Income Tax search and investigations at multiple locations of the public listed company Coffee Day Enterprises and its promoter V.G. Siddhartha, that began on Thursday morning, is yet to conclude.
It is expected to continue into Saturday.
Search operations are on at 25 locations in multiple cities: Bengaluru, Chikkamagaluru, Hassan, Chennai and Mumbai. Multiple firms of the CDE group — Serai Group of Resorts, Sical a logistics firm in Chennai, Way2Wealth a financial consultancy firm and Global Village Tech Park in Bengaluru — are being searched, apart from the residence of Mr. Siddhartha, son-in-law of former Karnataka Chief Minister S.M. Krishna, who recently joined the BJP after a long association with the Congress.
I-T Department sources said the search was taking a long time as multiple firms were being assessed and the auditing of accounts was taking time.
Sources said teams have recovered several hard disks with financial transactions of the group and are trying to analyse them, to see if there is any undisclosed income. Officials refused to comment on the findings of the search operations.
Coffee Day Enterprises’s stocks fell 3.5% on Thursday, further falling by 1.9% on Friday. In a statement on Thursday, CDE had said that “they were a responsible corporate following all norms of corporate governance and would extend all cooperation with the concerned authority.”
