PE firms, IT Dept get clean chit in CCD founder Siddhartha's suicide case

Agencies
July 25, 2020

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.

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News Network
April 18,2020

Dubai, Apr 18: A 47-year-old Indian worker has allegedly committed suicide by jumping from the third floor of a building here, according to a media report.

Ashokan Purushotaman, a native of Kollam in Kerala, cut the arteries in his legs and jumped from the third floor of a building in the city's Jebel Ali area on Friday, the Gulf News reported.

Purushotaman succumbed to his injuries in Rashid Hospital.

Meanwhile, Dubai Police has rejected reports that Purushotaman killed himself because he had coronavirus. Personal reasons were cited as the cause for suicide.

“His suicide is not related to COVID-19. The building is clean and there are no infection cases there. He committed suicide due to personal reasons,” director of Jebel Ali police station Brigaider Adel Al Suwaidi told the Gulf News.

Consul-General of India Vipul confirmed Purushotaman's death. “We are yet to get more information. Considering the death was of unnatural circumstances, authorities will conduct due forensic tests and provide us with more details," Vipul told the daily.

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News Network
June 11,2020

Bengaluru, Jun 11: Most COVID-19 deaths in Karnataka occur when infected elderly people, those with Severe Acute Respiratory Illness (SARI) or any other symptoms delay reaching designated hospitals, a top official said.

Munish Moudgil, chief of COVID-19 War Room in the state, said most of those infected with the virus are brought to COVID-19 designated hospitals at a very late stage and recovery then becomes extremely tough.

He said about 65 per cent of those killed suffered from SARI and are aged above 60.

The death rate due to SARI is 43 per cent for those in the 40-60 age group, he said, releasing data on coronavirus deaths, to reporters.

In the same age group, the mortality due to Influenza Like Illness (ILI) was 17.4 per cent, whereas it is 11.1 per cent among people aged above 60 .

He said 25 per cent of symptomatic patients aged above 60 die due to the virus, while it was 10.7 per cent in the 40-60 age group.

The fatalities among those aged 60 is high even if they are asymptomatic, Mr Moudgil, who is secretary in the Department of Personnel and Administrative Reforms, said.

He said the average number of days spent at these hospitals by those who recovered is about 15 days, compared to 3.5 days for those who died of the virus.

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"Hence persons who are elderly and who have comorbidities or who have SARI must reach designated Covid hospitals at the earliest," Mr Moudgil said.

As of date, Karnataka has reported 69 COVID-19 deaths As many as 6,041 people have tested positive for COVID-19, including 2,862 discharges and 3,108 active cases.

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News Network
January 27,2020

Mysuru, Jan 27: Chief minister BS Yediyurappa on Sunday refused to field questions on the state’s finances, merely saying his budget on March 5 will do the talking. The question came in the wake of Siddaramaiah, leader of the opposition, claiming recently that the state’s coffers were dry and its finances were in the doldrums.

However, Yediyurappa insisted the state’s finances were sound and it will be better once promises made by the business community during his trip to Davos turn into concrete investment.

“I will present the budget for 2020-21 on March 5. People will then know about the state’s financial position,” Yediyurappa said during a visit to Suttur Mutt on Sunday. “I will answer Siddaramaiah’s comments during the forthcoming budget session of the state legislature. The Davos meet I attended will benefit the state immensely. It will bring huge investments that will promote industry and agriculture growth and various job-generation activities.”

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