ROC grants Coffee Day further extension for AGM
The ROC has granted CBDEL 30 days extension to hold AGM for the financial year ended March.
“Keeping in view, the aforesaid circumstances due to which company cannot hold its Annual General Meeting on time, extension 0 months 30 days is considered,” stated the ROC order filed by CDEL on BSE.
This is not the first time that the Bengaluru-headquartered coffee chain has obtained an approval for extension this fiscal. ROC had earlier granted 45 days extension to hold the AGM from September 30. On November 15, CDEL delayed its first-and second-quarter results due to the ongoing probe in its account books and the alleged suicide letter of its founder VG Siddhartha.
“Due to the ongoing probe in the books of accounts of the company and its subsidiaries, there will be a delay in submission of unaudited financial results (by the Statutory Auditors) for the first quarter ended June 30, 2019 and second quarter, half year ended September 30, 2019 within prescribed statutory timelines,” the company had said in a BSE filing. CDEL announced only the unaudited management-compiled profit and loss statements for the first quarter ended June 2019 in its filing.
CDEL had rejigged its top deck in July after the death of its former chairman Siddhartha, who had left behind a note which alleged that he was under pressure from lenders and a private equity player, besides facing harassment from tax authorities. The purported letter is currently under investigation.
The company appointed IDFC Securities as the advisor to identify strategic option for divestment and advice on the refinancing of existing debt.
The coffee chain also brought in Siddhartha’s wife Malavika Hedge as an additional member of the executive committee to manage operations. Hedge is exercising powers of a chief executive officer collectively with interim chairman SV Ranganath, COO Nitin Bagmane and CFO R Ram Mohan Roy through an executive committee formed on July 31.