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.
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I think this hate monger belongs to the family of MP Shoba, Ananta Kumar, Giriraj etc. I am sorry to say that these people are illiterate and still kids. They dont know what is ammunition and where they are stored. They think food grains or water or any items for use in Masjids are ammunitions. These people are either fool or trying to fool public. They are agents of Sangh parivar and trying to create unrest in society owing to upcoming election. Karnataka Govt should take note of this hate monger and arrest him immedaitely. He should be stripped of MP post as he is not fit to this position.
Please invite him to the Masjid and show him how we worship ALLAH alone who has no partners. There is no God but ALLAH and Muhammad is his messenger of God... who conveyed the message of ONENESS of God who has no image....(NA TASYA PRATIMA ASTI) I think he should CONTEMPLATE on this verse of VEDAS to come near to the CREATOR of all that EXISTS. Picture will be CLEARNED when people PONDER on their own SCRIPTuRe which says GOD is 1 there is no SECOND and it has no image.... (Those who look honestly about the TRUE CREATOR, The CREATOR will Guide them to TRUTH)
Out of his brain...
ಅಯ್ಯೋ ಅದಕ್ ಯಾಕ್ರೀ ಸುಮ್ನ ಸ್ಟೇಜ್ ಪ್ರಾಟೆಸ್ಟು? ಜೋಶಿ ಸಾಹೇಬರ್ಗ ಮಸೀದಿ ಬಗ್ಗೆ ಸರಿಯಾದ ಮಾಹಿತಿ ಇಲ್ಲಾ ಅಂತೀನಿ. ಸಾಧ್ಯವಾದ್ರೆ ಇಸ್ಲಾಮ್ ಏನೂಂತ ತಿಲ್ಸಿ ಕೊಡ್ರೀ. ಪಾಪ! ಅವರು ಮಸೀದಿ ಅಂದ್ರ ಇಂಡಿಯನ್ ಆರ್ಮಿ ಗೋದಾಮೂಂತ ತಿಳ್ಕೊಂಬಿಟ್ಟಿದ್ದಾರೆ...
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