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Karat will lead the party as interim coordinator until the 24th party congress in April.
EP is likely to change his decision only if there is favourable action from the party leadership on the Kannur resort scandal.
MV Govindan will fill the vacancy created after the demise of the former state secretary Kodiyeri Balakrishnan.
The names of candidates will be announced on Wednesday after getting the politburo’s nod.
The party now has no doubts about its main foe, given the track record of Modi 2.0 and the nationwide resistance that stemmed from the government’s programmes.
Two students of law and journalism, both full time CPM workers, were arrested after the police recovered leaflets that supported the Maoists movement.