Workplace mishap: Indian expat’s body repatriated from UAE to Mangaluru

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, Jun 8: The Bharatiya Janata Party (BJP) on Monday fielded Eranna Kadadi and Ashok Gasti as it's candidates for the June 19 Rajya Sabha elections from Karnataka, ignoring the recommendations of the state BJP unit.

The state unit had recommended the names of Prabhakar Kore, Ramesh Katti and Prakash Shetty.

The names of the two candidates were announced in a party statement in Delhi.

The election is scheduled on June 19 to fill four Rajya Sabha seats from Karnataka, represented by Rajeev Gowda and BK Hariprasad of Congress, Prabhakar Kore of BJP and D Kupendra Reddy of JD(S) that will fall vacant on June 25, with their retirement.

June 9 is the last date for filing nominations. Party sources said both Kadadi and Gasti come from an RSS background.

Kadadi hails from Belagavi, while Gasti is a resident of Raichur.

The 54-year-old Eranna Kadadi started his active political career in 1989 and unsuccessfully contested the assembly election from Arambhavi constituency in 1994 on a BJP ticket.

He had also served as the Belagavi district Panchayat president in 2010.

Ashok Gasti is a lawyer by profession and former general secretary of the BJP's OBC Cell.

He is the former chairperson of the Backward Class Development Corporation.

New Delhi, Feb 13: Ashoka Buildcon on Thursday said it has emerged as the lower bidder for a highway project worth Rs 1,035.5 crore in Karnataka.

The project entails four laning of a section of NH-206 in the state.

Ashoka Buildcon had submitted its bid to National Highways Authority of India for the project to be built on hybrid annuity mode under Bharatmala Pariyojana, it said in a BSE filing.

"The company emerged as the lowest bidder at the financial bid opening meeting held on February 13," Ashoka Buildcon said.

The quoted bid project cost for the project is Rs 1,035.50 crore, it added.

The company's stock was trading at Rs 103.05, down 2.78 per cent, on the BSE.