Sunday 14 July 2024
  • La Cimbali

CDEL investigation may reveal dubious circular transaction with various group entities

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NEW DELHI, India – An investigation into Coffee Day Enterprises Ltd., (CDEL) — the parent company of Café Coffee Day, India’s largest coffee chain— initiated by the company’s board after the alleged suicide of the founder VG Siddhartha – is likely to unveil dubious transactions between the founder’s listed and personal businesses that were not conducted at arm’s length, report Indian media.

On July 31, 2019, Siddhartha was confirmed dead after his body was found in the Netravati river in Dakshina Kannada district of Karnataka, a day after he went missing. The disappearance of the 59-year-old entrepreneur stunned India’s business community.

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