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New Delhi, Jul 25: Nearly a year after Cafe Coffee Day founder V.G. Siddhartha's death, the probe committee appointed by the Board of Coffee Day Enterprises Ltd (CDEL) has given a virtual clean chit to private equity investors and the Income Tax Department who were named in his last letter.
The investigation report noted that Siddhartha may have felt "aversive behavioural stimulus" due to persistent reminders from the PE investors and other lenders.

"However, such reminders and follow-ups by the PE investors and lenders are not something which are beyond normal industry practices and we believe that PE investors were acting as per accepted legal and business norms," said that report.

It further said that the investigators were not provided with any documentary evidence to show any "advertent or inadvertent harassment" from the Income Tax Department.

It however, said that the financial records suggest a serious liquidity crunch which may have arisen due to the attachment of Mindtree shares by the IT Department.

Further, the probe revealed that MACEL, a private firm of Siddhartha, owes Rs 2,693 crore to Coffee Day Enterprises, which the report says, "needs to be addressed".

The Cafe Coffee Day founder's body was fished out of the Netravathi river in Karnataka by a group of fishermen on July 31 last year, a day after he went missing.

His last note raised several questions about the role of investors, and tax officials.

He had written: "Tremendous pressure from other lenders lead to me succumbing to the situation. There was a lot of harassment from the previous DG Income Tax in the form of attaching our shares on two separate occasions to block our Mindtree deal and then taking possession of our Coffee Day shares, although the revised returns have been filed by us. This was very unfair and has led to a serious liquidity crunch."

The massive shock to the industry and the country also led the government to assure that tax officials would not harass businessmen and the situation would improve.

Bengaluru, Jul 21: A man was arrested on Tuesday for riding his high-end bike up to a speed of almost 300 km per hour on a flyover here during ongoing lockdown, police said. After a selfie video of the man's reckless ride went viral on social media, police arrested him for putting his life and that of others at risk and seized his 1000 CC bike.

Identified by police as Muniyappa, he rode his bike on the nearly 10-km long Electronic City flyover, accelerating almost to 300 KMPH as he whizzed past some vehicles, including cars autorickshaws and trucks that were moving in both directions.

"This video made viral by the rider...going at a dangerous speed of almost 300 kmph at Ecity flyover putting his own & others life at risk..CCB traced the rider & seized bike Yamaha 1000 CC.. handed over to traffic (police)," Bengaluru Joint Commissioner of Police Sandeep Patil tweeted, tagging the video.

A case of reckless driving has been registered against him, police said. They said the incident occurred during the week-long lockdown in force in the city and outskirts till Wednesday morning to contain the spread of coronavirus, leaving most roads deserted as people remained indoors. However, it was not known when exactly he undertook the ride. A fortnight ago, three youths who were doing wheelies on the city roads met with a ghastly mishap and lost their lives.

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Bengaluru, Feb 23: Bolstered by the Supreme Court's interim nod for the gazette notification of the Mahadayi Water Dispute Tribunal award by the Central government, Karnataka decided to allot funds for the drinking water project in the state's northwest region, an official said on Saturday.

"Funds will be allotted in the state budget for fiscal 2020-21 to complete the Kalasa-Banduri project across the Mahadayi river for supplying drinking water to the four drought-prone northern districts in the state," the official of the water resources department told media on anonymity.

As Chief Minister B.S. Yediyurappa also holds the finance portfolio, he has agreed to allocate funds for the project, held up for years in the legal battle with the neighbouring Goa and Maharashtra over the sharing of the river water among the three coastal states.

Yediyurappa is slated to present the state budget for the ensuing fiscal in the legislative assembly on March 2.

"We will resume the project work once the Centre notifies the award though it will be binding on the final outcome of the apex court's hearing the review petitions of Goa and Maharashtra against the Tribunal award," the official noted.

A division bench of Justice D.Y. Chandrachud and Justice Hemant Gupta on Thursday passed an interim order on the Tribunal award, allowing the central water resources ministry to notify it for implementation and posted the case for final hearing in July.

The Tribunal on August 14, 2018 allocated 13.42 thousand million cubic feet (tmcft) of the river water to the southern state for irrigation and drinking water supply to towns and villages across Bagalkot, Belagavi, Dharwad and Gadag districts, which are in the arid region of the Deccan plateau.

The four districts are about 400-550 km northwest of Bengaluru in the southern state.

Of the 13.42 tmcft water, 5.5 tmcft will be used in the river basin and for diversion into the depleted Malaprabha reservoir while the balance 7.92 tmcft will be utilized for hydel power generation instead of allowing the water to go into the Arabian Sea on the state's west coast through Goa.

Goa, which opposed Karnataka's demand for 36.66 tmcft, was allocated 24 tmcft, while Maharashtra got 1.3 tmcft.

The Tribunal assessed that 188.06 tmc feet water is available at 75 per cent dependability.

The three-member Tribunal is headed by Chairman Justice J.M. Panchal, Justice Viney Mittal and Justice P.S. Naayana.

The Union government had set up the inter-state Tribunal on November 16, 2010 for the djudication of the Mahadayi basin water allocation among the three riparian and contiguous states.

Goa and Maharashtra claimed 122.6 tmc feet and 6.35 tmc feet of the river water respectively.

The Tribunal, which commenced sittings on September 6, 2012, held 1,209 sittings for over 6 years.

Supreme Court senior counsel F.S. Nariman represented the state before the Tribunal to present its case.

The Tribunal's chairman and two members inspected the river basin area across the three coastal states from December 12-24, 2013.

The 77km-long Mahadayi or Mandovi river originates at Bhimgad in the Western Ghats in Belagavi district and flows into the neighbouring Goa through Maharashtra and joins the Arabian Sea off the west coast.

Though the river flows 29 km in Karnataka and 52 km in Goa, its catchment area is spread over 2,032 km in the southern state as against 1,580 km in the western state (Goa).