Bengaluru: UAE Defence Minister visits HAL, evinces keen interest in LCA Tejas

New Delhi, Jul 25: Nearly a year after Cafe Coffee Day founder V.G. Siddhartha's death, the probe committee appointed by the Board of Coffee Day Enterprises Ltd (CDEL) has given a virtual clean chit to private equity investors and the Income Tax Department who were named in his last letter.
The investigation report noted that Siddhartha may have felt "aversive behavioural stimulus" due to persistent reminders from the PE investors and other lenders.

"However, such reminders and follow-ups by the PE investors and lenders are not something which are beyond normal industry practices and we believe that PE investors were acting as per accepted legal and business norms," said that report.

It further said that the investigators were not provided with any documentary evidence to show any "advertent or inadvertent harassment" from the Income Tax Department.

It however, said that the financial records suggest a serious liquidity crunch which may have arisen due to the attachment of Mindtree shares by the IT Department.

Further, the probe revealed that MACEL, a private firm of Siddhartha, owes Rs 2,693 crore to Coffee Day Enterprises, which the report says, "needs to be addressed".

The Cafe Coffee Day founder's body was fished out of the Netravathi river in Karnataka by a group of fishermen on July 31 last year, a day after he went missing.

His last note raised several questions about the role of investors, and tax officials.

He had written: "Tremendous pressure from other lenders lead to me succumbing to the situation. There was a lot of harassment from the previous DG Income Tax in the form of attaching our shares on two separate occasions to block our Mindtree deal and then taking possession of our Coffee Day shares, although the revised returns have been filed by us. This was very unfair and has led to a serious liquidity crunch."

The massive shock to the industry and the country also led the government to assure that tax officials would not harass businessmen and the situation would improve.

Mangaluru, Jun 3: Mangaluru MLA and former minister U T Khader has urged the state government and Dakshina Kannada district administration to take steps to facilitate the return of Indians stranded in foreign countries amid covid lockdown.

A delegation comprising Mr Khader, DCC President K Harish Kumar, and MLC Ivan D’Souza met District In-charge Minister Kota Srinivas Poojary and submitted a memorandum on Tuesday.

“Kannadigas who are working outside the state are in distress due to the lockdown. More than 50,000 people had uploaded applications on Seva Sindhu portal seeking permission to return to their villagers and are waiting for permission. With the authorities failing to take any decision, they are worried,” said the delegation.

The government should initiate measures to get them back and quarantine them, urged the delegation.

Mr Khader said, “Many workers stranded in foreign countries are eager to return home. The district administration should make arrangements to quarantine those returning from foreign countries and other states.

There are thousands of migrant labourers from Gujarat, Uttar Pradesh, Jharkhand and Bihar stranded in DK. They are waiting to return to their families. The state government should facilitate their return journey, the delegation urged.

MLC Ivan D’Souza said, “Assistance should be provided to private bus staff, beedi workers, tailors, garage labourers and street vendors who are in distress. The price of Covid-19 tests in private laboratories should be reduced.”

The delegation informed that after Wenlock Hospital was converted into the designated COVID-19 hospital, poor patients are facing many inconveniences. A portion of the hospital should be earmarked for treating other patients, they said.