Will give Rs 10 lakh for eliminating "pro-Pakistan" sloganeers: Sri Ram Sena leader

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.

Feb 25: Two Customs Preventive officers allegedly involved in gold smuggling cases in Kerala were removed from service, a top official said in Kochi on Monday.

Sumit Kumar, Commissioner of Customs (Preventive), Kochi, said that he took action against Radhakrishnan B, Superintendent of Customs, and Rahul, Inspector of Customs, who were allegedly involved in gold smuggling cases in the state.

Radhakrishnan was involved in attempted smuggling of gold weighing 24998.61 grams having a market value of over Rs 8 crore through Thiruvananthapuram international airport on May 13, 2019, Kumar said.

Rahul was involved in attempted smuggling of gold weighing 11,035.54 grams valued at over Rs 4 crore through international airport on August 19, 2019, the Customs Commissioner added.

Radhakrishnan is currently lodged in Central prison, Thiruvananthapuram after the Central Economic Intelligence Bureau under the Union Finance Ministry issued detention order under COFEPOSA (Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974).

Rahul, against whom detention order under COFEPOSA was issued, is absconding.

"Two Customs officers of the Customs Preventive Commissionerate, Kochi, who were involved in gold smuggling cases were removed from service by Sumit Kumar, Commissioner of Customs (Preventive), Cochin," an official release said.

Kumar said that both the cases were booked and investigated by the Directorate of Revenue Intelligence and while show cause notice under Customs Act 1962 has been issued against Radhakrishnan, investigation is under progress in the other case.

"Both the officers were removed from service, after due process of law under Rule 19 of the Central Civil Services (Classification, Control and Appeal) Rules, 1965," the release said.

Bengaluru, May 20: Ride-sharing company Ola Cabs said on Wednesday it will lay off 1,400 of its employees due to business uncertainty caused by the coronavirus pandemic while the revenue has come down by 95 per cent in the past two months.

"The COVID crisis continues to unfold all around us causing unprecedented economic and social destruction. It has also become evident that the coronavirus will not be eliminated any time soon," wrote co-founder and CEO Bhavish Aggarwal to all Ola employees.

"In these circumstances, today I write to all of you with the toughest decision I have ever taken -- the need to downsize our organisation and let go of 1,400 of our valued employees," he said.

Aggarwal said the fallout of virus has been very tough for the cab aggregating industry in particular. "The company's revenue has come down by 95 per cent over the past two months," he said.

Initially, he said, the company hoped it would be a short-lived crisis and that its impact would be temporary. "But unfortunately, it is not been a short crisis. And the prognosis ahead for our business is very unclear and uncertain. It is going to take a long time for people to go out and about like before."
With more companies preferring to have a large number of employees work from home, air travel limited to essential trips and vacations being put off for better times, the impact of this crisis is definitely going to be long-drawn, said Aggarwal.

"The world is not going to revert to the pre-COVID era anytime soon. Social distancing, anxiety and an abundance of caution will be the operating principles for everyone," he told employees.

Aggarwal said the crisis necessitates the need to conserve cash aggressively so that Ola is able to invest in opportunities in the future, adding the downsizing exercise has been a very tough and sad decision for the management team to make.

"While we restructure our organisation to the new realities of our business, we are also going to recommit ourselves to strengthening our operational excellence and leverage a lot more technology to improve efficiencies and reduce cost across all parts of our business," he said.