Krishna’s continued association with Cong led to I-T raids on Siddhartha’s firm?

coastaldigest.com news network
September 21, 2017

Bengaluru: Less than two months after the Income Tax department’s marathon raids on the premises of Congress leader D K Shivakumar, another tycoon from Karnataka has fallen prey to the central government’s powerful agency.

Non-NDA political parties often accuse Prime Minister Narendra Modi-led government of using I-T department and Central Bureau of Investigation for political vendetta. Interestingly, this time the “victim” of I-T raid is the son-in-law of an 85-year-old BJP leader who had recently quit Congress and openly praised Modi and his policies.

Rumours were rife that S M Krshina had to jump the ship and join BJP earlier this year just to save his tycoon son-in-law V G Siddhartha from a positional I-T raid.

However, BJP supremo was not happy with Krishna’s continued association with the Congress leaders even after formally joining the saffron party. Besides, recent bypolls in Karnataka had drastically lowered the BJP’s exceptions on this Vokkaliga stalwart.

If sources are to be believed, Krishna’s lack of enthusiasm in strengthening the BJP in Karnataka ahead of next assembly polls and star-turned-Congress leader Ramya’s penchant for criticizing Modi government’s policies also had irked Amit Shah. On the other hand, Siddhartha had continued to maintain his apolitical image.

Who is Siddhartha?

57-year-old Siddhartha, who hails from Chikkamagaluru, founded the Amalgamated Bean Coffee Trading Company in 1993, which was later renamed Coffee Day Enterprises Ltd. The chain, which operates over 1600 cafes was first started in 1996 with single outlet in Bengaluru.

Siddhartha comes from a coffee plantation owning family, and has multiple business interests in industries such as furniture, real estate, investment consulting, agri exports and logistics. He is known to be a serial investor, and has diversified Coffee Day Enterprises portfolio through holdings in Mindtree Consulting and many other companies. Krishna had reportedly played a key role in Siddhartha’s sudden growth.

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News Network
January 18,2020

Mangaluru, Jan 18: The Dakshina Kannada District Karavali Utsava Samiti has chosen senior Journalist and Assistant Editor on Udayavani Daily Manohar Prasad for the Karavali Gaurava Prashasti 2019-20.

The award will be presented to Manohar Prasad in recognition of his contribution in the field of Journalism.

He will be given the award during the valedictory of the Karavali Utsav at Panambur beach on January 19.

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Agencies
January 21,2020

New Delhi, Jan 21: With the IMF lowering India's economic growth estimate for the current fiscal to 4.8 per cent, senior Congress leader P Chidambaram on Tuesday claimed an attack on the world body and its chief economist Gita Gopinath by government ministers was imminent.

He also alleged that the growth figure of 4.8 per cent given by the International Monetary Fund (IMF) is after some "window dressing" and he won't be surprised if it goes even lower.

"Reality check from IMF. Growth in 2019-20 will be BELOW 5 per cent at 4.8 per cent," Chidambaram said in a series of tweets.

"Even the 4.8 per cent is after some window dressing. I will not be surprised if it goes even lower," the former finance minister said.

IMF Chief Economist Gopinath was one of the first to denounce demonetisation, he noted.

"I suppose we must prepare ourselves for an attack by government ministers on the IMF and Dr Gita Gopinath," Chidambaram said.

The IMF lowered India's economic growth estimate for the current fiscal to 4.8 per cent and listed the country's much lower-than-expected GDP numbers as the single biggest drag on its global growth forecast for two years.

In October, the IMF had pegged India economic growth at 6.1 per cent for 2019.

Listing decline in rural demand growth and an overall credit sluggishness for lowering of India forecasts, Gopinath, however, had said the growth momentum should improve next year due to factors like positive impact of corporate tax rate reduction.

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News Network
March 24,2020

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