Tragedy strikes family as 5 kids drown while taking bath in river

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, Apr 18: The Karnataka government has managed to get the contact details of nine out of 10 foreign nationals who had visited Jubilant Life Sciences, a pharmaceutical company in Mysuru district's Nanjangud which has been declared a coronavirus hotspot, State minister S Suresh Kumar said on Saturday.

As many as 66 people have tested positive for COVID-19 in Nanjangud.

While investigating the source of virus in what is now known as 'Nanjangud cluster', the Mysuru administration could get information that 10 foreign nationals had visited this town, Kumar told reporters.

Soon the External Affairs Ministry's help was sought which managed to track nine of them, Kumar said, adding that the MEA contacted its embassies in China, Germany, Japan and the USA to track these persons.

"Out of 10, they could contact nine and got details. All of them have said that they were all healthy and they did not have any symptoms.

Hence, they did not feel the need to undergo COVID-19 tests," the minister said.

He opined that many people do not show the symptoms but they could be carriers of the virus.

Coronavirus India update: State-wise total number of confirmed cases, deaths on April 18

"It all depends on the person's immunity," Kumar explained.

A foreign national from Germany who had visited Nanjangud could not be reached as her contact details were not available.

Feb 3: The Karnataka government is probably the only state to have so many nodal agencies to deal with investment proposals. There is the KIADB, Karnataka Udyoga Mitra, State High Level Clearance Committee (SHLCC), State Level Single Window Clearance Committee (SLSWCC) and District Level Single Window Clearance Committee.

While the government claims these have been created to speed up the process of setting up industries, they’re only delaying it. “A four-to-five year delay in acquiring land has become the norm,’’ say industry sources.

“These entities are only adding layers of obstacles to investors and is not really helping industries,” said a senior IAS officer.

While DLSWCCs are headed by deputy commissioners are empowered to clear investment proposals up to Rs 15 crore, SLSWCC, headed by the industries minister, clears proposals more than Rs 15 crore and up to Rs 500 crore. Proposals worth more than Rs 500 crore have to be cleared by SHLCC chaired by the CM. These entities have to meet regularly and clear proposals. But often, these meetings don’t happen as scheduled. “The delay starts from here,” said Vasant Ladava, industrialist and member of Karnataka Industries and Commerce, Bengaluru.

The single-window agencies involving representatives of departments like industries, revenue, pollution control board and forest are supposed to collectively give necessary clearances required for industries. “But, of late, they have become only project approvers without other responsibilities, leaving investors in the lurch,” said Ladava.