Terming the incident as very unfortunate, he said that the government would explore all legal possibilities to get due compensation from businessman Mohammed Nisham to the guard's family.
"The incident was very cruel and shook the conscience of the state," he told reporters.
Nisham, owner of King Beedi Co, had allegedly in an inebriated state, physically assaulted the security guard and later rammed him with an SUV, a Hummer, following an argument over delay in opening the gate on January 29 at Sobha city, a posh residential township in Thrissur.
To a query on Nisham's alleged involvement in the cocaine trade, she said the investigation in this regard was not under her jurisdiction.
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Nisham had been taken to Karnataka and Tamil Nadu in connection with seizure of 10 packets of cocaine from his flat at Kochi on Jan 24.
Meanwhile, family members of Chandrabose demanded a CBI probe, holding that an inquiry by state police would not enable them get justice.
His brother Satish Kumar alleged there was a serious lapse on the part of the police as they had not recorded the dying declaration of Chandrabose.
Police admitted that the declaration was not recorded, but said the magistrate had visited the victim at the hospital. But his condition was not stable at that time to take the statement, they said.