Coffee Day hit with $3.2mln fine by India's SEBI

These funds were diverted from the company and its seven subsidiaries causing losses to the shareholders

Jayshree P Upadhyay, Reuters News

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India's Coffee Day Enterprises was fined 260 million rupees ($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 35.35 billion rupees 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.

($1 = 81.5720 Indian rupees)

(Reporting by Jayshree P Upadhyay; Editing by Anil D'Silva)

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