KM Mani is accused of demanding and accepting bribe for renewal of licences of bars which were shut down for being substandard last year. (Press Trust of India photo)

Kerala Finance Minister KM Mani, accused of bribery, has resigned this evening."I have to respect the law and hence I have resigned," Mr Mani, who is the country's longest serving legislator, told reporters in Thiruvananthapuram."I have already informed the chief minister (Oommen Chandy) of my decision to resign. Through a special messenger, I will send my resignation to the CM," Mr Mani, 82, said."I take this opportunity to thank the CM and all other leaders who extended support to me. We also wish to state that we will continue to support the United Democratic Front government," he added.A Kerala hotelier has accused Mr Mani of allegedly demanding Rs 5 crores and finally settling for Rs 1 crore to renew licences of bars shut down after a ban last year. The opposition had been demanding the finance minister's resignation ever since the allegations surfaced in November 2014.The High Court had yesterday ordered that investigations into charges of bribery against Mr Mani would continue. The court also observed that "Caesar's wife should be above suspicion" leading to demands for the finance minister's resignation.Despite pressure from the opposition and within, the Congress-led United Democratic Front (UDF) had seemed unwilling to ask him to step down, after a preliminary meeting to discuss the matter earlier today.Top leaders of the UDF - which is a seven party coalition including Mr Mani's Kerala Congress (M) - met at Chief Minister Oommen Chandy's house this morning to discuss the issue. Mr Mani was not present at the meeting, with leaders from his party holding a separate meeting at his home and defending his right to continue in office.The Kerala Congress (M) chief KM Mani is a crucial ally of UDF with the party's eight legislators making up the entire lead that the United Democratic Front has over its rival, the Left Democratic Front, in the assembly.