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Coffee Day appoints ex-judge to oversee recovery of Rs 3,535 cr from MACEL

The company had said it was taking steps for recovery of dues from MACEL, while disclosing the findings of the investigation

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The investigation report had stated that Siddhartha's "MACEL owes a sum of Rs 3,535 crore to the subsidiaries of Coffee Day Enterprise Ltd".

Press Trust of India New Delhi

2 min read Last Updated : Aug 21 2020 | 11:14 PM IST

The Coffee Day Group has appointed Justice K L Manjunath, a former judge of the Karnataka High Court, to "suggest and oversee actions" for recovery of over Rs 3,500 crore allegedly diverted by the late founder V G Siddhartha to his personal firm MACEL.

Last month, an investigation report, which was formed to investigate into the circumstances that led to the alleged suicide of Siddhartha, the owner of the Coffee Day group, revealed Rs 3,535 crore siphoned off from the company by the entrepreneur's personal firm Mysore Amalgamated Coffee Estates Limited (MACEL).

The investigation report was submitted during a board

Topics : Coffee Day Coffee Day Enterprises

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