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.
A judge in the province of Pordenone on Friday converted a four-month prison sentence handed to the woman into a 30,000 fine plus 600 euros cost.
Comments
Very good news. More clampdown needed.
they did not ask her innerwear ... what if she has suicide vests and detonate it once coming inside ... where ever u are there u must follow rules of the land .if not why to go and settle ,30,000 euros not enough 100,000euros must ...
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Dear Haters and the HOnest Non muslims ... READ QURAN atleast once in your lifetime the more early its better for YOU and your family to know the CREATOR of all that exist including YOURSELF and the evil going around in this world...
Thequranproject online is well explained with scientific facts and logic about the creation and the life after death..."
This is very bad....every human kind has his or her own democratic way of leading life....no one should be allowed to interfere with it.....European countries, people go with bra and underwear....judges support and enjoy with it...and need that kind of life....if someone protect their body and chastity from bad eyes....these bloody judges don't like it....
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