Coffee Day board not to take up results for June quarter next week

Coffee Day Enterprises has decided to postpone its earnings announcement as the company's board will not consider June quarter results at its meeting next week.

The development comes in the backdrop of the company's chairman and managing director V G Siddhartha was found dead.

In a filing to the BSE, the company said that due to certain unavoidable circumstances, the board of directors shall not consider the financial results on a standalone and consolidated basis along with the limited review report of the company and its subsidiaries for the quarter ended June 30, 2019 in the meeting to be held on August 8, 2019.

The date of the meeting was formerly intimated to the exchanges vide its letter dated 22 July 2019.

"The company had taken adequate steps to complete the quarterly review before the stipulated timeline, however due to the recent developments which were disclosed to the exchanges from time to time, the said limited review and subsequent preparation of the quarterly financial results for the quarter ended 30 June 2019 is not expected to be completed by the stipulated time," Coffee Day Enterprises said.
 

In this regard, the company intends to further extend the date of submission of the quarterly financial results for the with the stock exchanges, it said.

The revised date of the meeting to consider the said quarterly financial results shall be communicated expeditiously, it added.

Siddhartha's body was recovered from a river near Mangalore on Wednesday after he went missing earlier this week.