Cong playing caste politics in Karnataka; BJP’s only agenda is development: PM Modi

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.

Mangaluru, May 2:  Dakshina Kannada district administration has taken steps to quarantine people returning after having lost their jobs in foreign countries.

Marriages hall, general halls and hostels are being identified for the purpose, a source said.

Official said that Coronavirus scare also has forced many people from foreign countries, those in including Gulf countries, to return to their native villages.

The Gulf countries are also sending back those staying illegally there. 

Once the flight services resume, thousands of people are likely to return to the country.

Meanwhile, DK deputy commissioner Karnataka held a video conference with Chief Minister BS Yediyurappa.

Hubballi/Vijayapura, Feb 26: A 40-year-old resident of Talikoti town in Vijayapura was arrested on Tuesday and charged with sedition for allegedly saying 'I Love Pak Army' on a social media page and sharing a video of a song, 'Pakistan Zindabad'.

Police said they registered an FIR against Meru alias Merusab Hasansab Byagwat on a complaint filed by a contractor, Ashok Rathod of Nebgiri Tanda.

Byagwat has been booked under IPC sections pertaining to sedition (124A), promoting enmity between communities and making assertions prejudicial to national integration (153 A & B), among others.

In his complaint, Rathod said Meru had posted the video on his social media account on February 22. Rathod said he took a screenshot of the video and made some inquiries before approaching police.

Police said Meru would be produced in court soon.

Police said they are keeping a watch on pro-Pakistan activities. On Monday, slogans praising Pakistan surfaced on the walls of a government primary school in Budarsinghi. In the third week of February, three Kashmiri students shot a video hailing Pakistan and circulated it on social media in Hubballi.