Coffee Day is alleged to have used the money of its subsidiary companies in a company linked to the promoter.
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stock market regulator SEBI has imposed a fine of Rs 26 crore on Coffee Day Enterprises. This order has come into force with immediate effect. SEBI has given the company 45 days to pay the fine. Coffee Day is alleged to have used the money of its subsidiary companies in a company linked to the promoter.
SEBI found in its investigation that coffee day About 3535 crore rupees case of 7 associate companies of Enterprise Limited has been transferred to Mysore Amalgamated Coffee Estates. These companies include Coffee Day Global, Tanglin Retail Reality Developments, Tanglin Developments, Giri Vidyut (India) Limited, Coffee Day Hotels & Resorts, Coffee Day Trading and Coffee Day Akon.
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SEBI directed Coffee Day Enterprises Limited to take all necessary steps to recover the money given to Mysore Amalgamated Coffee Estates Limited (MACEL) along with interest. Along with this, the company has been directed to appoint an independent law firm by taking brokers from NSE to take necessary steps related to recovery of outstanding money.
Stock condition: Meanwhile, on the second trading day of the week i.e. Tuesday, the share price of Coffee Day Enterprises rose by 0.33% to Rs 45.45. During the trading, the share price had reached Rs 45.85. Let us tell you that on January 27, 2022, the share price was Rs 78.90, which is a 52-week high.
Company Details: Coffee Day Enterprises Limited is the parent company of Coffee Day. The company is primarily engaged in coffee retail and exports, leasing of commercial office space, finance, multimodal logistics, hospitality and IT through subsidiaries, co-apps and joint venture companies.