Karnataka polls: With assets over Rs 1,020-cr Priya Krishna is the richest candidate

Bengaluru, Jul 26: A year-long probe by Coffee Day Enterprises Ltd (CDEL) has found that its late founder V G Siddhartha routed Rs 2,693 crore out of the company to Mysore Amalgamated Coffee Estates Ltd (MACEL), another privately-owned entity of him.

The MACEL owes Rs 3,535 crore to subsidiaries of Coffee Day Enterprises as of July 31, 2019 of which only Rs 842 crore was accounted.

"Therefore, a sum of Rs 2,693 crore is the incremental outstanding that needs to be addressed," said the report of an investigation headed by Ashok Kumar Malhotra, a retired DIG of Central Bureau of Investigation (CBI) and assisted by law firm Agastya Agastya Legal.

Siddhartha was found dead in early August 2019, and many suspected that he had committed suicide.

Steps are being taken by subsidiaries of CDEL for recovery of dues from MACEL, the company said.

"The board authorised the Chairman to appoint an ex-judge of the Supreme Court or the High Court, or any other person of eminence, to suggest and oversee actions for recovery of the dues from MACEL and to help on any other associated matters," it said in regulatory filings at stock exchanges late on Friday.

The probe further gives clean chits to the Income Tax Department and the private equity firms who Siddhartha in his parting letter had alleged of harassment.

"We have not been provided with any documentary evidence to draw an inference that there may have been any advertent or inadvertent harassment from the Income Tax Department," said the probe report.

The probe also highlighted severe liquidity crunch at CDEL in the build-up to Siddhartha's death.

A committee supported by senior professionals was formed to protect the interest of all stakeholders. CDEL said the debt levels which were about Rs 7,200 crore on March 31, 2019 have been brought down significantly by Rs 4,000 crore. The present debt of the group is around Rs 3,200 crore.

"The disinvestment process in the group continues and we are confident to have effective solution to all stakeholders," it said.

Mysuru, Mar 7: Karnataka Minister for Medical Education K Sudhakar on Saturday said that State Government may consider suspending the touch-based Biometric time and Attendance system for its employees in view of the COVID-19 threat.

Speaking to media persons while inspecting the medical infrastructure at KR Hospital here on Saturday, he said that many IT companies have already suspended the Biometric Attendance system in a bid to prevent the spread of the virus. Given the threat perception, the government was also contemplating the same and would consider it. However, he did not specify the date.

With regard to the preparedness to handle the threat, the Minister said the government was extremely cautious since last 20 days and had taken all precautionary measures. “All international passengers at the airport are being screened and so far nearly 1 lakh passengers have been screened and anyone with symptoms will be quarantined for 28 days.’’

Mysuru, Feb 23: A Quarantine station for rescued wild animals for rehabilitation will soon come up at Chamundi Animal Conservation, Rescue and Rehabilitation Centre at Koorgalli, an independent facility developed by the Mysuru Zoo on the outskirts of the City of Palaces and it complies with the recommended quarantine procedures followed globally by Zoological gardens.

The work on the construction was expected to start soon as the tender process had been under progress.

The Zoo was using its own funds to develop the facility for multiple animal species and to ensure that no infections from the wild animals were spread to the healthy animals already in captivity since many years.