Speeding car rams into electric pole; cops avert major catastrophe

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.

Bengaluru, Apr 22: Former Chief Minister and the Opposition Leader in the Karnataka Assembly Siddaramaiah appealed the state government not to discriminate the poor on political lines while distributing relief package to the COVID-19 affected people in the state.

He was speaking to newsmen after attending a grocery kits distribution programme, organised in Jayanagar Assembly constituency, which was represented by the Congress MLA and former minister Ramalinga Reddy.

Charging that there are complaints about the state government in discriminating the Congress MLAs represented constituencies in providing relief kits to distribute among the poorer sections in the society, he said that “there should not be no room for politics, while fighting the COVID-19 disease”.

Bengaluru, Feb 6: Karnataka government has launched an aggressive awareness campaign against the novel coronavirus across the state with a special focus on its bordering areas in wake of the three confirmed cases of the deadly pathogen in neighbouring Kerala.

According to Health Commissioner Pankaj Kumar Pandey, "All necessary information on the virus, its symptoms and precautions are being announced at public places like bus stops via radio from time to time."

“A video regarding the same is also being played in 500 cinema halls, advising masses to take precautions," he said.