Coffee Day Group, which runs businesses from coffee cafes to wealth management to furniture to logistics, is understood to be readying the stage for a possible $100-million fund raise through the private equity route.
Experts, political parties raise red flag over timber exports from there; Siddhartha denies any rule breach
Plans for SEZ, logistics and coffee chain, among other segments
The Securities and Exchange Board of India (Sebi) on Tuesday imposed a penalty of Rs 26 crore on Coffee Day Enterprises (CDEL) for alleged violation of securities laws. The regulator also directed the company to initiate steps to recover dues of Rs 3,535 crore-the amount diverted from seven subsidiaries of CDEL to Mysore Amalgamated Coffee Estates (MACEL). Affirming the violations of the Sebi (Prevention of Fraudulent and Unfair Trade Practices) Regulations and Sebi (Listing Obligations and Disclosure Requirements) Regulations, whole-time member Ashwani Bhatia said the listed company was being run like a personal fiefdom with no checks and balances in place.
Sical Logistics' board of directors, which met to consider approval of the June quarter financial results, asked the management to come out with recommendations for the same.
Ashok Soota, former chairman of IT firm MindTree, on Thursday sold half of his 11.4 per cent stake in the company in a block deal.
The assignment was earlier given to global audit firm EY. But it has now been reassigned owing to 'certain conflict of interest', the Bengaluru-based company said.
The company board, wherein Siddhartha's wife Malavika Hegde is also a director, met on Wednesday to put in place a working structure of the company.
The probe gave a clean chit to the tax department that was being alleged to have harassed Siddhartha.
Coffee Day Enterprises has already raised over Rs 334 crore from anchor investors.
L&T -- which has two subsidiaries L&T Infotech and L&T Technology Services -- is keen to bring Mindtree under its fold to exponentially raise its client base and product offering.
Siddhartha's knack for value investment dates back to 1995 when he infused capital in Kshema Technologies, which was acquired by MphasiS. He also took an early exposure in Mindtree way back in 1999. Since 1995, he had invested in more than 15 technology companies including chip-designing firm Ittiam Software, and GlobalEdge Technologies, among others, says Debasis Mohapatra.
Bengaluru-based NorthStar uses Internet of Things platform to monitor school buses, facilitate disaster prevention & better emergency management.
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