"I expressed my willingness to the Chief Minister (Oomen Chandy) to quit the moment I came to know about the court's decision...I met the Chief Minister and handed over the resignation letter to him," Babu told a crowded press conference in Kochi.
It comes over two months after the resignation of Kerala Congress (M) supremo K M Mani as the Finance Minister following Kerala High Court making some stinging observations against him over the scam.
Working President of Kerala Bar Owners Association Biju Ramesh had alleged that Babu was given Rs 10 crore as bribe for renewal of licences of liquor bars, an allegation rubbished by the minister.
He had also made similar charges against Mani based on which a Vigilance case had been registered against him.
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Reacting to the development, Chandy said he would take a decision after receiving the copy of the court order and after consulting his colleagues.
"I have received the letter. We have not got the copy of the court order. After getting the copy, I will consult my colleagues and take a decision," the Chief Minister told reporters in Kottayam.
Unhappy over the Vigilance department not filing the Quick Verification report against Babu, the Enquiry Commissioner and Special Judge Vigilance in Thrissur S S Vassan today directed the Vigilance and Anti-Corruption Bureau to register a case and file the first progress report by February 22.
The order was passed on the petition by Thrissur-based Malayalavedi George Vattukulam who sought a vigilance probe against Babu based on Biju Ramesh's statement to the media.
Following the court decision, Babu, a close confidante of Chandy, went into a huddle with the Chief Minister and Home Minister Ramesh Chennithala, who were also in Kochi for the function, and conveyed to the party leadership his decision to step down.