Bengaluru, Mar 30: Coffee Day Enterprises Ltd (CDEL) has received the first tranche of Rs 2,000 crore following disinvestment of Global Village Techparks to repay debts following the death of its founder V G Siddhartha.
In August last year, CDEL executed definitive agreements with entities belonging to Blackstone Group and Salarpuria Sattva Group for investment in GV Techparks, a wholly-owned subsidiary of group company Tanglin Development Ltd (TDL), at an enterprise value of Rs 2,700 crore.
The balance amount is expected to be received after the receipt of few statutory approvals, CDEL said in a statement.
"Out of the money received in first tranche, the company has paid off its debts in full including principal and interest amounting to Rs 1,644 crore to the lenders despite difficult economic conditions," it said.
Post this payment, the consolidated debt of the company and its subsidiaries stands at Rs 3,200 crore as on March 27. This includes debt of Rs 1,400 crore of its subsidiary Sical Logistics Ltd where disinvestment process is in progress.
"The company and subsidiaries have repaid around Rs 4,000 crore to the lenders since the beginning of this financial year," CDEL said.
"With the continuous support of stakeholders of the company, the current management is working to ensure better liquidity and operational efficiency. The company is confident of the future ahead despite various challenges," it added.
The company has been in rough waters after its founder V G Siddhartha took his own life as debt strains began to emerge in his company. Since his death in July last year, CDEL has been trying to divest its assets to pare debts.
On July 30, 2019, CDEL informed stock exchanges about Siddhartha's disappearance. In a letter that was purportedly written by him, the Cafe Coffee Day founder said: "I could not take any more pressure from one of the private equity partners forcing me to buy back shares."
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Coffee Day gets first tranche of Rs 2,000-cr after disinvestment in GV Techparks
News Network
March 30, 2020
Karnataka revises SOP for international passengers. Now only 2 categories
News Network
May 7,2020
Bengaluru, May 7: Karnataka has revised its standard operating procedure (SOP) for international passengers. The first group of passengers will arrive in the state on May 8.
The number of categories has been reduced to two from three. Category A includes passengers symptomatic on arrival while Category B passengers are those asymptomatic on arrival. These are passengers who are either healthy or those having co-morbidities.
As per the revised SOP, the passenger will be released on the seventh day, if tested negative, to strict home quarantine for another seven days with stamping.
This norm is in contradiction to the Ministry of Home Affairs’ SOP for international passengers. As per the MHA’s SOP, the passengers (asymptomatic) will be under institutional quarantine for 14 days. Testing negative after 14 days, they will be allowed to go home and will undertake self-monitoring of their health for 14 more days.
On the contradiction, Pandey said, "We don't take chances as we rely on tests instead of just quarantining. Other states may be depending on just 14-day institutional quarantine."
"GOI SOP doesn't talk about Covid tests on international passengers. We have put an additional safety layer of three Covid tests on returnees -- one on arrival, second from 5-7 days and last on 12th day. This will ensure definite identification of positive cases even if they are asymptomatic and their subsequent treatment. We should look at the spirit behind the order," he added.
On the 14-day additional reporting period for category B, he said, "It is implied as category B patients should report to us for 14 days after their first 14-day quarantine period is over."
Medical Education Minister Dr K Sudhakar said that the State would follow the Centre’s norms.
Till Tuesday, Karnataka’s SOP had three categories. Under Category A (symptomatic), 14-day institutional quarantine at COVID-19 Health Care Centre was mandatory followed by 14-day reporting period. Under Category B (asymptomatic above 60 years with co-morbidities), seven-day institutional quarantine at hotel/hostel followed by seven-day home quarantine and 14-day reporting period had been recommended. The 14-day home quarantine and 14-day reporting period was mandatory for Category C (asymptomatic).
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Report on wakf irregularities in Karnataka to be tabled in next session
News Network
June 17,2020
Bengaluru, Jun 17: Chief Minister B S Yediyurappa has directed Minorities Department officials to take steps for tabling the Karnataka Lokayukta report on alleged irregularities in wakf properties in Karnataka, during the next session of the State legislature.
Following the Anwar Manipaddi report on alleged irregularities in wakf properties, the Lokayukta conducted the probe. The Siddaramaiah government rejected both the Anwar Manipaddi report and the Lokayukta report.
The Chief Minister issued the directions to officials during a review of the department works on Tuesday, said an official press release. The Lokayukta reportedly named several Congress leaders and senior officers in the scam.
The Lokayukta conducted the probe and submitted the report containing 15 volumes to the State government during the Siddaramaiah government’s tenure.
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Karnataka CM BS Yediyurappa tests positive for covid-19, hospitalized
coastaldigest.com news network
August 3,2020
Bengaluru, Aug 3: Karnataka Chief Minister BS Yediyurappa tweeted late Sunday night that he had tested positive for the novel coronavirus.
In a brief post on Twitter, Mr Yediyurappa said that he was fine but had been hospitalised on the advice of doctors. While his daughter Padmavathi has also tested positive for the virus, the Chief Minister's son, Vijayendra, has tested negative.
The Chief Minister's media team has said he has been admitted to Manipal Hospital. Mr Yediyurappa, 77, also requested those who had come in contact with him to be wary of Covid symptoms and self-isolate.
"I have tested positive for coronavirus. Whilst I am fine, I am being hospitalised as a precaution on recommendation of doctors. I request those who have come in contact with me recently to be observant and exercise self-quarantine," the Chief Minister's tweet read.
The testing of the Chief Minister was done as part of the routine weekly tests he undergoes along with his staff. The results of Mr Yediyurappa's gunmen and security staff, around 50 of them, are expected today.
Staff members at Mr Yediyurappa's home office, Krishna, had tested positive early last month.
At that time Mr Yediyurappa said: "I am going to discharge my duties from home from today for the next few days in view of some of the staff in the office-cum-residence Krishna testing positive".
Mr Yediyurappa had also met Karnataka Governor Vajubhai Vala in Bengaluru on Friday. State Home Minister Basavaraj Bommai was also present at the meeting.
The Chief Minister is the second high-profile political leader to confirm testing positive for COVID-19 today; hours earlier Union Home Minister Amit Shah tweeted similar news.
Mr Shah, 55, too said he was "fine" and that he had been hospitalised on the "advice of doctors".
The minister also asked all those who had been in contact with him over the last few days to "please isolate yourself and get your tests done".
The Home Minister was at a cabinet meet last week, at which top colleagues, including Prime Minister Narendra Modi, Defence Minister Rajnath Singh and Finance Minister Nirmala Sitharaman were present.
All Covid norms, including social distancing, were followed at that meeting, sources said.
Last month Madhya Pradesh Chief Minister Shivraj Singh Chouhan tested positive for the virus as well. He has been in hospital since then and tweeted today to say that he was well and, minutes after Mr Yediyurappa tweeted his Covid positive status, he posted a get-well-soon message.
"I pray to God for your speedy recovery, Yediyurappaji," Mr Chouhan wrote.
Mr Chouhan had tweeted a message for Mr Shah too. "Home Minister Amit Shah, may God help you recover soon, so you can serve the nation with full energy. Our best wishes are with you," his tweet read.
Former Karnataka Chief Minister Siddaramaiah also tweeted, saying: "I wish BS Yediyurappa a speedy recovery and to return with good health to continue his work for the people".
Tamil Nadu Governor Banwarilal Purohit also tested positive today, Chennai's Kauvery Hospital, where he has been admitted, said. He is asymptomatic and clinically stable.
On Sunday morning the virus claimed the life of a UP minister - Kamal Rani Varun, 62, died at Lucknow's Sanjay Gandhi Postgraduate Institute of Medical Sciences.
Over the last 24 hours, 54,735 cases were reported, taking the total number of cases to 17,50,723, data from the Health Ministry showed.
The continuing spike in cases over the past weeks comes as India gradually re-opens its economy after more than four months of the world's strictest lockdown. Unlock3, the third phase of easing of restrictions, came into effect on Saturday.
It took just 185 days for India to cross the 17-lakh mark after the first case was reported in Kerala in January; it took 110 days to record the first 1 lakh cases. More than 60 per cent of total cases in the country and over 50 per cent of total deaths have been recorded in July.
Also Read: Karnataka CM is in clinically stable condition: Manipal Hospital
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