CCD cos liabilities at over 5200 cr 75 promoter shares pledged


first_imgNew Delhi: Coffee tycoon V G Siddhartha’s flagship Coffee Day Enterprises Ltd (CDEL) had seen its current liabilities double to over Rs 5,200 crore last fiscal, while his unlisted ventures for realty and hospitality may have similar levels of debt, according to regulatory filings with stock exchanges and the corporate affairs ministry. Siddhartha, who went missing and his body was found on Wednesday after 36-hours of intense search, had a number of entities that borrowed money from a gamut of organisations, including banks and financial institutions, for his non-coffee businesses. Also Read – Thermal coal import may surpass 200 MT this fiscalA letter, purportedly written by him, had surfaced after he went missing on Monday evening that cited pressure from banks, investors and tax authorities. “I would like to say I gave it my all. I am sorry to let down all the people that put their trust in me. I fought for a long time but today, I gave up as I could not take any more pressure from one of the private equity partners forcing me to buy back shares, a transaction I had partially completed six months ago by borrowing a large sum of money from a friend,” Siddhartha purportedly wrote in the letter. BSE-listed Coffee Day Enterprises Ltd (CDEL) had a total current liability of Rs 5,251 crore as on March 31, 2019, up from Rs 2,457.3 crore a year back, as per a filing to the bourse. CDEL’s promoter companies — Devadarshini Info Technologies, Coffee Day Consolidations, Gonibedu Coffee Estates and Sivan Securities — had also borrowed heavily from time to time.last_img