India: Cafe Coffee Day’s Late Founder Routed $360 Million Out Of Company

From: gulfnews.com

New Delhi: Coffee Day Enterprises Ltd., the owner of India’s largest coffee chain, has found that its late founder routed 27 billion rupees ($360 million) out of the company through transactions first revealed in a note found after his suicide last year.

V.G. Siddhartha caused subsidiaries of Coffee Day to pay advances to a firm controlled by his family so he could buyback shares held by private equity investors, repay loans and keep up with interest payments on other borrowings, the company said in a filing Friday, disclosing the results of a nearly-year long investigation.

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