Mangaluru: BJP minority leader detained as cops tighten security for Tipu Jayanti

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.

Udupi, Apr 25: Senior RSS leader H Somashekhar Bhatt received a call from Prime Minister Narendra Modi on Saturday enquiring about his health.

Bhatt got emotional hearing the Prime Minister's voice at the other end, family sources said.

The Prime Minister called at 8.30 AM and began the conversation with 'Somashekharji' and spoke for about six minutes.

The 85-year-old veteran recalled how the Jana Sangh came to power in Udupi municipality under the leadership of V S Acharya in 1968 and about his association with the Sangh Parivar through the decades and his imprisonment during the Emergency.

Bhatt, former Udupi municipality president, later said it was a rare honour for him.

"I am very glad that PM Modi called and spoke to me. I shared the experience of meeting him at the Jaipur session.

Asked to take care of health and expressed concern," he said.

The Prime Minister has been calling senior functionaries of the party who worked for the Sangh Parivar in the time of adversities to build up the BJP in its present form and seeking advice from them.

He had also called in recent days former MLA Ram Bhat who was elected from Puttur in Dakshina Kannada and D H Shankar Murthy, who was former chairman of the state legislative council, BJP state president Nalin Kumar Kateel tweeted.