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
May 17,2020

Mangaluru, May 17: A team of staff and students from the Department of Electrical and Electronics Engineering, NMAM Institute of Technology, Nitte, have designed and developed a simple and cost-effective touch-less hand sanitiser dispenser kit at Research and Innovation Centre, Nitte.

According to a release here on Sunday, NITTE said that the most effective medicine for Covid-19 is social distancing, frequent use of sanitiser, and washing hands regularly. In work areas, many people sharing common sanitiser might lead to issues.

The developed product dispenses sanitiser upon sensing the presence of the hand. The product has features like automatic hand detection, indication for power, and sanitiser quantity in the system.

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News Network
January 8,2020

Mangaluru, Jan 8: A 23-year-old youth has been booked under the POCSO Act on charges of abduction and sexual abuse of a minor girl.

Police said on Wednesday day that the accused identified as Aneesh Dias, a resident of Chikkamadnur has reportedly gone absconding. The victim, who hails from Puttur, is a I PU college student.

The victim's parents had filed a missing complaint with Puttur Rural police as their daughter did not return home after leaving home for college. The police investigating the complaint traced the girl.

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coastaldigest.com web desk
May 2,2020

Newsroom, May 2: The Delhi Police’s move to book Delhi Minorities Commission chairman Zafarul Islam Khan under sedition charges over his social media statement condemning Hindutva bigots has raised many eyebrows. 

A pubic statement has been issued in solidarity with Zafarul Islam Khan by a group of NGOs and citizens which condemned the media trial targeting Khan.

The statement demanded legal action against those who are distorting Khan's Facebook post and spreading false propaganda against him.

Delhi Police Special Cell registered the FIR against Khan on the complaint of a Vasant Kunj resident. The complaint came to the Lodhi Colony office of the special cell, after the assistant commissioner of police (ACP) Safdarjung Enclave forwarded it.

The investigation has been handed over to special cell inspector Praveen Kumar.

According to the FIR, Khan has been booked under several sections of the Indian Penal Code -- 124 A (sedition) and 153 A (Promoting enmity between different groups on grounds of religion, race, place of birth, residence, language, etc,).

Khan on April 28 had posted controversial comments on his Facebook page. "Mind you, bigots, Indian Muslims have opted until now not to complain to the Arab and Muslim world about your hate campaigns and lynchings and riots. The day they are pushed to do that, bigots will face an avalanche," Khan had written on Facebook.

However, the Delhi Minorities Commission's chief on Friday had apologised for his controversial remark and had said that he never tried to tarnish the image of India. He also removed the controversial post from the social media and issued a prolonged clarification.

 

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JMJ
 - 
Monday, 4 May 2020

Thank god... Our law and order works..... Unforturnately not all the time and most of the time work selectively

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