to tide over issues related to election symbol after the Supreme Court rejected Joseph’s plea for the ‘two-leaves’ symbol on Monday.
Following the merger, Thomas, who was dissatisfied with the NDA which denied his party an assembly seat, quit the BJP-led coalition and joined the UDF. After the ‘two-leaves’ symbol went to Jose K Mani’s Kerala Congress (M), Joseph was facing a real prospect of contesting the upcoming elections on different symbols.
But the merger with Thomas’ Kerala Congress, a registered outfit, would mean the party will be allotted a single symbol for all its candidates, sources said.As per the agreement, Joseph will become the Kerala Congress chairman while Thomas will be the sole deputy chairman — the party’s second-most powerful position.
P C Thomas seeks bicycle as poll symbol
According to sources, Thomas has written to the Election Commission of India (ECI) intimating the changes to the positions in the party. Thomas has also sought ‘bicycle’ as its election symbol. After the assembly elections, Mons Joseph is expected to become the party vice-chairman during organisational revamp.
The ECI had awarded KC (M)’s title and election symbol ‘two-leaves’ to the Jose faction in August, 2020, which has been upheld by the SC. After that, the faction led by Joseph became a political group without a registration with the Election Commission. However, the merger with the original Kerala Congress, led by Thomas, has come as a major relief to Joseph and his team.
Thomas attended an election convention of Mons Joseph, held in Kaduthuruthy on Wednesday, to mark his entry into the UDF. Former chief minister Oommen Chandy, who inaugurated the convention, said Thomas’ entry would strengthen the UDF during the run up to the assembly elections. Joseph, who has been advised rest after recovering from Covid, didn’t attend the meeting. Speaking on the occasion, Thomas said the original Kerala Congress without any brackets, formed in 1964, has become a reality once again.