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Karnataka Bank is expected to recover more than half of its dues from the debt sale of Coffee Day Global. The bank has received a binding offer from Rare Asset Reconstruction Company (ARC) for about ₹50-₹55 crore against dues of ₹88 crore. Rare ARC has previously acquired Coffee Day Global debt from other banks.
Last week, the bankruptcy court passed an oral order in which it admitted the unlisted company for insolvency based on a petition filed by IndusInd Bank. Till now, there has been no official statement by the Coffee Day Group.
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.
The Securities and Exchange Board of India (Sebi) said in an order that the company has been directed to pay the fine within 45 days , , cafe coffee day, sebi