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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She is the best External Foreign Minister india ever had. Lets pray for her speedy recovery. India need her badly.
Some sarcastic comments by our dignified readers are unwarranted, as an External Affairs Minster she is doing commendable job unlike her predecessor.
We need to learn to appreciate people irrespective of their political affiliation and/or faith. I pray to Almighty to give her good health to serve India and Indians living abroad for many years to come.
Prophet Muhammad pbuh taught us a beautiful DUA to ask with our CREATOR, who Created the heavens & the earth and all that is in between them.
\ O ALLAH, Lord of MANKIND ! Remove our suffering, Heal us as YOU are the HEALER, and None can HEAL but YOU. I beg YOU to bring about healing that leaves behind no Ailment....
Alhamdullillah (Thanks & praise is due to ALLAH) for guiding me on the knowledge that benefits in our LIFE.."
Poor lady..... the Isa visa issue will start haunting her....before that she wants to get herself admitted so that she donot have to face the media and opposition for ANOTHER BLUNDER by her team (first one was Lalit Modi visa)
She is doing a good job as a foreign minister....may God help her to recover speedily ...
oops ...MAY b terrorist attack on her chest...
Wholeheartedly Pray for Early Recovery. Sushma is one of the Best Foreign Minister in India, ever had. And wonderfully she is Human, though she is in BJP!
Let her go to England to get treated when Lalit Modi and Vijay Malia will pay the bill. Vasundra Raji will be her attender.
Why an VIP room of AIIMS is wasted for such unpatriotic people.
She is an able minister and wish to thank for her services to my nation. I do not see her political color but she has worked beyond the narrow confines of political outlook. May God bless her good health.
Hope this capable and very able minister recovers soon. best external affairs minister in india's history.
You are the pride of India madam! Let God give you all the strength !
She hardly does her job as a minister of external affairs since modi is doing all the travelling not giving her a chance to make her mark as mea. She is probably stressed out because of that.
Get well soon mam. Nation needs you!!
Get well soon madam.
Stress of The Job.
Disturbed to hear that EAM Smt @SushmaSwaraj ji has been admitted to AIIMS. Wish her speedy recovery & good health.
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