There are 42 FIRs against Yeddyurappa; Let him come out of them: Siddaramaiah

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.

Bengaluru, May 20: Karnataka State Road Transport Corporation (KSRTC) had to confront an unprecedented situation as there was a commotion at bus stands in various parts of the state due to the mad rush of passengers.

Deputy Chief Minister Laxman Savadi, who is in charge of the transport department, admitted that there were some shortcomings in the arrangements. He, however, was confident that things would improve from Wednesday.

As against the dearth of passengers in the bus stands in Bengaluru a day ago, Wednesday witnessed an overwhelming crowd blaming BMTC authorities for not providing enough buses for all the destinations on time.

Some of the employees who were asked to report to duty before certain time were facing difficulty in reaching the office in the absence of bus despite having daily pass and arriving at the stand well in advance.

Authorities were finding it difficult to convince the public as a bus could ferry only 35 passengers at a time which was way less than the demand.

Bengaluru, Jan 24: On the last day of his four-day trip to Davos, Switzerland, to attend the World Economic Forum, chief minister BS Yediyurappa urged the global business community to invest in cities other than Bengaluru in the state.

On Thursday, while extending an invitation to entrepreneurs to participate in the Global Investors Meet in November in Bengaluru, Yediyurappa highlighted the “conducive investment climate” in the state vis-a-vis others by pointing to its 7% growth rate which is much higher than the national average of below 5%.

He also pointed to the state’s rich history and the fact that it is home to a number of desi MNCs such as Infosys, Biocon Wipro and Dynamatics. “At the same time, the state has one of the lowest unemployment rates compared to the national average,” Yediyurappa said.

In his address to heads of businesses, industries minister Jagadish Shettar also urged investors to consider Tier 2 and 3 cities for investment. “Land banks have been created in Tier 2 and 3 cities and regional connectivity has improved. Let us strive to place Karnataka on a highgrowth path,” Shettar said.

Lending a “helping hand”, Union minister Piyush Goyal, in his address, appealed to the community to invest in Karnataka, which “has a robust and congenial industrial atmosphere”, but also urged them to spread “tentacles” to all parts of the country.