Vending

India regulator fines Coffee Day Enterprises $3.2M for diverting funds

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January 24, 2023

India's capital markets regulator has slapped Coffee Day Enterprises Ltd., which operates a café chain as well as a coffee vending business in India, with a penalty of 260 million rupees ($3.2 million) for failing to recover dues from a sister company, according to a Reuters report.

The Securities and Exchange Board of India also instructed the company to appoint an independent law firm to recover dues from Mysore Amalgamated Coffee Estates Ltd., a company that is almost entirely owned by the family of VG Siddhartha, the late company chairman, according to a report in ThePrint.