Udayavni Special

IT Dept Unearths Rs 650 Cr Undisclosed Income of Cafe Coffee Day; Stocks Witness 10% Decline


Team Udayavani, Sep 25, 2017, 11:58 AM IST

Bengaluru: Taste of coffee at Cafe Coffee Day (CCD) outlets, restaurants  has turned bitter on Monday after officials from income tax (IT) department found undisclosed income of Rs 650 crore from the records seized during a four day long raid on the CCD retain chain at 25 different locations in Karnataka, Mumbai and Chennai, sources said.

IT department started its search and seize operations on September 21 and concluded on September 24 evening.  As of now, IT officers have found concealed income of Rs 650 and the number is expected to go up after proper scrutiny of the documents seized, IT officials said.

IT department raided the offices, residence of CCD’s owner V G Siddhartha and others in Bengaluru, Chikkamagaluru, Hassan and Mysuru for the past four days. Siddhartha is the elder son-in-law of former External Affairs Minister, Karnataka Chief Minister SM Krishna.

Meanwhile, share prices of Coffee Day Enterprises Ltd recoded a decline of more than 10% at Bombay Stock Exchange (BSE) on Monday following unexpected IT raid on the company. Company share was seen trading at Rs 208.10 per share with a decline of Rs 23.80.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Daily COVID-19 count in India remains below one lakh mark

Mentally-challenged man succumbs to injuries after being thrashed by cops

Finland beats Denmark at Euro 2020 after Eriksen’s collapse

Many people trapped under debris in China after gas pipe explodes

Winning auction bid to fly in space with Jeff Bezos: $28M

13 killed in hospital attack in opposition-held Syria town

Heavy rains lash country’s west coast; few loses in K’taka, Mumbai floods



Related Articles More

Tremors felt in Vijayapura dist; residents rush out of buildings

Mentally-challenged man succumbs to injuries after being thrashed by cops

Kumta-born lawyer passes California Bar exam

Heavy rains lash country’s west coast; few loses in K’taka, Mumbai floods

K’taka police busts Rs 290 cr ‘Power Bank’ scam with suspected links to Chinese ‘hawala’ operators

MUST WATCH

Cheetah in Kaiwara Hill

Karwar: Youths carry elderly woman for 5 km downhill to reach hospital

Udayavani News Bulletin 12-06-2021

Man marries 37th time in front of 28 wives

Kalavathi Dayanand Sings Kanadha Kadalige

Latest Additions

Daily COVID-19 count in India remains below one lakh mark

Tremors felt in Vijayapura dist; residents rush out of buildings

Mentally-challenged man succumbs to injuries after being thrashed by cops

Finland beats Denmark at Euro 2020 after Eriksen’s collapse

Many people trapped under debris in China after gas pipe explodes

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.