Drunk man hurls chocolate bomb' at Karnataka CM

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.

New Delhi, Mar 11: In the wake of the ongoing political crisis in Madhya Pradesh, Puducherry Chief Minister V Narayanasamy on Wednesday said that Bharatiya Janata Party is using Jyotiraditya Scindia to usurp power in the state and that the former Congress leader has "fallen into the trap."

"#BJP is enacting the strategy the way they did in #Karnataka. It is murder of democracy #JyotiradityaScindia has fallen into the trap. He will realise the himalayan blunder very shortly. BJP after using #Scindia will through (throw) him out. I am confident Shri Kamalnath prove majority," he tweeted.

The Chief Minister's comments came at a time of political turmoil in Madhya Pradesh after Scindia and 22 MLAs resigned from the party on Tuesday.

Scindia is likely to join the BJP today.

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.