Coffee Day Gets 45-Day Extension To Hold Its Annual General Meeting
The Coffee Day lounge on MG Road, Bengaluru. Coffee Day Enterprises runs the CCD chain of coffee shops in India. (Photographer; Anirudh Saligrama/BloombergQuint)

Coffee Day Gets 45-Day Extension To Hold Its Annual General Meeting

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Coffee Day Enterprises Ltd. on Wednesday said it has received a 45-day extension from the Registrar of Companies to hold its annual general meeting for 2018-19.

The Registrar of Companies, while approving the request, advised the company to be careful in the future regarding compliance with provisions of the Companies Act, 2013.

The Coffee Day AGM is now scheduled for Nov. 15, as against Sept. 30 earlier.

The Bengaluru-based Cafe Coffee Day operator has been in a financial quagmire since founder VG Siddhartha was pulled out dead from a river on July 31. In an unverified letter that surfaced after he went missing on July 29, Siddhartha claimed he was under “tremendous pressure” from lenders.

His death is now being seen as a suicide.

On Aug. 17, Coffee Day announced sale of its Global Village Tech Park in Bengaluru to Blackstone Group for up to Rs 3,000 crore to cut its debt. On July 31, the company named Independent Director SV Ranganath as the interim chairman of the company.

On Wednesday, Coffee Day shares fell 4.99 percent to Rs 82.75 apiece on the BSE while the benchmark Sensex shed 0.50 percent to end the day at 37,451.84 points.

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