SAT sets aside ₹26 crore SEBI penalty on Coffee Day, orders fresh probe into ₹3,535 crore fund diversion
The Securities Appellate Tribunal has set aside SEBI's January 2023 penalty of ₹26 crore on Coffee Day Enterprises and ordered a fresh investigation. The probe concerns the alleged diversion of ₹3,535 crore from seven subsidiaries to Mysore Amalgamated Coffee Estates, an entity linked to the promoter family. The November 5 judgment directs SEBI to finish within six months, identify the ultimate beneficiaries and examine insider trading and possible restitution to shareholders.
Summary by QSR Wire India. The full story is on the publisher's site.