Diversified Indian conglomerate Coffee Day listed on the National Stock Exchange (NSE) of India in November 2015. In July 2019, the company reported that its founder had committed suicide owing to financial pressures. A year later, in July 2020, the company released a special report which disclosed that its chairman had "lent" INR35bn (US$500m, or 1.2x equity) to his personal companies. Of this, only INR8.4bn had been disclosed, meaning that a further NR27bn had not. There were no allegations that profits had been artificially inflated but the balance sheet had, presumably, been egregiously window-dressed. 

Last updated June 2022.

The information on this page has been compiled from publicly available sources. GMT Research Limited has not verified the information and does not warrant its accuracy. Any claims made or views expressed are not necessarily those of GMT Research Limited.