Latest News

  • Home
  • National
  • On the coffee trail, a tale of the missing ₹2,600 cr
On the coffee trail, a tale of the missing ₹2,600 cr
Monday, March 30, 2020 IST
On the coffee trail, a tale of the missing ₹2,600 cr

The probe report on CCD founder V.G. Siddhartha’s suicide may show several related-party transactions over the past decade

 
 

Mumbai: The much-awaited probe report on the suicide of Café Coffee Day (CCD) founder V.G. Siddhartha is likely to reveal several related-party transactions over the past decade that has left a missing money trail of at least $350 million ( ₹2,593 crore), two people familiar with the matter said.
 
The transactions allegedly involved money being transferred from accounts of at least seven units of Coffee Day Enterprises Ltd (CDEL) to personal accounts of Siddhartha and entities owned by his family, according to an investigation report, the two people cited above said on condition of anonymity.
 
CDEL, which has 48 subsidiaries, had in August hired former deputy inspector general of the Central Bureau of Investigation Ashok Kumar Malhotra to investigate the contents of the suicide letter purportedly written by Siddhartha and scrutinize the company’s books of accounts. Malhotra has been assisted by Delhi-based Agastya Legal’s senior partner M.R. Venkatesh.
 
“The transactions were to mostly service accumulated debt, which in turn was incurred to pay back venture capital and private equity investors going all the way back to 2008. Siddhartha allegedly paid these risk investors as much as ₹1,800 crore as returns," said one of the two people.
 
Siddhartha provided his early backers such as Darby Overseas Investments Ltd, the private equity arm of Franklin Templeton Investments, and Sequoia Capital with annual returns of as high as 23%, mostly through loans, the person said, citing the investigation report.
 
“The promoter family was not involved in the business at the time of founder V.G. Siddhartha’s unfortunate demise. The promoter family and management are fully cooperating with the investigation but oblivious to its outcome as their priority is to keep the business running in a challenging environment and meet all stakeholder commitments, including 30,000 jobs associated with the group," a Coffee Day Group spokesperson said.

 
 
 
 
 

Related Topics

 
 
 

Trending News & Articles

 Article
Here is the full list of 827 porn websites banned by the DoT

While the Uttarakhand High Court has asked to block 857 websites, the Ministry of Electronics and IT (Meity) found 30 portals without any pornographic content. ...

Recently posted . 61K views . 1 min read
 

 Article
Class XII Boys Raped 16-Year-old in Dehradun School After Watching Porn on Phone: Police

The four boys as well as five school officials, including the director and principal, were arrested after the incident. The minors were presented before the Juvenil...

Recently posted . 8K views . 1 min read
 

 Article
Sept 27,2001 Rahul Gandhi and his girl friend Veronique,was arrested in Logan airport in Boston

Rahul was having an Italian passport and was carrying suitcase full of dollars. Some say it was about was it $2 million. Rahul and his girl friend was th...

Recently posted . 7K views . 7 min read
 

 Article
TOP 10 GYM EQUIPMENT BRANDS IN INDIA 2017

True – Tr...

Recently posted . 6K views . 83 min read
 

 
 

More in National

 Article
Fearing 'epidemic among kids, young', govt bans e-cigarettes

HIGHLIGHTS   • The Cabinet approved a ban on e-cigarettes on Wednesday ...

Recently posted. 467 views . 3 min read
 

 Article
You will have to pay new price for diesel and petrol

New Delhi: From May 1, you should pay new cost for petrol and diesel consistently in a state of harmony with worldwide rates, much like what occurs in most develope...

Recently posted. 859 views . 22 min read
 

 Article
PM Modi Launches Projects Worth Over Rs. 1,550 Crore In Odisha's Balangir

He also inaugurated the 15 km-long Balangir-Bichhupali railway line laid at a cost of Rs. 115 crore in Odisha's Balangir today.  

Recently posted. 504 views . 1 min read
 

 Video
Father



Recently posted . 808 views
 

 Reviews
Top 10 Real Estate Websites for Property Search



Recently posted . 1K views . 48 min read
 

 Article
Ratan Tata shares picture flying F18 Super Hornet on 82nd birthday; has a special message for youth

Ratan Tata, who turns 82 today, has been the most searched Indian businessman on search engine giant Google in 2019; he transformed the Tata Group from a convention...

Recently posted. 795 views . 1 min read
 

 Article
Flight Lieutenant Mohana Singh becomes first woman fighter pilot to fly a Hawk aircraft

The Indian Air Force said that Singh landed after a four-aircraft combat sortie at Air Force station in Kalaikunda, West Bengal, on Thursday.

Recently posted. 567 views . 1 min read
 

 
 
 

   Prashnavali

  Thought of the Day

The brain is wider than the sky.
Emily Dickinson

Be the first one to comment on this story

Close
Post Comment
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST


ads
Back To Top