CCD Appoints Deloitte To Conduct Forensic Audit
By : Legal Era
Update: 2020-02-06 09:09 GMT
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[ By Bobby Anthony ]The Coffee Day Enterprises Ltd’s (CDEL) board has appointed auditing firm Deloitte to conduct a financial and commercial audit of its books, vendors and deals.The process had been undertaken in the interest of all Café Coffee Day (CCD) stakeholders, to avoid multiple due diligence activities by different investors, as well as save cost and time, the company has...
The Coffee Day Enterprises Ltd’s (CDEL) board has appointed auditing firm Deloitte to conduct a financial and commercial audit of its books, vendors and deals.
The process had been undertaken in the interest of all Café Coffee Day (CCD) stakeholders, to avoid multiple due diligence activities by different investors, as well as save cost and time, the company has stated.
It may be recalled that recently, CDEL had stated that an investigation into Siddhartha's suicide letter and scrutiny of its books of accounts is under progress and likely to take a few more weeks.
The company reported an unaudited management-compiled consolidated net loss of Rs 190 crore for the second quarter ended September 2019. It had also recently informed stock exchanges that it had defaulted on debt of Rs 489 crore, which includes bank loans as well as debentures.
The financial due diligence will be done on all CCD vendors in the country and a report will be submitted to potential investors.
The audit is expected to examine several other issues besides its cash flows as well as financials.
The CDEL board is also expected to speed up talks with investors once the investigation report by former Central Bureau of Investigation (CBI) official Ashok Kumar Malhotra has been submitted.
He has been investigating into the last letter that Siddhartha purportedly wrote to the board on July 27, two days before he went missing and was found dead on July 31, 2019.