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.
According to the reports, Shahnawaz, a resident of Uttar Pradesh's Saharanpur district, about 500 km from here, called his wife a few days ago and pronounced the word talaq' thrice and severed all relations with her.
Comments
He is a crazy without having any knowledge of islam. He only knows Talaq but does not know how to implement or follow it. such people are bringing shame to muslims and Islam. He should apologise for this great mistake and ask for pardon from Allah. May Allah give him right knowledge of Islam.
Rikacha ....idu democracy kanappa ....sumne avara paadige avaranna bidakke agalla ...crimes ge nimge non sharia beku ...kabbaddi adakke personal laws beku ...haha......hogappa ...eradu peg haaki ...bidko ...ohh ivattu yaava college hathra nu beat hogilla anths kanuthe raja Alva adikke....
I don't understand why non Muslims are more interested then Muslims to discuss about this subject. Mind your own business guys....don't disturb Muslims...they know what is good for them....
Very bad ...women are considered as property and I met one divorcee but well educated ..her husband left her just becoz she had baby girl ..he is roaming freely in India and she was in trauma ...later one good hearted married her ..of course he is a Hindu ...now they stay in Singapore only ...to send sexual abuse and polygamy ..govt must bring strong rules ....
Request everyone to watch video on triple talaq by Br.Imran. https://www.youtube.com/watch?v=MwNAgNNE-lI
This is an ignorant act to Claim a divorce, Divorce, in Islam is the most uncalled act for any man or women. The conditions and procedures are highly thoughtful & very clearly mentioned in Quran. A short example of one of the conditions: A triple Talaq doesnt mean reciting the word thrice & done, but, Giving a waiting period of 1 month to resolute and try to improve in between each claim of Talaq.
I would wish the commentators here just go through what the Quran says from the right source and understand the integrity of Justice given to both gender. This holds good for generations that's passed and for future to come.
When such incidents happens..
its a way Non Muslims & Some ignorant Muslims will know the reality of the divine law.
We Muslims know that Devils are most happy when couple part...
So a true Muslims will try to stay together as much as they can save their marriage form splitting each other.. and There is an option for the couple who could not go along with the partner.. (For eg : if the husband is dunkard and wife have a chance to give khula (talaq) or if the wife is dunkard and husband can have the option of giving talaq despite several warnings to quit the habit)
WE see compared to other religions, Muslim divorce rate is very less...
I would request the Non Muslims and the ignorant muslims who misuse this divine law to look the answers from the source or please check below video
\Br.imran Answering About Triple Talaq To a Non Muslim Sister\"
Well EXPLAINED .."
I don't know why the other part of women's right in Islam is not highlighted to public....they forgot how sita was left back in the jungle with luv and kush....can we know the reason please.......
If there is rift between couples, if every ways of compromise failed to unite them... is there any other solution other than divorce ? whether he proclaimed thru phone or writing letter or any other valid means , discussion on 'way of talaq' is second option.. discussion on 'condition of couple's relationship' should be first option for discussion...
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