India, Aug. 31 -- The CPI(M) has rejected allegations of fund irregularities in connection with plans to start a college under the North Malabar Educational Society in Iritty here, saying the society has land worth much more than the amount it had collected as shares.

There were allegations that the CPI(M) Iritty area committee had collected funds as shares for starting a college under the North Malabar Educational Society, but the project did not materialise and the money was not returned to shareholders.

In a statement issued on Sunday, CPI(M) Iritty area secretary Zakir Hussain said the North Malabar Educational Society was formed in 2015 under the Charitable Societies Act with the objective of providing better educational facilities...