Malavika Hegde, spouse of late CCD founder VG Siddhartha, appointed firm’s CEO

News Network
December 8, 2020

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Bengaluru, Dec 8: Malavika Hegde, spouse of late CCD founder VG Siddhartha, appointed firm’s CEO Coffee Day Enterprises Ltd (CDEL) on Monday mentioned Malavika Hegde, the spouse of its late founder VG Siddhartha, has been appointed as the corporate’s Chief Executive Officer. CDEL runs a sequence of Cafe Coffee Day eating places in India.

“Malavika Hegde, Director of the company, has been appointed as CEO of the company with effect from 7th December 2020,” CDEL mentioned in a regulatory submitting.

The firm’s board in a gathering held on Monday additionally permitted appointment of C H Vasudhara Devi, Giri Devanur and Mohan Raghavendra Kondi as impartial administrators.

The appointment is for 5 years, efficient from December 31, 2020.

“This intimation also fulfils the requirement of appointing Woman Independent Director pursuant to SEBI (LODR) (Amendment) Regulations, 2018,” it added.

VG Siddhartha was discovered useless final 12 months, investigation revealed Rs 3,535 crore angle

Siddhartha was discovered useless in August 2019 and since then the group has been going through strain to repay money owed. It is paring its debt via the sale of non-core belongings.

In July this 12 months, an investigation into the circumstances that led to the alleged suicide of Siddhartha revealed that Rs 3,535 crore was siphoned off from the corporate by the entrepreneur’s private agency Mysore Amalgamated Coffee Estates Ltd(MACEL).

In August, the Coffee Day Group mentioned it appointed Justice Okay L Manjunath, a former decide of the Karnataka High Court, to counsel and oversee actions for restoration of dues.

The firm had mentioned it was taking steps for restoration of dues from MACEL, whereas disclosing the findings of the investigation.

CDEL has 49 subsidiaries.

CDEL in September final 12 months had introduced the sale of its Global Village Tech Park in Bengaluru to world funding agency Blackstone and realty agency Salarpuria Sattva at an enterprising worth of Rs 2,700 crore. Earlier, it had offered CDEL’s stake in IT agency Mindtree to L&T Infotech.

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News Network
September 24,2024

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The Karnataka High Court on Tuesday dismissed the petition filed by Chief Minister Siddaramaiah against Governor Thawarchand Gehlot's decision to sanction the complaint and investigation against him in the alleged Mysore Urban Development Authority (MUDA) scam case.

Justice M Nagaprasanna said the facts narrated in the petition would undoubtedly require an investigation.

The court has also said that the Governor's order approving sanction to investigate against Siddaramaiah under section 17A of the Prevention of Corruption Act does not suffer from application of mind, instead has abundance of application of mind.

Meanwhile, the court rejected the request made by senior advocate Abhishek Singhvi to stay the order of the court. The court has vacated the interim order passed on August 19. In the interim order the trial court was directed not to take any precipitative action against Siddaramaiah. On August 17, Governor had approved sanction under section 17 A  of the Prevention of Corruption Act and Section 218 of Bharatiya Nagarik Suraksha Sanhita ( BNSS), citing three applications.

The court said the private complainants were justified in registering the complaint and seeking approval from the governor.

Insofar as private complainants seeking sanction under section 17A, the court said the provision nowhere requires only a police officer to seek sanction from a competent authority. The court further said it is in fact the duty of the private complainants to seek such approval.

Earlier, The High Court had completed its hearing in the case on September 12, and reserved its orders. It had also directed a special court in Bengaluru to defer further proceedings and not to take any precipitative action against the Chief Minister.

The case pertains to allegations that compensatory sites were allotted to Siddaramaiah's wife B M Parvathi in an upmarket area in Mysuru that had higher property value as compared to the location of her land that had been "acquired" by MUDA.

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News Network
September 20,2024

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Mandya: The Deputy Superintendent of Police of Nagamangala town in Mandya district has been suspended for "negligence and dereliction of duty" in connection with the clashes that broke out between two groups during a Lord Ganesh idol procession, police said on Friday.

This is the second suspension of a police officer over the clashes on September 11 following which mobs went on a rampage targeting several shops and vehicles leading to tension here.

The situation in the town has since returned to normalcy and most of the shops have started operating. However, adequate security forces continued to be stationed here as a precautionary measure, according to police.

Sumeeth A R, DySP (Nagamangala), was suspended on Thursday for negligence and dereliction of duty, Mandya Superintendent of Police Mallikarjun Baldandi told PTI.

"He (Sumeeth) was not present at the spot nor was he at the police headquarters when the incident occurred. He arrived late at the spot despite the sensitive nature of events," he said.

Earlier, Police Inspector Ashok Kumar posted at Nagamangala town police station was suspended for dereliction of duty in connection with the violence.

A total of 55 people have been arrested in connection with the incident.

According to police, an argument broke out between two groups, when the Ganesh idol procession by devotees from Badarikoppalu village reached a place of worship on September 11, and some miscreants hurled stones, which escalated the situation.

The police had used mild force to disperse the crowd to control the situation.

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News Network
September 25,2024

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Israel began a third day of strikes in southern Lebanon on Wednesday, hours after Hezbollah confirmed the death of a senior commander in an airstrike on Beirut and a Lebanese minister said only Washington could help end the fighting.

Lebanese media reported that Israeli airstrikes had targeted several areas in the country’s south, beginning at around 5am, causing unspecified casualties.

Hezbollah meanwhile said it had launched a rocket targeting Mossad headquarters near Tel Aviv. Sirens had sounded in the Israeli city early on Wednesday, sending residents into bomb shelters, however the Israeli military later said it had intercepted the missile and no casualties or damage were reported.

Earlier on Wednesday, Hezbollah had confirmed that senior commander Ibrahim Qubaisi was among six people killed by an Israeli airstrike on an apartment block in the Lebanese capital Beirut on Tuesday, as Israel had claimed earlier. Israel said Qubaisi headed the group’s missile and rocket force.

Israel’s offensive since Monday morning has killed 569 people, including 50 children, and wounded 1,835 in Lebanon, health minister Firass Abiad told Al Jazeera Mubasher TV. Tuesday’s attacks came after Monday’s barrages racked up the highest death toll in any single day in Lebanon since the 15-year civil war that started in 1975.

Israel’s new offensive against Hezbollah has stoked fears that nearly a year of conflict between Israel and the militant Palestinian group Hamas in Gaza is escalating and could destabilise the Middle East. Britain urged its nationals to leave Lebanon and said it was moving 700 troops to Cyprus to help its citizens evacuate.

The UN security council said it would meet on Wednesday to discuss the conflict.

“Lebanon is at the brink. The people of Lebanon – the people of Israel – and the people of the world – cannot afford Lebanon to become another Gaza,” UN secretary general António Guterres said.

At the UN, which is holding its general assembly this week, US President Joe Biden made a plea for calm. “Full-scale war is not in anyone’s interest. Even if a situation has escalated, a diplomatic solution is still possible,” he said.

Lebanon’s foreign minister Abdallah Bou Habib criticised Biden’s address as “not strong, not promising” and said the US was the only country “that can really make a difference in the Middle East and with regard to Lebanon.” Washington is Israel’s longtime ally and biggest arms supplier.

The US “is the key … to our salvation,” he told an event in New York City hosted by the Carnegie Endowment for International Peace.

Up to half a million people are estimated to have been displaced in Lebanon, said Bou Habib. He said Lebanon’s prime minister hoped to meet with US officials over the next two days.

In Lebanon, displaced families slept in shelters hastily set up in schools in Beirut and the coastal city of Sidon. With hotels quickly booked to capacity or rooms priced beyond the means of many families, those who did not find shelter slept in their cars, in parks or along the seaside.

Fatima Chehab, who came with her three daughters from the area of Nabatieh, said her family had been displaced twice in quick succession.

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