Coffee Day Enterprises was fined Rs 260 million ($3.2 million) by the markets watchdog for failing to recover dues from a sister concern, an order published on the regulator’s website showed on Tuesday.
The Securities and Exchange Board of India (SEBI) also asked Coffee Day to recover Rs 35.35 billion from Mysore Amalgamated Coffee Estates Ltd and other connected entities.
These funds were diverted from the company and its seven subsidiaries causing losses to the shareholders, it added.
The fine has to be paid in 45 days.
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Source link: https://www.ndtv.com/india-news/coffee-day-hit-with-3-2-million-fine-by-sebi-must-pay-in-45-days-3721003