The company- MACEL- acted as a pass-through entity for the said fund diversion and has aided and abetted CDEL in such a large-scale fund diversion.
With almost all startups claiming to be the next rocketship, who would want to be the odd one out?
According to police sources, water was found in Siddhartha's lungs and his death was due to drowning.
Drastic measures taken by Prime Minister Narendra Modi's administration include stringent action to enforce tax compliance, probes into bank lending practices and threatening auditors with five-year bans for alleged lapses in their work.
Siddhartha, who went missing and his body was found on Wednesday after 36-hours of intense search, had a number of entities that borrowed money from a gamut of organisations, including banks and financial institutions, for his non-coffee businesses.
The 63-year-old former Kingfisher Airlines boss, who is fighting extradition to India in relation to fraud and money laundering allegations, accused the government of not doing enough to support entrepreneurs in debt.
Highlights: Cafe Coffee Day founder VG Siddhartha's body has been found. He was missing since July 29
Siddhartha, the son-in-law of former Karnataka chief minister S M Krishna, was reported to have gone missing after he left from Bengaluru on July 30 night, police said.
The company which operates popular coffee brand Café Coffee Day plans to raise Rs 1150 crore through IPO which will open on October 14 and close on October 16. It has fixed a price band of Rs 316-328 for the share sale. The stock is likely to be listed on bourses by November 2.
I told them it was a new concept and that I could afford to lose Rs. 1.5 crore,” says Café Coffee Day’s VG Siddhartha
Just like he did with coffee, converting a commodity into a lifestyle brand, Cafe Coffee Day's VG Siddhartha now wants to convert timber into value-added furniture.