PFI leader among two arrested in RSS worker Sharath murder case

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.

Hubli, Feb 17: A local court here on Monday sent three Kashmiri students who were arrested on charges of sedition to judicial custody till March 2.

They were arrested for allegedly raising pro-Pakistan slogans and posting a video of the same on social media, told police.

All three were taken into custody by the police on Sunday night and were produced before a local court on Monday.

Mangaluru, Mar 8: A cruise ship with a Panama flag has been turned back at the New Mangalore Port here following the Centre's advisory in the wake of the coronavirus outbreak, officials said.

The vessel 'MSC Lirica' was sent back on Saturday as the Union Ministry of Shipping had directed all ports not to allow any cruise ship from foreign destinations to call on Indian ports.

No further details about the ship were disclosed.

New Mangaluru Port Trust chairman A V Ramana said the ministry has directed all ports to deny entry to cruise ships till March 31 in the wake of the coronavirus scare.

Around 25 vessels were expected to call on the port here during the cruise season.

Meanwhile, the National Disaster Response Force (NDRF) conducted an awareness programme on prevention of coronavirus COVID-19 at Mangaluru International Airport.

The stakeholders were sensitised on handling passengers affected with covid-19 and precautions to be taken for dealing with affected passengers.