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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.

Kathmandu, Feb 12: Nepal has suspended the licence of a mountainous resort for three months due to poor security management and managerial weakness at the hotel where eight Indian tourists, including four minors, died of possible asphyxiation, according to media reports.

Kathmandu: Nepal has suspended the licence of a mountainous resort for three months due to poor security management and managerial weakness at the hotel where eight Indian tourists, including four minors, died of possible asphyxiation, according to media reports.

Tragedy struck a group of 15 tourists from Kerala when eight of them died on January 21 due to possible asphyxiation after they fell unconscious probably due to a gas leak from a heater in their room at a mountainous resort in Makwanpur district.

The tourists were airlifted to HAMS hospital here where they were pronounced dead on arrival. Makwanpur police said the victims might have fallen unconscious due to asphyxiation.

The Department of Tourism on Sunday imposed a ban on the operation of Daman-based Everest Panorama Resort for three months based on the report submitted by a probe committee formed to investigate the death of the Indian tourists from Kerala, the Kathmandu Post reported on Tuesday.

The department decided to shut down the resort as the report submitted by a probe committee pointed out poor security management and managerial weakness at the resort for the incident, it said.

The Ministry of Culture, Tourism and Civil Aviation had formed the probe committee under Surendra Thapa, the director of the Department of Tourism. After a field inspection, the committee had submitted its report a few days ago, pointing to the shortcomings of the resort.

During the investigation, the committee found the resort had not been following the recommended safety measures and was providing substandard services to its guests, The Himalayan Times reported.

Moreover, the committee discovered that the resort had not fulfilled the criteria set by DoT to be categorised a 'resort', it said.

Mira Acharya, director of DoT was quoted as saying by the report that the resort's operations have been halted as per Section 15 of Tourism Act-1979.

"If the resort owner wishes to resume services after three months of suspension, the resort should be upgraded as per the Hotel, Lodge, Restaurant, Bar and Tourist Guide Rules-1981 and also meet the criteria mentioned in a notice published in the Nepal Gazette under the title 'Hotel Classification and Criteria'," Acharya said.

She added that the resort would also have to undergo the Environment Impact Assessment to get the permission from DoT to resume operation.

Meanwhile, the resort management has said that they will work towards meeting the standards fixed by the department and run the resort efficiently.

"We will work towards meeting the standards fixed by the department and run the resort efficiently. We are saddened by the tragic incident. We will ensure that such incidents don't occur in the future,” said Sudesh Gautam, the operator of the resort was quoted as saying by the Kathmandu Post.

The group, after travelling to Pokhara -- a popular mountainous tourist destination -- was on their way back home and stayed at Everest Panorama Resort in Daman.

Those who were killed were Praveen Krishnan Nair, his wife Saranya Sasi and their three children and Ranjith Kumar Adatholath Punathil, his wife Indu Lakshmi Peethambaran Ragalatha and their son.

Everest Panorama Resort was established 28 years ago in Daman Simbhajyang area, a tourist destination in Bagmati Province. The tourist numbers, according to Thaha Hotel Association, have plunged after the tragic accident of January 27.