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
As he is journalist, he might have some sense.
We Muslims have the guidance from our prophet (Peace be upon him) in all aspects of our life.
Kuffar of Makkah, Taif have hurted him, troubled, though suffering lots of troubles he has set example of not retaliating them. He has slowly convinced what is true message, what is truth in it.
As he is journalist, it is not difficult to convince him the message of Islam. Usually most of the journalists are brave and they remain strong with truth. He is also from Kodagu. Try to meet him and debate with him on Islam. If Allah bestows him Hidayat, he might understand true message of Islam and accept it. We have example of Omer Bin Khattab - may Allah pleased with him.
"Madiddunno maaraaya" gaade maathu tilidirabeku
still 80% majority dogs in forest think that 17% lion will kill them one day..he is scared now!!!LOL
dont hurt any religion, all are good but people who become manager of god are very vrey bad.
if you want to do money, do in good way not by spilling venom about other religion. even if road cleaning also, that you will earn respect in front of GOD.
Assure God faith peace loving people will never do such threats. This is pre-plan and this fellow was tapped in the net. Now facing life threat by his in house people. This is their HQ conspiracy to destabilize the las and order and innocent publics normal life. After their god fther recent city visit their groups noted leaders are now in full pledge with their criminal mind set. All peace loving Kannadiga including Mr.Thammaiah and his family has to be carefull.
Such criminl incidents will appear more and more till 2019 election.
If you are a true follower, Nobody can hurt religious sentiments. Unwanted issue. He should be released. and he need protection also
He should be punished properly. He hurt religious sentiments and some media supported to that. They hid real facts.
Fake. Media worked for him. Now he cooked up new story
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