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Late coffee baron Siddhartha routed Rs 2,693 crore from Coffee Day to another firm: probe

News Network
July 26, 2020

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.

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News Network
February 4,2020

Bengaluru, Feb 4: Congress MLA UT Khader on Tuesday alleged that B.S. Yediyurappa-led government has stopped providing free food to poor families under 'Anna Bhagya' scheme from last two months which was started by the Congress in the state.

"Former Chief Minister Siddaramaiah had started a scheme 'Anna Bhagya' under which free rice and wheat to 494 education institutions, NGOs, and old age homes were provided and the present government has stopped providing benefits to the poor people," said the MLA.

Alleging that the present government has stopped with the scheme Khadar said, "From last two months the government has stopped providing free food to the institutes and NGOs."

Khadar further demanded to restart the scheme to help the poor students.

"They should restart the scheme which supports poor students and old age houses, or congress will protest if the scheme is not restarted."

Last year in August, Karnataka Chief Minister B.S. Yediyurappa had said that his government has no plans to stop any "pro-people schemes" including Anna Bhagya.

"Our government has no plans to scrap any of the pro-people schemes. Our Government is a pro-people Government. I have already signed the file to release grants to continue the "Anna Bhagya scheme" the twitter handle of Karnataka Chief Minister's Office had quoted him as saying.

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coastaldigest.com web desk
June 9,2020

Kozhikode, Jun 9: Kerala Chief Minister Pinarayi Vijayan's daughter Veena T is all set to marry DYFI National President and CPM state committee member PA Muhammad Riyas on June 15. Interestingly, it's the second marriage for both. 

Veena, the elder daughter of Pinarayi Vijayan and Kamala Vijayan, is an IT entrepreneur based in Bengaluru.

According to sources, the marriage will be a simple function in Thiruvananthapuram where only close relatives will participate. The marriage registration has already been done. 

"It's only a private affair of two individuals," Riyas told media persons, reluctant to divulge more details. 

The 44-year-old Muhammad Riyas started his political career with the Students Federation of India (SFI) and climbed up the rungs through DYFI. He had unsuccessfully contested against UDF's M K Raghavan from Kozhikode parliament constituency in 2009. 

The son of retired IPS officer P M Abdul Khadar, Riyas is the familiar face of the left in primetime TV discussions, strongly articulating the CPM stance. 

A law graduate, he had begun at the grassroots level and gradually worked his way up the ladder. 

His marriage to Dr Sameeha Saithalavi, a former syndicate member of Calicut University, happened in 2002. The couple separated in 2015 and they have two sons aged 10 and 13. 

The 40-plus Veena is MD of the IT firm Exalogic Solutions since 2014. 

Prior to that, she was the CEO of RT Technosoft, a Thiruvananthapuram-based company owned by NRI industrialist Ravi Pillai. Before that, she had a six-year stint with Oracle. She has a son from her first marriage. 

"They both were divorced for more than five years. They knew each other and the marriage decision was taken by them only. It's completely a private affair," said a DYFI leader.

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coastaldigest.com news network
June 29,2020

Mangaluru, Jun 29: An elderly woman who was tested positive for coronavirus, breathed her last at the designated covid hospital in the city today.

The deceased was a 60-year-old resident of Ullal.

According to sources, the woman, was getting treated for ailments related to liver and heart.

More details awaited:

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