Earlier, this week, ICRA had downgraded CDEL long-term rating 'D' with negative outlook from 'BB+' (Negative) based on Rs 315 crore term loans.
Siddhartha, 60, is alleged to have committed suicide on July 29 night by jumping off the road bridge into the Netravathi river, as his body was found on its banks on July 31 morning.
The raids were conducted on August 7, simultaneously at 16 places including Bengaluru, Ballari, Koppal, Hindupur and Gouribidanur.
The announcement comes weeks after Coffee Day Enterprises founder VG Siddhartha allegedly committed suicide.
The board of the company, in its meeting held on Thursday, also decided to appoint Siddhartha’s wife Malavika Hegde to ensure that the company continues to have a strategic direction.
It may be recalled that Cafe Coffee Day founder Siddhartha went missing on Monday evening in Mangaluru.
Cafe Coffee Day honcho VG Siddhartha’s death stunned the nation. It has now come to light that there was more to the death than was apparent.
Patil's transfer order comes a day after Cafe Coffee Day founder VG Siddhartha was found ded on the banks of a river.
Balakrishnan was accused of selectively going after lawmakers of the Congress and JDS for alleged tax violations when he was the DGIT.
Siddhartha, in a note to his employees, had alleged harassment by the I-T department, particularly from the previous DG, by attaching shares on two occasions to scuttle the Mindtree deal.
Sitharaman said that businessmen should get honourable exit or resolution to the problem in letter and spirit of the Insolvency and Bankruptcy Code .
Coffee Day Enterprises shares tank another 10 per cent; hit lowest trading permissible limit for 3rd day
At NSE, shares dropped 10 per cent to touch its lowest trading permissible limit as also its one year low of Rs 110.50.
The tragic death of India's coffee king illustrates the unfair pressures even legitimate businessmen face.
Entrepreneurs have for quite some time been pointing out that criminalising business failure is stigmatising it and making revival of many firms that are in the doldrums more difficult.
According to some of his friends, who were inconsolable at his death, Siddhartha had planned the health care project long back.