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
SDPI CONTESTING THAT PLACES, THEY HAVE ALREADY SDPI STRENGTH, SDPI WILL GOT MLA SEATS.
Sdpi knows where to contest election and not to...This kind of torture is faced by minorities in every elections. Enough is enough we are tired of INC's fake promises. If you don't work for the welfare of the community you don't deserve to be elected.
No more threats on " if no Congress then BJP will come to power "
AWAAM KI JEET SDPI KI JEET
JAI SDPI
What is contribition for Minority past years. can u mention here.
every on know whom to vote.
Who are you "congress miniority cell" to ask this question?
what you contribution for miniroity since last 70 years?
answer is: Sachar Report that u gave us & Babri Masjid that u taken from us ( 2 important role muslims still suffering)
BJP is just for agenda for u,
We will support SDPI wherever we want
Its our choice now dont spoil Muslims name for your personal benefit
*"We are minorities, we cannot have our own representative.. even other parties are right in not fielding a candidate from minorities as the possibility of winning is very weak. So, why to waste a vote. Better to go with so called secular parties as before"*
These words often we hear here & there, every now & then. Such kind of opinion among our friends, family really pushes our morale down. We celebrated like as if we won, when the person we voted won. But everyone of us should ask ourselves *have we really won ?* We voted a party for years & years & *has the position of our community changed ??*
Leave aside the development & welfare promises, most important question is *are we secure in our own land ??*. Some people do ask *Why only SDPI ?* *Why can't we support a Muslim candidate from other parties ?* Yes we can support if he really does fight for welfare of the community. But we all have seen, we voted many times & sent them to speak for us. But our problems fell on their deaf ears & they became dumb when they really had to speak.So we don't have any expectation from them.Its time to know that we need one among us to represent us.So, that *our voice reach assembly & make a noise there*. it should alarm & awaken others who have been sleeping for years .Truth is that even a member can make other 100 tight lipped secular members open their mouth.One question will open door for 100 answers..Until somebody is there to cry & fight for us, we are not going to get anything. Remember the saying *crying baby only gets the milk*.
If one carefully analyse through the last assembly elections Muslim candidate have lost Muslims in Muslim dominated constituency. In many cases winning margin is thin as many independent Muslim candidates cutting through the votes. This may be the strategy of the BJP in coming assembly elections as well. Other factors are small regional parties lise SDPI which directly responsible for Congress to lose in Mysore Lok Sabha elections. MIM has cost nearly two dozen seat in UP is the worrying fact.
Congress is shedding tears now after losing 15 seats in Gujarat with a small margin. Had they spared couple of seats for BSP and NCP they would have easily won 13 seats ...‘As you sow, so shall you reap’.
Wake up INC & start discussing & shares the seats with growing , popular & true secular,agitative & politcal party SDPI or else it will be too late...
One SDPI MLA enter in ASSEMBLY will open mouth of all minority MLA , this time must go one MLA FROM SDPI,
Never ever one and only SDPI
Congress itself is the reason for failure in Gujarat, they didn't join hands or not ready to talk with BSP or NCP. while checking recent statements of ING party, it also going favor to soft Hindutva, instead of this let them join hands with SDPI to fight against saffronization or else they will pay for it as they did in Gujarat.
my opinion SDPI will win 2 to 4 seats with any party support in Karnataka this time, more than 40+ places chances of coming in the second place ... congress should make their strategy now and move on.. best of luck Cong+SDPI.
This is congress strategy till date, minorities especially muslims are well aware of all these tactis. Never they work hard or do anything for minorites rather they just show BJP as a devil and gain votes. Vote for all these secular parties with a clever startegy where they can be made victories. We can see that bjp is out of power and also see that along with congress 4-6 MLA from these parties enter assembly and make the changes.
On one hand Rahul Gandhi is instructing Karnataka Congress govt to stop so called "Minority Appeasement" and on other hand the Minority wing of Karnataka Congress is begging Muslims to stay away from Sdpi and MIM. This shows us Congress is not yet decided its stand on Muslims in coming MLA Election. Whereas SDPI has its stand very clear about contesting the elections with positive Political views. We will support SDPi wherever they contest for election. Whereas we ask Congress to alliance with SDPI in order to save BJP from coming into throne. Sdpi and Congress should be together to defeat BJP. Hence Congress should offer SDPI some of its seat. That will be clever move from Congress.
There is nothing new in KPCC Minority Wing's view, this is what Congress has been telling for almost 7 Decades. Why only SDPI & MIIM, why not JDS and other secular smaller parties, they too cause division of Muslim and secular votes. JDS has got many infulential Muslim figures such as Farook Bhai, Rauf Puttige and many from Coastal belt, then countless Muslim leaders from other parts of Karnataka. Are they not dividing Muslim votes.
I agree with Minority wing - hold discussion not only with SDPI & MIIM but other small progressive parties, thinkers such as Dwaraknathji, Bhaskar and about 15 such people who are decided to contest election this time, Congress should support them, not to field candidates against them. Let some more JIGNESH's come out from Karnataka, let us here different voice of revolutionary thinkers in the Assembly.
An Historical opportunity awaiting for Congress in Karnataka to silence Fascist forces. Dont blame or terrify Muslims, rather work strategically. The ball is in Congress Court!!!
To kick out all communal ; anti INDIA forces from our beloved NATION INDIA. All should unite and vote for the best secular party with ballots. Decline ; reject EVM system then only you can make impossible thinks to possible. Stand togehter and deman for BALLOT voting system then only you will aware who is for the country and who is not. At present there are big deal programs are going on behind screen with communal groups which INDIAN never experienced in the past. Now this is the right time and we the peace loving KARNATAK people to start. For the best government and ruling select qualified young energetic with good back ground. Don't support criminal and communal mind candidate.
We need our GREAT NATION to unite always and shine as number ONE in UNIVERS.
Jai Hind! Jai KArnataka !
They might have good ideologies. But people should recognize as a winning party.
otherwise no use. We dont have objection, if these New parites can win.
We know it will take many years to be strong enough to win in the election New parties
Better be smart, wise support to Congress, atleast much safer than BJP. otherwise you are answerable to your God for not using your brain.
May God bless.
Expression or Minority Wing of All India Congress Committee is quite correct, otherwise same Gujarat situation will prevail in Karnataka too. All Muslims should vote to a single party.
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