An investigation concerning to the conditions that led to the alleged suicide of VG Siddhartha, Owner of the Coffee Day Group, has uncovered that Rs 3,535 crore is redirected from the organization by the owner’s personal firm. The test also gave a clean chit to the Income Tax Department that was being affirmed to have harassed Siddhartha.
The investigation is led by Ashok Kumar Malhotra, former Deputy Inspector General of CBI, stated that Siddhartha’s “Mysore Amalgamated Coffee Estates Limited (MACEL) owes a sum of Rs 3,535 crore to the subsidiaries of Coffee Day Enterprise Ltd.” of which a sum of Rs 842 crore was due to these subsidiaries by MACEL on March 31, 2019, as per the financial statements which mean that a remaining sum of Rs2,693 crore needs to be addressed, he stated.
The company in a regulatory filing disclosed the findings of the investigation and said, steps are being taken for the recovery of dues from Mysore Amalgamated Coffee Estates Limited (MACEL) by the subsidiaries of CDEL.
The Board of Directors had appointed Malhotra on August 30, 2019, to examine the books of accounts of CDEL and its subsidiaries and for investigating the circumstances which lead Siddhartha to make statements in the letter of July 27, 2019. Siddhartha was confirmed dead after a day he went missing, his body was found in the Netravati river in Dakshina Kannada district of Karnataka on July 31, 2019.

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