The Securities and Exchange Board of India (SEBI) has imposed a fine of $3.2 million on Coffee Day Enterprises. Regarding this action, SEBI said that Coffee Day has been fined because it has failed to recover dues from its associate company. SEBI has also given a copy of the order regarding the imposition of penalty on Coffee Day on its website.
Reuters According to SEBI, Coffee Day has also been asked to recover $3.2 million from Mysore Amalgamated Coffee Estates Limited and other related entities. The regulator further said that these funds were diverted from the company and its seven subsidiaries, due to which the shareholders suffered losses. SEBI has asked Coffee Day to pay the fine within 45 days.