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.
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U have been voted to develop ur area. Do that first. We muslims don't have any issues if your women's go to temple or not go to temple. It's ur internal matter. We don't interfere. Pls do not interfere in our matters. U have right to do whatever you want to do. We don't come there. So do good to your are in this 5 years and next time also u will get elected for your good deeds. I feel sorry for those who voted you. God bless India.
Ahlan Wa Sahlan welcome to all faith include prathap simha
If in case any muslim women tried to engter Sabarimala temple it is 100 percent her fault. As entry of women is not allowed in this temple, she should respect the rules and should not put herself in trouble. What is the need to her to enter in a restricted area. In case she believes Sabarimala as God, why is she represents as Muslim. None will stop her from follwoing Ayyappa religion as Islam or muslims will not lose anything if she ruins her present and future. As she has no respect to her own religion how can we expect her to respect other religions. she might be doing it to get publicity or she is bribed to do so.
My dear friend, none will stop entry of women of any religion in masjid, but they should pray separately. Many masjids have prayer room for women as they are not allowed to mix with males while praying. However, for your information, it is preferred to muslim women to pray in home and there is no force on them to go to masjid to pray. This is a facility provided to them and in case any woman wants to pray in masjid it is due to the nfluence and unnecesary advice of any person.
Dear ex bhakat, he is a member of kesari jihad organisation.
Yes All Women are welcome. Irrespective of Faiths.
Yes , all faiths are permitted to enter mosque .
E.g. Sheik Zayed Mosque , Abduhabi.UAE.
Please google it if am wrong.
Because u people are borries
Anyone can entre mosque. But women cannot mingle with men in mosque unlike in temples and churches. There will be separate place for men and women. Unfortunately, in India most of the mosques have no facility for women. But Prophet Muhammad (pbuh) warned men against preventing women’s entry into mosque.
What the hell you are asking sir? Are u promoting love jihad?
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