Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
11,075.9093.1
Stock Analysis, IPO, Mutual Funds, Bonds & More

Tax department concludes Cafe Coffee Day group probe

The department added: “There are a number of other issues including violations of other statutes on which there is no disclosure, but relevant evidence has been found.

ET Bureau|
Updated: Sep 25, 2017, 10.14 AM IST
0Comments
CCD raids: I-T detects Rs 650-crore illegal income

BENGALURU: The income-tax department concluded its search on the Coffee Day Group companies, founded by Chikkamagaluru-born entrepreneur VG Siddhartha, on Sunday.

In a statement, the I-T department said: “The searches in a group involved in coffee, tourism, information technology and other areas concluded with an admission of previously concealed income exceeding Rs 650 crore. The detection of undisclosed income is expected to be a much higher figure.“

The department added: “There are a number of other issues including violations of other statutes on which there is no disclosure, but relevant evidence has been found. These will be pursued effectively with vigour, energy and imagination“.

The Coffee Day group did not reply to email queries from ET. I-T officials began search operations on Thursday at multiple locations of the group across Bengaluru, Mumbai and Chennai. The group is also one of the largest owners of coffee plantations in India.

The Coffee Day Enterprises stock has been trading in the red since the I-T searches commenced. Siddhartha, a Bengaluru-based entrepreneur, is the son-inlaw of senior political leader and former Karnataka chief minister SM Krishna, who joined the BJP in March this year after expressing disappointment with the Congress party.

Siddhartha founded the Coffee Day group in 1993 and took his company public in October 2015.
0Comments

Also Read

ITC not keen to buy Cafe Coffee Day

Siddhartha death: Police to question Cafe Coffee Day CFO and some advisors

Cafe Coffee Day mourns founder's demise with black logo

Cafe Coffee Day owner VG Siddhartha dead, body found

Cafe Coffee Day founder VG Siddhartha's last letter to shareholders

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service