Coffee Day Enterprises Ltd, the owner of the Cafe Coffee Day chain, appointed founder and former chairman V G Siddhartha’s wife as its chief executive officer on Monday, more than a year after the coffee baron was found dead in a river in Southern India in an apparent suicide.
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In her first public statement since her husband’s death a year ago, Malavika Hegde, wife of Cafe Coffee Day founder VG Siddhartha and a director in the company, said the share of challenges for the company are “far from over” and “corrective course of action needs to be adopted” even though the investigative report has … Continue reading Committed to Coffee Day’s future: Siddhartha’s wife
The investigation report into Coffee Day Enterprises’s (CDEL) troubles is expected to be made public on Friday, and sources say it will red-flag the unusual spike in related-party transactions in 2018-19 between CDEL and Mysore Amalgamated Coffee Estates (MACEL), a private firm of late VG Siddhartha.
The auditor of Coffee Day Enterprises (CDEL), which runs the Cafe Coffee Day chain, has resigned saying it does not have enough information to do a proper audit. BSR & Associates, an affiliate of KPMG, said the numbers provided by subsidiaries of CDEL were not enough to base its opinion on the accounts presented by … Continue reading Coffee Day auditor resigns, says numbers inadequate
Coffee Day (CDEL) has received Rs 2,000 crore from Blackstone as part of the deal to sell its IT park in the outskirts of Bengaluru. This is the first tranche of the transaction, out of which Rs 1,650 crore would be used to repay banks and other financial institutions. The remaining Rs 700 crore would … Continue reading Coffee Day gets Rs 2,000 cr from Blackstone
Coffee Day Enterprises (CDEL) has defaulted on payments of interest on loans from banks, financial institutions and unlisted debt securities in the December quarter, signalling a continuing liquidity squeeze.