Mangaluru airport bomb planter Aditya Rao surrenders; calls it act of revenge

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, Apr 14: Former Karnataka Chief Minister Siddaramaiah on Tuesday demanded that BS Yediyurappa-led government should cut down on 'unnecessary' expenditures to mobilise funds to fight against coronavirus.

"Yediyurappa government needs to cut down on unwanted expenses which government is spending on several things in order to save the taxpayers money to fight against coronavirus," said Siddaramaiah here in a press conference.

He alleged that the ruling state government is indulged in corruption due to which the government is running bankrupt, adding that instead of mobilising funds, Yediyurappa government is only concentrating on auction of Bangalore Development Authority (BDA) sites.
Siddaramaiah claimed that the "BDA was already in loss".

"The present government does not have money due to its involvement in corruption. The Karnataka government must concentrate on cutting expenses and there is no need to waste money on unwanted things including vehicles for board and corporations chiefs," said the Congress Legislature Party (CLP) leader.

"Yediyurappa government has decided to auction more than 12,000 BDA sites to get benefit of Rs 15,000 crore, rather than fullfiling requirements of people of the state at the time of coronavirus crisis," he said.

In Karnataka, 247 people have tested positive for coronavirus, including 59 cured and discharged and 6 deaths, according to the Union Health Ministry.

Mandya, Apr 25: An FIR was registered against JD(S) MLC KT Srikante Gowda, his son, and three others for protesting against coronavirus testing of journalists in Karnataka's Mandya city on Saturday.

According to the police, JD(S) MLC KT Srikante Gowda, his son Krishik Gowda, Chandrakala Aythu, Jagadish, and Raju have been named as accused in the FIR filed at Mandya West police station.

The FIR has been registered under several sections of the Indian Penal Code (IPC) and Disaster Management Act including unlawful assembly, rioting, wrongful restraint, voluntarily causing hurt, negligent act likely to spread infection of a deadly disease, etc.

Gowda, along with a group of locals, had created a ruckus objecting to the coronavirus testing of journalists at Ambedkar Bhawan in Mandya here earlier today.

Police said that a journalists' association had filed a written complaint seeking the registration of an FIR in the matter.

As per an order by the state health department, medical professionals were conducting health tests of journalists at Ambedkar Bhawan in Mandya when Gowda along with some locals started protesting, officials said.

Further actions are being taken, police said.