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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.

Bengaluru, Jan 19: Australia has conferred its highest civilian honour, the Order of Australia honour, on Biocon founder Kiran Mazumdar-Shaw for her contribution towards advancing the country's relationship with India.

Australia's High Commissioner to India Harinder Sidhu invested Mazumdar-Shaw as an Honorary Member within the Order of Australia (AM) in the General Division at a ceremony in Bengaluru on Friday, the Australian High Commission said in a statement.

An alumnus of Federation University Australia, Mazumdar-Shaw is the founder of Biocon, one of India's largest bio-pharmaceutical companies.

She contributes immensely to promoting women in STEM through the joint research programmes developed between Biocon and Deakin University, Australia, as part of her deep and long-standing commitment to gender equality, the statement said.

Mazumdar-Shaw - an Australian Global Alumni Ambassador - is also recognised for her sustained and significant contribution to industry academia collaboration between Australia and India, it said.

The ceremony was attended by representatives from Indian and Australian business, the diplomatic corps, and family, friends and peers of Mazumdar-Shaw, the statement said.

Speaking at the event, Sidhu said, "Dr Mazumdar-Shaw is a tireless champion of the commercial, educational, and people-to-people links between our two countries, and this award recognises her commitment to progressing the Australia-India partnership."

Honorary appointments in the Order of Australia are made to foreign nationals who have made an outstanding contribution to Australia or humanity at large.

Mazumdar-Shaw is the fourth Indian citizen to be awarded Australia's highest civilian honour.

This follows the conferment of superstar batsman Sachin Tendulkar in 2012, Former Attorney General of India Soli Jehangir Sorabjee in 2006, and Mother Teresa of Kolkata (Agnes Gonxha Bojaxhiu) in 1982.