Coffee Day Enterprises settles case with Sebi

Coffee Day Enterprises, which owns and operates the Cafe Coffee Day chain, on Thursday settled with Sebi a case related to alleged disclosure lapses, after paying ~69.06 lakh towards the settlement amount.

The order comes after the company approached Sebi to settle the matter, pertaining to alleged violations of Listing Obligations and Disclosure Requirements (LODR) norms under the settlement mechanism. “It is hereby ordered that pending adjudication proceedings initiated against Coffee Day Enterprises under the... SCN (show cause notice) dated January 21, 2021, are hereby disposed of,” Sebi said in a settlement order.

The regulator had initiated adjudication proceedings against Coffee Day Enterprises for the alleged violations of LODR Regulations, and a show cause notice was issued to the company in January 2021 in this regard.

It was alleged in the show cause notice that no limited review report was placed before the company’s board of directors at its meetings in November 13, 2019, and January 29, 2020, wherein the financial results for the quarters ending June 30, 2019, and September 30, 2019, were approved, respectively.

The order comes after the company approached Sebi to settle the matter, pertaining to alleged violations of LODR norms under the settlement mechanism