Hubballi's businessman buys Mallya's 2 luxury cars for mere Rs 1.58 lakh

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, May 10: Karnataka on Sunday reported 59 new cases of coronavirus, taking the total number of cases in the state to 848, informed state health department.
Out of the total number of cases, 422 people have been discharged and 31 have died due to the infection in the state.
The health department further informed that six COVID-19 patients are currently in the Intensive Care Unit.

Bengaluru, May 13: Gym and hotels, which had remained closed due to lockdown to combat spread of Coronavirus, would be allowed to function from May 17, Karnataka Minister for Tourism C T Ravi said on Wednesday.

Speaking to the media, after a meeting with Chief Minister B S Yediyurappa here he said that the Chief Minister has agreed to give permission to gym, hotels and golf clubs to function and as they have assured to maintain social distance and follow other guidelines of the lockdown.

Mr Ravi, who is also Minister for Youth Empowerment and Sports, further said that reopening of hotel industry would help in attracting tourists. Opening of gym and fitness centre was important for sports persons and regular exercisers.