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.
