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.
Comments
This women has gone crazy.... evey time she opens her mouth she spills hatred and venom.... i laugh and feel pity on those people who elected her on what basis they have elected her i dont know.....can you point out a single area where she has done good thing for the society...... i havent seen she speak about her work about the development....... she is into communal politics only
Get "wedlock with Yeddi", 2nd time ?
Abhi counsi shaadi ?
soon she will be out of BJP....
BJP has no need to join hand with other terror-communal organisations. They are one who spits communal venom all the time
Who joined hands with PDP?? Thuppakki Shobha forgot that..!!
Wonderfull Akkama Akka, what about Baj Ranji? Terrorist RSS? What about your Yeddi Chaddi?
you pull of the gate, one way Trafic? not good nowadays every were two way trafic Akkamma, being sitting MP you have no knowledge because always behind Yeddi. so better hang yourself or get wedlock with yeddi, then only you Improve>
BJP's policy, those who pass deregatory remarks and spread communilism, they will get ministerial berth. During next reshuffle Shobakka will become a Minister of Communalism. Shobakka, don't be too smart, otherwise you will loose your looted Coffee Estate in Madikeri.
what about PDP Shobha kandodi arent they anti-nationals now ?
Yabba Khandody opened the mouth. Created only for desh drohi rss activity and communal clash.
jaa bahen shadi kar le... you will have better life than this...
Madam,
If we agree by your words, then what is your government in center is doing. Ban them. You want to play politics by keeping them active and polarise hindu votes. One think you forgot that people of coastal karnataka are highly educated. Yor can see the latest PUC results. So dont fool. It may backfire on you. Jai Hind
This woman always spits the venom on other community...
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