A former state vice-president of Youth Congress, Sreenijan had been under pressure from his own party after coming under the shadow allegation that he had built assets disproprtionate to his income as a lawyer.
According to Youth Congress sources, the resignation of Sreenijan had been accepted by the state YC chief P C Vishnu Nath.
The issue came up hotly in the state committee meeting of the Youth Congress held in Thiruvananthapuram on Wednesday, attended by its national secretary Rizwan Arshad.
Sreenijan had unsuccessfully contested the last assembly polls from Njarakkal segment in Erakulam district.
Kerala government had begun the process of vigilance inquiry into allegations against Sreenijan on receiving a private complaint that he had amassed wealth.
He had failed to receive any political relief with leaders of his own party distancing themselves from him.
Meanwhile, Chief Minister V S Achuthanandan said the Government would also take action against Balakrishnan’s younger borther K G Bhaskaran, a government pleader, if any complaint was received.
Coming under the shadow of charges of amassing wealth, Bhaskaran had gone on medical leave after Advocate General suggesting him to either quit or go on leave in the wake of charges against him.