Mangaluru: Gulf-bound man released by NIA; no evidence of ISIS link

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.

Mangaluru, May 2: The Dakshina Kannada district administration is gearing up to make necessary arragements at the Mangaluru International Airport as the Centre has shown green signal to bring back stranded Indians from the Gulf countries. 

Karnataka is making efforts to bring back 10,823 people stuck abroad. Apart from Mangaluru, Bengaluru Airport also will be used. As many as 6,100 people will be transported in first stage with speical flights. Soon after their arrival, the administraion will send them to compulsary quarantinement in Dakshina Kannada, Udupi, Kodagu and other neighbouring districts.

Dakshina Kannada MP Nalin Kumar Kateeel said that the govt has made elaborate arrangements to conduct medical test on arrival at the airport. As per plan, based on medical check-up, they will be categorised as group A/B/C. Later, they will be quarantined for the mandated days, he added.

The following is the break-up Kannadigas stranded abroad: 4,408 people are tourists/visitors, 3,074 students, 2,784 migrants/working professionals and 557 shipping crew.

Countries from where stranded people will be brought back to Karnataka in the first stage include Canada (329), the US (927), the UAE (2,575), Qatar (414), and Saudi Arabia (927).

Bengaluru, Mar 6: PVR Cinemas on Friday launched its five-screen multiplex in here, augmenting its presence in Karnataka across 15 properties to 103 screens and to 46 properties and 286 screens in southern India.

With this opening, PVR consolidates its growth momentum in the current financial year 2019-20, so far opening 83 screens in the year and bringing its portfolio to 841 screens at 176 properties in 71 cities.

"We feel proud to cross the 100 screens milestone in the state of Karnataka at the very beginning of the year," said Joint Managing Director Sanjeev Kumar Bijli.

"Southern India has a strong market with significant growth potential. In Bengaluru, we have introduced some of our best formats and offerings owing to the nature of preferences by our customers," he said in a statement.

Pramod Arora, Chief Growth and Strategy Officer at PVR Ltd, said the company will continue to enhance the consumer experience through innovation and set new benchmarks in the Indian multiplex industry.

PVR is the largest and the most premium film exhibition company in India, serving over 100 million patrons annually.