Coffee Day Enterprises stock tanks 16% after ₹228 cr default allegation
IDBI Trusteeship has filed an application of "default" against the company before NCLT over alleged default of ₹228 cr
IDBI Trusteeship has filed an application of "default" against the company before NCLT over alleged default of ₹228 cr
SEBI in January 2023 imposed the said penalty on Coffee Day Enterprises for the alleged diversion of ₹3,535 cr by its subsidiaries to MACEL
CDEL says of its 49 subsidiaries, 7 had outstanding dues from Mysore Amalgamated Coffee Estates, of which Coffee Day Global had the highest outstanding dues worth ₹1,112 cr.
The Bengaluru-based company expects the deal to significantly help in deleveraging the Coffee Day Group.
As the police search for Siddhartha, Coffee Day assures investors that the company is “professionally managed” with a “competent leadership team”.