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.
Responding to queries of media persons regarding the anti-hijab agitation in some colleges in the state by Sangah Parivar backed students, the minister said thathijab' should not be identified with any religion.
Comments
Sreenivasa for you if u say all muslims goto GCC country to follow the rukes of islam thn were you will send the to the rajsthani women everyone cover there head even we cant see there face until they show there face and even many hindus also use to cover there head with there saree and were you will send thm can you tell me whn you people do pooja u also cover your head with ur saree or duppata wht abt tht were you will send GCC or the other country do u have dont blame other religons they do wht they blive india is not made only for RSS and hindus india is of maltiple religon and maltiple caste and multiple festivle dont blame others b like a brother if u cant let others live like brothers dont try to do brain wash of good hindus ok
@shrinivas.
That means Sita mata is Muslim. we can see that Sita Mata is wearing hijab in all her pictures and idols.
Dear Srinivas, the comments from your side shows how much childish you are. If eductaed, they will utter these type of words. India Is the country for all religon and practicing their faith is given to every one by constitution. If you think that you are not happy with this , you can search for the place of your choice , where you can practice your faith. So don't try to misguide the people. Simply relcoate yourself to the place where you can practice your religion. India is not suitable for people like you. Because in india every one want to live togtehr. If we united we can develop. If we devided we will perish. That what otehr countries want with india.
@ Srinivasa, why you people are wearing threads around wrist and Panganama on foreheads.... Any one is opposing... that is your culture and ideology .....Dear Sini, have you checked the reality... have you seen girls covering their faces in the CLASS ROOM
@srinivaasa. If Hindus want hindutwa and blah blah blah let them go to Nepal. India is the country of Muslims, Hindus, christian, and many more .. in short it's the country of Indians. And coming back to sharia.. it's the constitution rights what Muslims
whether you take it as positive or negative, my comments upon the subject is: Dear non hijab ladies, Kindly don't start to wear hijab. you want to expose your figures to public and public simply enjoys it. i too feeling lot of things in my mind. it just because of you only force me to think such manner. specially young ladies (College Students) whoever not wearing hijab please don't wear. if you start wear it is very boring to come out from the home.
Good move from the education minister, thank you sir. India is a secular nation and anyone can follow their own tradition and custom.
@Sreenivas, dont provoke the matter, instead of wasting your time in getting yourself provoked please understand with any good muslim person about Sharia Law by that you will come to know what Islam is and what it teaches, you said to follow sharia we should go to muslim countries (LOL). Everywhere you find Islam you will find sharia law. My brother please dont provoke any matter and dont come to conclusion soon.
Such issues began only after communal force came into power,
If sita mata can wear hijab. Then all hindu womens should wear hijab.
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