Amit Shah’s son’s company grew by 16,000 times in one year

Benglauru, May 17: A garment company manager jumped to death from his third-floor house on Saturday, four days after having killed his wife and wrapping her body in a blanket. 

Manish Kumar, 42, gave a relative and neighbours frightening moments before committing suicide at AECS Layout, Kudlu Gate, Southeast Bengaluru. The relative had come over after Kumar’s brother called him from Delhi, saying he had stopped responding to phone calls. 

The relative, who lives in Hongasandra, arrived at Kumar’s house around noon. He knocked on the door which was bolted from the inside but didn’t get a response. When he asked the neighbours, they said they didn’t have a clue. The relative and the neighbours decided to break the door open. 

But as they entered the house, they got the shock of their lives. Kumar was slitting his wrist with a blade. He then ran into the bathroom and locked himself in. They followed him and asked him to open the door. But he ignored them. They had to break open the bathroom door, too. By this time, Kumar had slashed his hands, chest and other parts of the body. Waving the blade at them, he asked them to stay away. 

Even the relative and the neighbours pleaded with him to drop the blade, he ran out and jumped off the building. He was taken to a hospital but it was too late. 

A bigger shock awaited them. They felt a foul smell emanating from the house. When they went in, they found the decomposed body of Kumar’s wife, Sandhya, 35, wrapped in a blanket. They called the cops. 

Police found a death note purportedly written by Kumar on May 12. “We suspect he killed her on that day,” said a police officer investigating the case. 

Police said the death note specifies what made Kumar kill his wife and commit suicide. Sandhya suspected him of having an affair since he regularly chatted up some bar dancers he had met in Gurgaon and Delhi. She accessed his phone and saw the calls and the WhatsApp messages he had sent them. The issue rocked their marital life and they often fought over it. He then decided to kill his wife and commit suicide, as per the death note. 

Police said Kumar appeared to have spent the last four days at home, with his wife’s body wrapped in the blanket. “We don’t know whether he tried to dispose of the body or didn’t want to see it,” the officer said. Police couldn’t determine how he killed her and are waiting for the post-mortem report. 

Joshi Srinath Mahadev, DCP (Southeast), said the couple hailed from Bihar. “We are waiting for Sandhya’s relatives to arrive in Bengaluru. A case of murder and suicide has been registered at the Parappana Agrahara police station.” Another officer said the couple had a love marriage.

Bengaluru, Jul 22: Congress MLA Priyank Kharge has questioned the Karnataka government on the alleged breakdown of oxygen in the intensive care unit (ICU) at ESIC hospital in Kalaburagi, saying he had got complaints that eight persons who were on ventilators had died.

He asked the government if it is "deliberately" hiding something about the patients that were admitted in ESIC.

"I have got complaints that eight people who were on ventilators are dead in ESIC Kalaburagi because there was oxygen breakdown in ICU. ESIC has not been admitting patients as the issue has not been resolved. Nobody is confirming or denying it. Is the Government deliberately hiding something?" he asked.
Kharge also accused the government of not having adequate facilities to combat COVID-19 in different parts of the state.

"I hope I am wrong, but if it is a fact, this ascertains that the administration has lost control over Corona pandemic in the district. No addition testing centre. No beds are available. PPE Kits and medical waste is thrown in Gulbarga Institute of Medical Sciences (GIMS)," he added.

According to the Union Health Ministry, there are 67420 COVID-19 cases in the state.

Mar 16: An investigation into Coffee Day Enterprises Ltd., initiated by its board after the death of founder V.G. Siddhartha, is likely to conclude that at least Rs 2,000 crore is missing from its accounts, according to people familiar with the matter.

The months-long probe following the suicide of Siddhartha in July examined the financial transactions of India’s largest coffee chain and its dealings with dozens of private companies owned by the entrepreneur. The draft report, running more than a hundred pages, points to thousands of rupees that have gone missing, said the people, asking not to be named because the details aren’t public. It also details hundreds of transactions between the founder’s listed and personal businesses that were not conducted at arm’s length, they said.

Though the report is in its final stages, the precise details could change before its release, expected as early as this week, the people said. The missing funds could total more than Rs 2500 crore, one person said.

“The investigation report is still a work in progress, and not finalized,” a spokesman for the company said. “The board of directors and the company are unaware of its content at this point of time. Hence it would be premature to speculate on the investigation findings.”

The priority for management and Siddhartha’s family “is to keep the business running in a challenging environment and meet all stakeholder commitments, including 30,000 jobs associated with the group,” the spokesman added.

The disappearance of the 59-year-old founder last year stunned India’s business community. He had last been seen telling his driver he was going for an evening walk along a bridge in southern India; his body was found by local fishermen two days later. A letter delivered to Coffee Day’s board and employees, which appeared to be signed by Siddhartha, described massive debts and complained of pressure from lenders and tax authorities. It claimed he bore sole responsibility for the company’s financial transactions.

The probe began about a month later when the company brought in Ashok Kumar Malhotra, a retired senior official from India’s federal enforcement agency, to investigate. A senior lawyer practicing in India’s top court is assisting, the company said in a regulatory filing at the time.

The publicly traded Coffee Day was supposed to be India’s answer to Starbucks Corp. More than 1,500 of its Café Coffee Day outlets blanketed cities and highways, with affordable options for the country’s aspiring middle classes. The chain’s tagline: “A lot can happen over coffee.”

But the empire has been battered since the founder’s death. Its shares plummeted about 90% and its market value dropped to about $80 million. Trading was suspended in February.

India’s regulators are tracking the situation and may use the company’s final report as part of a deeper dive into its internal affairs, the people said. Coffee Day showed about Rs 2400 crore in cash and cash equivalents on its balance sheet as of March 2019, the most recent figures the company has issued.

After the death of Siddhartha however, the company faced a severe liquidity crunch and had “zero cash in the bank,” according to one of the people. It struggled with day-to-day expenses and paying salaries has been a strain, the person said.

The draft report details personal guarantees by Siddhartha for loans taken by Coffee Day, and his unsecured loans at high interest rates from local money lenders, the people said. It also probes Coffee Day’s defaults to coffee growers and other vendors, they said.

A related issue is that coffee estates owned by Siddhartha and several employees had been used as collateral for bank loans. The report found that valuations for properties were inflated to get the loans, one person said.

Investigators have examined several theories about what happened to the company’s money, including whether Coffee Day was manipulating its finances to show cash and profit and whether Siddhartha was taking cash out of the listed company to pay off a large investor to whom he had guaranteed a return, the person said. From the filings of his listed and private companies, the entrepreneur’s loans had totaled more than Rs 10,000 crore, and he had been squeezed by borrowing to repay interest on earlier loans, the person said.

In the letter purportedly from Siddhartha, the entrepreneur said he had tried his best but failed as an entrepreneur. “I am solely responsible for all mistakes,” the letter read. “Every financial transaction is my responsibility. My team, auditors and senior management are totally unaware of all my transactions. The law should hold me and only me accountable, as I have withheld this information from everybody including my family.”

As the report nears release, Coffee Day is finalizing a deal with Blackstone Group Inc. for real estate assets. A large tranche of the payment is due in about a week, one person said.

Coffee Day said it is working to reduce its debt load by divesting non-core enterprises.

“The aim is to save employment and preserve this iconic Indian brand,” the spokesman said.