Udupi: Sea erosion damages concrete road near Padukere

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.

Tumakuru, Feb 5: Former Lokayukta Justice N Santhosh Hegde has questioned the integrity of the B S Yediyurappa led BJP government as it has not taken an action to abolish the Anti Corruption Bureau (ACB) to re-establish the Lokayukta in Karnataka.

Speaking after felicitating the retired scientist of NASA Gopal Iyengar at the Karnataka Public School at Kadaba in Gubbi taluk he reminded that the BJP had promised to establish the Lokayukta.

"No party will like to strengthen the Lokayukta and now BSY is also tightlipped and even put an end by appreciating that ACB has been doing a good job", he regretted.

In fact, the Lokayakuta had the power to prosecute even the top brass of officials and now the ACB cannot without the government's permission, he clarified.

He denied any remarks on the CAA and NRC but observed that the youths of the country have been misguided by the politicians as they lost their focus on education by involving in protest rallies.

"I suggest they to straight away take a political plunge instead of getting misused at the hands of the politicians with selfish motives", he said.

Bengaluru, Apr 30: Chief Minister B S Yediyurappa, has directed the Bengaluru City Police to return all the vehicles, which were seized during the Coronavirus Lockdown period, for having flouted rules.

The City Police Commissioner, Bhaskar Rao, informed that it was decided to return the seized vehicles to the owners, after verifying documents.

He said that the vehicles had been seized while enforcing strict guidelines, issued to prevent the spread of the COVID-19 virus, in the city.