The matrix converter (MC) is often projected as a substitute to voltage source converter due to its numerous advantages, especially in converter fed drive systems, where features like bidirectional power flow, common mode voltage (CMV) elimination, improved source, and load side current quality, are highly desirable. This article presents the speed encoderless control of an induction motor, with the exclusive use of only six switching states of MC that generate zero CMV. The use of only these six states, contrary to the 27 (or 21) states used otherwise, also ensures reduced processor burden. For the control of both source, and load side parameters, multiple objective finite set model predictive control (MO-FS-MPC) is used. MO-FS-MPC is conventionally associated with cumbersome weight tuning, which is eliminated by undertaking a fuzzy decision making approach. Furthermore, a full-order predictive model of an induction motor is used for the prediction of flux, and stator currents, allowing control down to zero motor speed. For the estimation of motor speed, the mechanical model of the motor is used, such that parameter drift is significantly overcome through suitable compensation of the error between predicted, and sensed stator currents.