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.
Comments
Dear media
why you doesn't mention hindu terrorists because he is not a Muslim name r8
BJP is lost in its arrogance
What you cultivate that you harvest. BJP may lose all assembly elections in future including LS. Let them be an arrogant tusker for few more days
Where is NIA?
Naren, when are u coming back to India, to place the meat bag in the Nagabana and to start a riot..... we are missing Mutalik, so you should fill his vacancy.....
Viren ...if it's a bajrangi victim....if minority then terrorist.....please clean your brain with water....not go moorhra....you may change your mindset
Haha there is no shortage for babu bajrangrees in India who are ultra nationalists ....today we might have tears ...but table will turn towards Islamic millitants for sure ...
This is what happens, they do but minorities are labelled as traitors
NAREN LOST HIS TWO BROTHERS....! STILL WE FEEL PITY...
Natasha....well said... God bless you .... May Almighty show us the way of humanity....... In your list of allegations, just add one more point.....Place the meat bag in Naga Bana and blame the Minorities.....this is what happened in Bhatkal recently....
VIREN..........Yes He is victim of Terrorism because he is scape goat in RSS terror Game ....same like Praveen /Prashanth poojary
@Viren, exactly you are right.. and also the cow killed Prashanth Poojary.. simply media blaming Banjrang Daakus and VH Saddists as murderers. Dont be blind in religion that you cannot make what is right from wrong
Wa Makaru wa Makara Allah wa’Allahu Khairul Makereen’ (Quran: Surah Aali Imran 3:54) 'They planned and Allah planned and Allah is the best of planners’.
our country is marching towards VINASH because of these Hindutva Aatankies (BJP, RSS, VHP, Shiv Sena, Ram Sena, Gay Rakshak etc.) They are treating all non Hindus as their slaves (Dalits, Chiristens & Muslims) & the governing BJP & MP Mr. Mozi are giving them full support. Gujarat under Mr.Mozi in past was same against Muslim.They are playing dirty politics.
Suno na Cheddi marmar...
ki yeh dhamake
Kuch bhi nahi hai...
aage tumhaare
Aaj se chappal pe mere...
raaj tumhaara....
Cheddi tumhara
What a great news. After Udupi incident, this news will surely cause at least a mild heart attack for the party of thugs.
Thank you God for averting a terror attack and punishing terrorist
Ethics of journalism is murdered here. Deekshit is a victim. not terrorist. Kannur is a place where PFI had organised terror camp years ago. Central government must intervene and expose the reality.
You traffic cows
You make bombs
You hoist Pak flag in India
You raise anti national slogans
You kill innocents
Then why the f*** you put the blame on Muslims???
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