📰 Tanglin Developments Ltd News
Tanglin Developments Ltd News Today
Fast, Ad-Free News Updates
Stay updated with breaking news from Tanglin Developments Ltd. Real-time updates on events, politics, business and more.
September 8, 2023
IDBI Trusteeship has filed for insolvency proceedings against Coffee Day Enterprises for an alleged default of INR 228 crore, with IndusInd Bank also seeking insolvency proceedings over a default of INR 94 crore.
August 22, 2023
The issue relates to the diversion of funds worth Rs 3,535 crore from seven subsidiaries of CDEL to Mysore Amalgamated Coffee Estate Ltd (MACEL). MACEL is owned and controlled by the promoters of CDEL.
August 21, 2023
The National Financial Reporting Authority (NFRA) has fined three entities, including two individual auditors, a total of Rs 1.10 crore for auditing lapses in Tanglin Developments Ltd (TDL), a subsidiary of Coffee Day Enterprises Ltd. The auditing firm, Sundaresha & Associates, and the two auditors, C Ramesh and Chaitanya G Deshpande, have been barred from taking up auditing work for different periods.
August 21, 2023
NFRA said its investigations revealed the "auditors failed to exercise professional judgement and scepticism during the audit of TDL where borrowings of ₹2,027.46 crore was used in fraudulent diversion of funds to MACEL worth ₹2,073.23 crore through its group entities, given without any business rationale or agreement and the money ultimately moved to promoters entity MACEL".
May 31, 2023
The National Financial Reporting Authority has imposed a ban and penalties totalling ₹1.10 cr on three entities, including two auditors, for alleged professional lapses in the auditing of Giri Vidhyuth (India), a subsidiary of Coffee Day Enterprises, for 2019-20.
April 27, 2023
Taking stern action against two chartered accounts (CAs) and an audit firm in the matter of Coffee Day Enterprises Ltd (CDEL) and its subsidiaries Mysore Amalgamated Coffee Estate Ltd (MACEL) and Tanglin Developments Ltd (TDL), the national financial reporting authority (NFRA) has imposed a ban of 10 years on CA Lavitha Shetty and a ban of five years on CA C Ramesh.
January 24, 2023
Sebi in its investigation found out that funds amounting to ₹3,535 crore were diverted from 7 subsidiaries of CDEL to Mysore Amalgamated Coffee Estates Ltd, an entity related to promoters of CDEL