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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Communal ideology was kept in the freezer for more than 70 years by Nehru and Congress. Because of its Secular credentials, India got good name and fame in the world. Also India is developed much better than its neigbors under the Congress rule. Now the Communal forces are started to come out but mean time it is out dated. People do not want division in the name of religion and silly politics. We are not going to achieve anything by commenting on history nor we cannot blame any one what is happened in the history. What people need is : Good Hospitals, Schools and colleges, Electricity, Jobs, Good Roads - People need peaceful and comfortable life. Not this hell kind of Beef, Mandir Masjid politics. Any party should realize, people will vote for them just by raising these issues, they are only dreaming. Remember people voted Modi for Development not for Hindu Muslim politics. Any governemnt, please concentrate only on providing peaceful and comfortable life for the citizens of India. Nobody interested in Silly politics. Ultimately people will vote only to those who brings developments and non corrupt.
Yes. If you are the real man and have guts reveal the true histoty. Not Chaddi history.
Tipu sultan Jayanti invites you to to print the name of the Tiger and not the rat' s name.
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