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Bengaluru, Jul 26: A year-long probe by Coffee Day Enterprises Ltd (CDEL) has found that its late founder V G Siddhartha routed Rs 2,693 crore out of the company to Mysore Amalgamated Coffee Estates Ltd (MACEL), another privately-owned entity of him.

The MACEL owes Rs 3,535 crore to subsidiaries of Coffee Day Enterprises as of July 31, 2019 of which only Rs 842 crore was accounted.

"Therefore, a sum of Rs 2,693 crore is the incremental outstanding that needs to be addressed," said the report of an investigation headed by Ashok Kumar Malhotra, a retired DIG of Central Bureau of Investigation (CBI) and assisted by law firm Agastya Agastya Legal.

Siddhartha was found dead in early August 2019, and many suspected that he had committed suicide.

Steps are being taken by subsidiaries of CDEL for recovery of dues from MACEL, the company said.

"The board authorised the Chairman to appoint an ex-judge of the Supreme Court or the High Court, or any other person of eminence, to suggest and oversee actions for recovery of the dues from MACEL and to help on any other associated matters," it said in regulatory filings at stock exchanges late on Friday.

The probe further gives clean chits to the Income Tax Department and the private equity firms who Siddhartha in his parting letter had alleged of harassment.

"We have not been provided with any documentary evidence to draw an inference that there may have been any advertent or inadvertent harassment from the Income Tax Department," said the probe report.

The probe also highlighted severe liquidity crunch at CDEL in the build-up to Siddhartha's death.

A committee supported by senior professionals was formed to protect the interest of all stakeholders. CDEL said the debt levels which were about Rs 7,200 crore on March 31, 2019 have been brought down significantly by Rs 4,000 crore. The present debt of the group is around Rs 3,200 crore.

"The disinvestment process in the group continues and we are confident to have effective solution to all stakeholders," it said.

Mangaluru, Apr 23: An astronomical phenomenon, ‘Zero Shadow Day', will be observed in Mangaluru on April 24 and in Udupi on April 25. 

According to a press release from Poornaprajna Amateur Astronomers’ Club, the wonder will commence and people will see their shadows disappear for a few moments at 12:28 pm.

The phenomenon is called as Zero Shadow Day. If a person takes a candle in a dark room and use it to create a shadow of one’s palm on the wall, the hand will cast shadow on the wall as one moves the hand. But when one places the palm on the wall, there will be no shadow.

In the phenomenon, the sun at these times shines exactly above the heads on these days. In astronomy, this point is called as Zenith. The point in the sky directly above an observer at any given location. So it is quite clear now that on Zero Shadow Day, the sun passes through the Zenith as a result of which, all objects will have minimal or no shadow if they are on the ground.

The reason for this happens on some specific days is concerned with astronomy. The earth spins around on its own axis and causes days and nights. It also revolves around the sun causing a year. But the seasons are caused because the axis is tilted at an angle of 23.5 degrees. It is because of this tilt that the sun rises every day in the east gradually moving towards the north till June 21st and then slowly proceeding towards the south till December 21st every year. “We call these days solstice. This means the sun shines between the Tropic of Cancer and Tropic of Capricorn every day passing by the equator on the days we call equinox,” the release stated.

As the earth moves around the sun and revolves on its own axis, for all the people between Tropic of Cancer and Tropic of Capricorn, the Sun at noon moves father and closer to the zenith passing through zenith twice causing two Zero Shadow Days per year. People at Mangaluru will observe this on April 24 and August 18 every year and People in Udupi will observe this on April 25 and August 17 every year.

Places with same latitudes will observe the same days of Zero Shadow but the time would vary with longitude. For example, people of Bengaluru as they share the latitude with Mangaluru will also observe it on April 24. While the people of Mangaluru will observe their shadows disappear at 12.28pm, people of Bengaluru will observe this at 12:17pm. Places like Moodabidri, Bantwal, Sakleshpur and Hassan will also observe Zero Shadow on April 24.

Places like Brahmavar, Karkala, Sringeri, Kudremukha, Chikkamagaluru will observe the Zero Shadow Day on the same day as Udupi on April 25.

Shivamogga, Apr 13: Banana farmers in Shivamogga say their crop is rotting and they are incurring huge losses amid lockdown due to COVID-19.

The farmers alleged that although permission has been granted for the sale of agricultural products, with inter-district movements being affected, the local buyers are forcing the farmers to sell their produce at ridiculously low prices.

"Local buyers are asking us to sell bananas at Rs 4-5 per kg which is impossible for us. I do not know what we can do," Vijayendra, a farmer told ANI here.

"We expected the markets to be good during the summer season, I have cultivated bananas in four acres of land. There are thousands of other farmers who cultivate it in smaller hoardings," he added.

The farmer further implored the government to ensure there is an open market and inter-district movement of agricultural produce is allowed to ensure the farmers get the right price.

Vijayendra also said that the bananas have started rotting as they were not being harvested due to the lockdown.

Prime Minister Narendra Modi had last month announced a 21-day lockdown in the entire country effective from March 24 midnight to deal with the spread of coronavirus, saying that "social distancing" is the only option to deal with the disease, which spreads rapidly.

There is also the likelihood that the nationwide lockdown might further be extended even after the completion of the 21-day period on April 14, based on the statements from several chief ministers following a video conference with the Prime Minister held a few days earlier.