Rs 120 cr hidden income, Rs 1.10 cr cash, 10 kg gold detected in I-T raids on MLA

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.

Mangaluru, Jul 15: A septuagenarian from Bantwal taluk died due to coronavirus infection at a hospital in the city taking the covid-19 death toll in Dakshina Kannada to 54.

The deceased was a 73-years-old and a resident of Kasaba village in Vittal, Bantwal. Recently eight members of his family were tested positive for covid-19 including his son.

He was admitted to a hospital in Mangaluru where he was tested positive for the virus. He did not respond to the treatment and breathed his last, sources said.

The final rites were carried out by a team of trained activists of Popular Front of India (PFI) at a designated graveyard. All necessary precautions were taken by the authorities concerned and police during the funeral.

Bengaluru, Mar 27: With the numbers of COVID-19 optimistic instances rising at an alarming price in Karnataka, the state is on the verge of coming into stage three of the coronavirus epidemic. Which means that the virus is spreading to individuals who haven’t any journey historical past to Covid-19 affected international locations or contact with a COVID-19 optimistic individual with such a historical past.
Consequently, authorities in Karnataka expect a surge in optimistic instances within the coming days. This surge is probably going to come from pockets throughout the state which have a lot of coronavirus suspects, primarily individuals who have returned from Covid-19 affected international locations.

Within the parlance of the corona epidemic fighters, these pockets are referred to as clusters. Bengaluru is one massive cluster with many suspects, a lot of whom are IT professionals who lately returned from Europe, USA and Australia, and many others. The coastal belt is one other cluster, with suspects who’ve lately travelled to Center East. There are different clusters in Karnataka, the place suspects are those that returned after a pilgrimage to Mecca.

Medical schooling minister Ok Sudhakar admitted that the speed of enhance of COVID-19 positives in Karnataka is alarming. For over a month, the state had restricted the variety of optimistic instances to single digits. Nevertheless, within the final 4 days, the quantity has gone up sixfold and Karnataka now has 55 instances, the third largest variety of COVID-19 optimistic instances within the nation.

Dr Sudhakar stated the federal government was changing each authorities hospital right into a quarantine centre to accommodate any variety of optimistic instances.

“Our goal just isn’t to get right into a scenario like Italy, the place the federal government has been lowered to expressing helplessness. In subsequent 20 days, now we have to keep away from moving into such a scenario. I visited Chinnaswamy and Kanteerava stadiums and we’re working out if the stadiums will be transformed into quarantine centres, if warranted,” Dr Sudhakar stated.

The state police are struggling to implement the lockdown due to non-cooperation from some folks. They plan to rope in celebrities to ship throughout the message on social distancing.

Whereas some with home-quarantine seals are discovered roaming within the streets, some nonetheless assume the lockdown is a vacation.

“We’re roping in film stars in addition to sports activities personalities to give out a critical message on COVID-19. If the message goes dwelling, it could assist us management folks to a big extent,” he added.