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.
Comments
99% Muslims over all do all haram business.... Monarch is prohibited.. still saudi has monarchism ..... Idol worship is haram... u will find highest darga in India...... Interest is haram... 90% of bank borrowers and lenders are muslims..... highest default and interest payers in bank are muslims ... are Muslims..... ... my dear brothers before saying haram and halal.. first lets be perfect and then talk about haram and halal.....
#ummar,
Idol worshiping is forbidden in Islam, to support it or fecilitate it by any of the way is forbidden or it is like supporting idolatery,,,
Regarding your examples, prayer by Khalifa Umer or any muslim , at any place of clean is allowed , if there is no any idolatery supported images or any articles....and same way in islam , it is forbidden to harm any non muslim worshiping places...as mentioned by your second example...
This is surely Interest money, Bank Interest is Haram in Islam, Many Muslims have disputed land in their posses. these land either they have to give on charity or live for the Govt. So better to give to Ram Temple since Ram temple is very less in our country comparing to Snake temple and Monkey temple...Useless Muslims who did this all of them reserved places in hell surely Almighty Allah will punish them severely Insha Allah...!!!
NA TASYA PRATIMA ASTI... For Sure it means there is no image of GOD.
Ram is a HUMAN and Human has a picture. And U go against the VEDAS.
I think this guy want to deviate the locals & himself far from the TRUE GOD, who says God forgives every SIN except associating PARTNERs with him.
May ALLAH protect us from associating PARTNER with him knowingly & unknowingly.
@pleasant ..
U cannot says suddenly that shirk bec we have example here
some Christian community came to Makkha to meet our prophet saw wen they came they asked the place to pray ... Rasool saw arranged and gave them the plac
They are doing shirk. This is very bad manner.
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