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
No need to point thier members, they all are the wings fo desh drohi RSS. In Karnataka all will epxerinece their
communal and hate speeches only for vote bank. They might think by the name of cunning religion and caste polcy they will succeed to devide our Great country. In INDIA normal citizens will never accept RSS groups policy to accept their upper caste and lower caste Hindu policy and targeting other religion.
Rest of the Nations are living peacefully with all religion why can't we .
India is the only country in the World fight against dirty british invader with Non Voilance. For that we all to salute the great man Mahthma Gandhi. RSS criminals never supported or they parcitipated during nation freedom strugle with dirty britishers. Now they are looking to devide our Nation but never, hence we all have to stand together ; be unite to save our NATION form these evils. Then no time very shorlty their organization and their criminal institutions will be vanished from all corners of NDIA.
Jai Hind! Jai Karnataka !
These disgraceful caste based un secular Muslim appeasing Sid Ra Miya of Conning-ress, is equating Bajrang Dal & RSS with some of the parties (A--i Na---al) which it sponsors, RSS has proved for many years that it is a party doing many social services, this cheap fellows will be in power for barely another 4 months
CM has problem in a mental stablity ot he is drunk should we call for ban for Congress Muslim party who looks for their votes
Sid RA Miya, Conning-ress, & Parakasha Rai/Raj are already Hob Nobbing with PFI, SDPI, & many similar organizations directly & clandestinely
@Mangalurean. Very few sane, Hindus, have such guts. Others all are chameleons..and turn color whenever get a better chance.
I wish, he was not in Congress, which helped RSS grow into such a giant organization and now a school of teaching hatred to innocent common Hindus.
Salute. Many common Hindus feel the same way, unless they are in politics.
So the President, Vise-President and the Prime minister are terrorists? India is a terrorist country now then. This idiot will be shown his place in the next election.
BIG sallute to Siddaramaih!!
HE the CM of Karnataka has guts to speak the truth of hidden Agendas of against our nation as well Karnataka...!
in fact who killed the BOMBAY POLICE CHEIF of Mumbai, its RSS becouse very soon he wanted to open mouth of big shots who are enjoing the government protocol and security today..
Almost all leaders and prominents in India are THUGS but some also TERRORISTS.
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