The company had said it was taking steps for recovery of dues from MACEL, while disclosing the findings of the investigation
His private firm MACEL had Rs 2,693 cr unaccounted dues towards Coffee Day Enterprises, finds probe
Investigation by CBI officer stated that Siddhartha's "Mysore Amalgamated Coffee Estates Ltd (MACEL) owes a sum of Rs 3,535 crore to the subsidiaries of Coffee Day Enterprise Ltd(CDEL)."
Sources said the management and BSR & Associates had several differences over valuation of subsidiaries
The company had posted a net profit of Rs 21.06 crore in the April-June quarter a year ago
Bagamane was appointed as Interim Chief Operating Officer and member of the Executive Committee of the Coffee Day Enterprises Ltd (CDEL) last year in July
An investigation by the board after the death of founder V G Siddhartha is likely to conclude that around Rs 2,500 crore is missing from CDEL's accounts
After much delay, the deal got clearance from creditors
The shares of the firm were last traded on Saturday (February 1) when the market was open for the Budget announcements
The company had a consolidated net profit of Rs 23.83 crore in the year-ago period
After the demise of VG Siddhartha, the conglomerate is facing liquidity crunch owing to higher interest outgo towards servicing debt.
Shriram Ownership Trust is the promoter of Shriram Capital, which is the holding company for its NBFC and insurance businesses.
The exchanges said these firms have not submitted the financial results for June 2019 and September 2019 quarter and/or not paid the fine amount levied for the non-compliance.
However, if companies comply with the provisions of listing norms on or before January 29, trading in its securities will not be suspended, BSE and NSE said in separate circulars
Subsidiary Sical Logistics is eyeing a pact with institutions soon to raise debt capital
CDEL currently has a three-member board, including Siddhartha's wife Malavika Hegde and S V Ranganath, a retired bureaucrat who acts as the chairman now
CDEL has been trying to divest its assets to pare debt after the death of its promoter V G Siddhartha
Its stressed book involving large borrowers stands at Rs 1,800 crore, up from Rs 1,000 crore estimated earlier due to the troubles in Cafe Coffee Day during Q2
The price of the assets and businesses would be based on valuation and the company might look either at strategic sale or slump sale, whichever worked better for it and its shareholders
Didn't expect promoters to 'hollow out' firms, says India head Sanjay Nayar