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
He earned lot of money through spreading false news. After getting lot of money. now he decided to start his own to suck BJP.
I think the center has given him the cooked story to prepare himself before the Bhopal fake encounter case to bohw bohw on the news-hour....thats y he resigns it seems....now he knows the real fact of the feku......Allah will give him Hidaya...
Who ever speaks for Mr .Modi will get XYZ Security. Soon Anupum Kher will also get same facility.Ordinary People work hard and pay TAX. But our Modi Govt uses for all these useless people's Security.
India is Growing India is Shining.
LET HIM GO... WHO WANTS TO KNOW THE REASON... I DON'T.... AND PLZ TAKE AWAY HIS GOVT SECURITY... DONT WASTE OUR TAX MONEY ON SUCH PEOPLE ..............
Finally coward has resigned. Great news for our country's peace and prosperity.
Surely his bad time is nearing, AWASANA KALADALLY VIPAREETA BUDDI
He will start reading news in Khaki chaddi now
Definitely some thing worst expected from this fellow. Might be joined with some anti nation communal group. Other than that nothing nation will expect.
God save our media and the nation.
Jai Hind
Wasting Tax payers money on useless reporter's security.
He will start new channel. RSS now
He will start Patanjali Times with Baba Ramdev.
He is going to make a new news channel with Modi ....Fakes Now.....
Or next Modis spokesperson.....sure....
May be he read the QURAN and understood the REALITY on how EVILs in this world trap people by spilling out venom & by twisting the real FACT.
Arnab goswami where are. You? Nation is worried
When are you coming back
Arnab please come back soon... People are asking \itna sannata kyu hai bhai!!!\". I have not been able to focus at work, getting irritated quickly, not able to eat my dinner, getting sleepless nights.., please come back and tell the nation that you are not dumping all of us!!!
Your viewer from New York!"
MOHAN BHAGAT IS WAITING WITH HIS ARMS OPEN.
Thank god... Finally an end to noise pollution, after Diwali.
Peaceful new year ahead
thank God. Now Indian Journalism is saved from disaster . Work of journalist is to preach truth not to bark and fire in air
The viewers will miss his famous style of questioning the guest panelists: THE NATION WANTS TO KNOW!!!!!!!!
We miss your News hour . Waiting to see you launch a global channel.
He will start a new channel: Name will be TIMES BOW WOW
Crazy man!
Modi would take him in his cabinet.....cant say....\Birds of feather flock together\""
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