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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With all due respects, to all our brothern Hindus,
One thing sure, series of babas because who are not allowed to marry are indulged in rape, adultary cases.
Babas who called Godman became criminals.
Hindus should not be so stupid to allow these babas to commit more crime and spoil the name of Hinduism.
If you dont allow them, you are risking your daughters in a very dangererous state. May God really help.
why are the hording in hindi, do this people not respect kannada and kannadigas?
@Hari... In that matter, Kerala media did well. They didnt give much importance to Amit Shah's visit. Kerala media covered actor Dileep issue at that time. But cunning Shah brought national pro cheddi media there for his programmes
They are coming for spreading hatred and communal thinking.. should avoid them and should not attend thier programmes. Even media should not cover thier arrival with much importance
LOL... Yogi and Shah from the state, which has no sufficient toilets for people and they are talking about development... Greeeeaaaaat
Communal Yogi and shahspoiled Mangaluru' sacredness
I heard speech of Yogi, while he visited Kerala. Fool Yogi told Kerala govt to learn hospital treatments and life care from UP hospitals... See the irony - Yogi, who is the reason for death of 61 children ask to learn from hospital things to Kerala govt, where health care sector having no. 1 position among Indian states
Mangaluru was sacred place just before your arrival. You spoiled that with blood stains of 61 children and many raped women
See the face of swamis, really public are idiots
Sacred land with feku babas... Yogi better concentrate on your UP land. First try to develop your UP then give advice to others. Our manglore is developing and we do not need your advise. Try to correct law and order in your state. I wonder why you became CM.. Instead of that you could have become a sadhu or pandith. This will be good and suitable for you. Also try to learn the meaning of DEVELOPMENT!!!!
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