Siddhartha was identified dead in August 2019 and because then the group has been facing stress to repay debts. It is paring its debt by way of the sale of non-core assets.
In July this year, an investigation into the situations that led to the alleged suicide of Siddhartha revealed that Rs 3,535 crore was siphoned off from the corporation by the entrepreneur’s private firm Mysore Amalgamated Coffee Estates Ltd(MACEL).
In August, the Coffee Day Group stated it has appointed Justice K L Manjunath, a former judge of the Karnataka High Court, to recommend and oversee actions for recovery of dues.
The corporation had stated it was taking actions for recovery of dues from MACEL, although disclosing the findings of the investigation.
CDEL has 49 subsidiaries. CDEL in September final year had announced the sale of its Global Village Tech Park in Bengaluru to international investment firm Blackstone and realty firm Salarpuria Sattva at an enterprising worth of Rs 2,700 crore. Earlier, it had sold CDEL’s stake in IT firm Mindtree to L&T Infotech.