Every girl should become like Mangaluru Mayor Kavita and face challenges: Siddaramaiah

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, Jan 30: The BJP government of Karnataka has given green signal to the proposal of hiking milk prices by Rs 2 per litre.

The new prices will come into effect from February 1. Seeking revision of prices, the Karnataka Milk Federation (KMF) had submitted a proposal last week to the state government. Alongside the revision of milk prices, the state government has also hiked the prices of curd by Rs 2 per liter.

The sudden hike in the prices of milk, curd is likely to have a cascading effect on the milk related beverages such as coffee, tea, and milkshakes with hoteliers and eateries mulling to increase the prices of coffee and tea following the hike in prices.

Sources in the state government revealed to DH that out of Rs 2, farmers will be getting a lion’s share as their accounts will be credited with Rs 1. Another 40 paise will be given to the farmers towards the insurances of their livestock.

Another 40 paise will go to the milk salesmen in the form of commission. The remaining 20 paise will be distributed among the workforce at the milk cooperative unions as an additional incentive.

Jan 6: A Thane resident lost a little over Rs 1 lakh in an online fraud involving popular payment gateways, police said on Saturday. The complainant, a resident of Patlipada, wanted to sell his furniture and posted an ad on Facebook on December 21, an official said.

On December 24, he received a call from one Rajendra Sharma who offered to buy the furniture and wanted to transfer the amount through payment gateways — Paytm and Google Pay, he said.

However, instead of the money getting credited to his account, the complainant found that Rs 1.01 lakh were debited from him during three transactions on two payment gateways, the official said.

The complainant realised that he had been cheated when the accused assured that he would return the money and asked him for another account number, he added.

An offense has been registered against the unidentified accused under section 420 (cheating) of the Indian Penal Code and Information Technology Act and further investigations are underway, he said.