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.
Comments
RIP ...plis some one filled the on naga devata ... I think he retrun to naga loka ....
Yaar please call the creator as god....not creation....koi bhi jaati ho...don't take the characters of valmiki tales and call all the characters in it as GOD....keep it device...not every Pathar kutta billli saamp GO ect
Hinduism is commonly perceived as a polytheistic religion, Indeed most hindus would attest to this, by professing belief in multiple gods. while some hindus believe in the existence of 3 gods. some believe in thousands of gods and some other in thirty three crore i.e 330 million gods how ever learned hindus who is well versed in scriptures insist that a hindu should believe in one god.
The major difference between hindu and muslim is perception of god is common. Hindu belief in philosophy of pantheism. pantheism considers everything living and non living. to be divine and sacred.the common hindu therefore consider everything as god.he consider sun moon snake monkey etc and even human being as manifestations of god!
Islam on the contrary, exhorts man to consider himself and his surroundings as example divine creation rather then as divinity itself. Muslim therefore believe that everything is God's i.e the word god with an apostrophe 's'. In other words muslim believe that everything belong to god. The tree snake monkey etcin the universe belong to god.
Thus the major difference between the Hindu and Muslim Beliefs is the difference of apostrophe 's'. The Hindu says everything is god. The Muslim says everything is God's. Therefore 'WORSHIP THE CREATOR NOT HIS CREATIONS.
How can a god bite and kill his creations?
Yeh Wrong No. hai, Read your authentic scriptures and ponder on it.
RIP!
Superstition belief....snake does not spare anyone....but it should have...cant play with it....
we cannot blame the snake here because
girls know that is god as per hindhu culture but
snake dont know that it is god
Cow, buffalo, Rat, Elephant, Crow, Monkey, Donkey, Snake.. What next? Mooka praani galella dewara? worship the creator not creations! and specially not animals..
Indians are foolish, this happens only in India they do not know what to worship linga, snake, monkey, donkey, pig etc.....
Yes to cover their cunning and so called deva bhakti, some will start to blame that lady. Punishment from Naag devtha and they will continue these bling practice.
karana rao, Where is naga loka?
Whatever may be the reason, we lost a precious life. Pray for God's mercy on the poor family.
Snake is not God or it will not take you to God. Worship the creator and not his creation.
this is called mooda nambike and she deserve for it.
she will directly go to nagaloka, lucky girl.
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