Bajrang Dal leader turned anti-Sangh Parivar crusader Mahendra Kumar dies of cardiac arrest

Mar 16: An investigation into Coffee Day Enterprises Ltd., initiated by its board after the death of founder V.G. Siddhartha, is likely to conclude that at least Rs 2,000 crore is missing from its accounts, according to people familiar with the matter.

The months-long probe following the suicide of Siddhartha in July examined the financial transactions of India’s largest coffee chain and its dealings with dozens of private companies owned by the entrepreneur. The draft report, running more than a hundred pages, points to thousands of rupees that have gone missing, said the people, asking not to be named because the details aren’t public. It also details hundreds of transactions between the founder’s listed and personal businesses that were not conducted at arm’s length, they said.

Though the report is in its final stages, the precise details could change before its release, expected as early as this week, the people said. The missing funds could total more than Rs 2500 crore, one person said.

“The investigation report is still a work in progress, and not finalized,” a spokesman for the company said. “The board of directors and the company are unaware of its content at this point of time. Hence it would be premature to speculate on the investigation findings.”

The priority for management and Siddhartha’s family “is to keep the business running in a challenging environment and meet all stakeholder commitments, including 30,000 jobs associated with the group,” the spokesman added.

The disappearance of the 59-year-old founder last year stunned India’s business community. He had last been seen telling his driver he was going for an evening walk along a bridge in southern India; his body was found by local fishermen two days later. A letter delivered to Coffee Day’s board and employees, which appeared to be signed by Siddhartha, described massive debts and complained of pressure from lenders and tax authorities. It claimed he bore sole responsibility for the company’s financial transactions.

The probe began about a month later when the company brought in Ashok Kumar Malhotra, a retired senior official from India’s federal enforcement agency, to investigate. A senior lawyer practicing in India’s top court is assisting, the company said in a regulatory filing at the time.

The publicly traded Coffee Day was supposed to be India’s answer to Starbucks Corp. More than 1,500 of its Café Coffee Day outlets blanketed cities and highways, with affordable options for the country’s aspiring middle classes. The chain’s tagline: “A lot can happen over coffee.”

But the empire has been battered since the founder’s death. Its shares plummeted about 90% and its market value dropped to about $80 million. Trading was suspended in February.

India’s regulators are tracking the situation and may use the company’s final report as part of a deeper dive into its internal affairs, the people said. Coffee Day showed about Rs 2400 crore in cash and cash equivalents on its balance sheet as of March 2019, the most recent figures the company has issued.

After the death of Siddhartha however, the company faced a severe liquidity crunch and had “zero cash in the bank,” according to one of the people. It struggled with day-to-day expenses and paying salaries has been a strain, the person said.

The draft report details personal guarantees by Siddhartha for loans taken by Coffee Day, and his unsecured loans at high interest rates from local money lenders, the people said. It also probes Coffee Day’s defaults to coffee growers and other vendors, they said.

A related issue is that coffee estates owned by Siddhartha and several employees had been used as collateral for bank loans. The report found that valuations for properties were inflated to get the loans, one person said.

Investigators have examined several theories about what happened to the company’s money, including whether Coffee Day was manipulating its finances to show cash and profit and whether Siddhartha was taking cash out of the listed company to pay off a large investor to whom he had guaranteed a return, the person said. From the filings of his listed and private companies, the entrepreneur’s loans had totaled more than Rs 10,000 crore, and he had been squeezed by borrowing to repay interest on earlier loans, the person said.

In the letter purportedly from Siddhartha, the entrepreneur said he had tried his best but failed as an entrepreneur. “I am solely responsible for all mistakes,” the letter read. “Every financial transaction is my responsibility. My team, auditors and senior management are totally unaware of all my transactions. The law should hold me and only me accountable, as I have withheld this information from everybody including my family.”

As the report nears release, Coffee Day is finalizing a deal with Blackstone Group Inc. for real estate assets. A large tranche of the payment is due in about a week, one person said.

Coffee Day said it is working to reduce its debt load by divesting non-core enterprises.

“The aim is to save employment and preserve this iconic Indian brand,” the spokesman said.

Beijing, Feb 6: The number of confirmed fatalities from China's coronavirus outbreak rose to at least 560, after authorities in hardest-hit Hubei province reported 70 new deaths on February 6.

In its daily update, the health commission in Hubei also confirmed the number of confirmed infections in the outbreak has reached 28,018 nationwide with 3,694 new cases reported.

The epidemic, which has spiralled into a global health emergency, is believed to have emerged in December from a market that sold wild game in Hubei's capital Wuhan.

Hu Lishan, an official in Wuhan, warned Wednesday that despite building a hospital from scratch and converting public buildings to accommodate thousands of extra patients, there was still a "severe" lack of beds in the region.

There was also a shortage of "equipment and materials," he told reporters, adding that officials were looking to convert other hotels and schools in the city into treatment centres.

Authorities in several other cities in China have placed restrictions on the number of people allowed to leave their homes.

Global concerns have also risen about the virus, with cases confirmed in more than 20 countries.

One of the distinguish features of the Noble Quran is that it presents different sorts of classifications. It is quite evident as one of the names of the Quran is Furqan that is it differentiates between things through its unique style of classification. The Quran openly proclaims the difference between right and wrong, truth and falsehood, literate and illiterate, light and darkness and so on. The system of Quranic taxonomy has a pivotal element with regard to ranking of human beings. It classifies them into two groups, one, who is honorable in the sight of their Creator and the second, disliked by Him.

This Quranic approach of classification is quite genuine, void of all sorts of bias. Since humans have no say in their birth, color or region, therefore the Quran doesn’t recognize these parameters to classify two groups of people.

The crux of Quranic taxonomy rests with the human ability which has been equally distributed among all humans. In terms of abilities to perform, barring those tasks performed with exceptional talents, all humans are equal. This is where Quran draws a line and specify who is most honorable in the sight of their Creator, it says:

 O mankind, We created you from one man and one woman, and then divided you into nations and tribes so that you may recognize one another. Indeed, the most honorable among you in the sight of Allah is he who is the most pious of you. Surely, Allah is All-knowing, All-Wise. (Chapter 49, Verse 13).

Criterion of judgement

To be most righteous in the sight of God, one has to be of pious nature. The Quran uses term Taqwa (a sense of distinguishing between right and wrong, piety) to exemplify the pious nature. It further specifies that the source of pious nature - Taqwa is an inherent quality of human beings. Along with the faculties of hearing, seeing and speaking they have been bestowed with (Taqwa) the criterion of distinguishing between virtues and vices, it has been mentioned in the Quran as:

And by the human self and by Him Who balanced it, then inspired it with its wickedness and piety (Chapter 91, Verses 7 & 8).

Good deeds and human nature

With the advent of human race on earth, the equation has been set in simple terms. Humans have to be obedient to their Creator by means of using their intellect, smart enough to use their ability to judge between right and wrong and spend their lives in performing good deeds. For this very reason God has created life and death:

Who created death and life that He may try you to see which of you is best in deeds, and He is All-Mighty as well as All-Forgiving (Chapter 67, Verse 2)

Since life is all about performing good deeds, the ability to perform any good action has been made as natural as recognizing any color with naked eyes. It is within the reach of a person to identify the difference between colors, so is his criterion of judgement that tells what to perform and what to refrain from?

Good actions have been synchronized with human nature whereas evil deeds are quite detrimental, that’s why there is a universal consensus over the conception of virtues and vices. No one can dare to differ with virtues like truth, justice and honesty etc, and no one appreciates vices like falsehood, violations and corruption. With this inherent ability of humans to identify good and bad, the concept of virtues and vices has been described with the same bent of human intellect, there is no philosophical and ideological kind of description to tell what truth and falsehood are, it is as simple as this:

Prophet Muhammad (peace be upon him) said: Give up what is doubtful to you for that which is not doubtful; for truth is peace of mind and falsehood is doubt (Tirmidhi)

Highway of actions

The Quran presents a highway of actions for everyone who believes in it and intend to be most honorable in the sight of the Creator. For each and every day, there is a definite plan of action to go ahead with it to please the Creator. Again, for every week and month, there are clear specifications with regard to individual and collective actions. So no place for claims and reservations, no place for any excuse either, things have been made clear. For a person to be honored, he has to be man of deeds, that’s it. Every person has fair chances of performing better, as the life has been given, criterion of judgement between right and wrong has been given, and plan of action has been provided with. Now one has to energize himself for everyday action and try to set right the intention.

Difference in human efficiencies

No doubt there are differences in human abilities and efficiencies, one may argue about the quality and magnitude of actions. Those who are of high efficiency may perform well and those who are inefficient may not? True, to convince what Quran emphasizes is, God doesn’t look at the magnitude of an action, rather He sees with what intention in what circumstances it has been performed? If any person keep fast in scorching heat for more than 16 hours a day will get high rewards compare to the one who fast less than 10 hours a day at a cold place. Again, if the intention is to please the God, than every action, no matter how small or big it is in its scale, will fetch rich dividends. A poor’s donation of few rupees will be equal in rewards as compare to what a millionaire gets by donating thousands of rupees from his enormous wealth. The act of charity has demanded sacrifice; both of them have sacrificed in accordance with their capacities. Therefore upon asking whose charity is noble in the sight of God, the Prophet Muhammad (pbuh) said: The charity of poor person who tries hard to get few rupees from his hard earn money to donate in the way of God (Nasai – Book of Hadith).

The Quranic taxonomy of human is quite justifiable as every human bear testimony to its genuine and unbiased classification through what we term as actions. Therefore the world has to witness a race between men and women to see who can compete with others in order to please their Creator?

Whosoever acts righteously – whether a man or a woman and embraces belief, We will surely grant him a good life; and will surely grant such persons their reward according to the best of their deeds. (Chapter 16, Verse 97)

God-oriented actions, privilege for the Humanity

It’s very unpleasant to notice that in today’s world the parameters like statuses, resources and wealth have been regarded as privilege and honor for both humans and their societies. No doubt they are, but not at the cost of losing the very essence of human nature and sacrificing its interest. Today’s advancements speak of this dark phase where the height of inventions and discoveries touching the skies while the dignity and honor of humans have gone to the lowest of the low. The ever increasing poverty, hunger, untimely deaths, different forms of corruption in the land, violation of human rights are just to remind a few. The presence of rich and poor, highs and lows in the society speaks of disparity of actions, lack of selfless service and hearts void of God’s love and fear.

The beauty of humanity is to remain in the service of God and always stand on the toes to help those who are in need. This God-oriented action enables every doer to be dear to his God as the classification of good and the bad is purely based on the actions performed for the sake of the Creator:

Everyone is assigned a rank according to his deed. Your Lord is not heedless of what they do (Chapter 6, Verse 132).

Muhammad Abdullah Javed is the Director of AJ Academy for Research & Development. He can be reached at [email protected]