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.
Comments
Yedi & Shoba Always to be in Media with no Reason. Why is Media promoting when BJP says Madrasa is giving rise to Terrorist. Media is blowing things out of propotion. What happend with Hemanth Karkere(HK)? Who Killed him? He was telling the news of actual terrorist in India. Hope everyone remembers what HK revealed. I dont support any of the party. But BJP did biggest blunder by doing demonitization. Just to make their money white. People please grow up. See the Petrol price HIKE happening. Why SHELL petrol does not have Subisidy? Why GST is not introduced in Petrol ? There are so many things to think about. These people play with law & order. See yeddy is so confident giving Dhamki to Police. Only god can Save us !!!
The common man of India is struggling for fulfilling his basic needs, he wants peace, he does not need leaders who divide society on caste and religious grounds and create chaos and hatred in the country.
Well said, Most of the BJP leaders are responsible to created violation.
Statistics show that more Indians have been killed by RSS than by Pakistani terrorists.
Who then is worse?
Is she a member of parliment or she a member of RSS, I havent seen any statement from shobha who has talked of development from her mouth. every time her statement is about RSS/sangh parivar, Does she deserve a MP seat? its better she owes her full time to RSS intead of being a MP. Shame on her she represents the whole constituency not only RSS AND SANGH PARIVAR TERRORISTS
what STRATERGY to DISTURB PEACE OF OUR NAMMA NADU KARNATAKA
Fact is a fact, why Amit shah is not in the group,who is the main culprit holding 14 muderes on his head
"BJP gay nachgayne Illa",
if they have little shame left all these leadres would have not come to street with head's down for their super leaders who committed the crimes,
Indirectly it shows that they confirms what Mr Siddaramaih says..!!!
"nanu BJP nanu RSS", not full
"nanu BJP nanu RSS nanu BrahminBaniaJumlaParty", better!!!
Hindus beware of Brahmin Domination in RSS, they dominated exploited non-brahmins for past 5000 years, dont let them control us!!!
All are equal in Democracy, RSS is a Rascist organisation, majority leaders are Brahmins! Dont forget!!!
Congis are ######s, they were responsible for 1984.
Bjp are ######s, they were responsible for 1992, 2002.
Indira made a political decision, bad decision BUt a political one.
Advani, Joshi, Uma bharati gave speeches in Ayodhya which started riots killing of 3000 people.
Both parties have blood on their hands.
Both need to be sacked and someone better needs to be brought in.
@Truth
Excellent question. The current vicious atmosphere is because of them
Who perpetrated 1984 anti-sikh riots? RSS?
Good decision. Please go and sit in jail.
Nanu shoba matthu yediyurappa naau bjp rss bajarang te ... r.. r ... t ect.....
Another comedy by Sho-bokka. Please try a good mimicry
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