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Sebi fines Coffee Day Enterprises Rs. 26 crore

The Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs 26 crore on Coffee Day Enterprises Ltd and its promoter-director V. G. Siddhartha for failing to make timely disclosures to the stock exchange. According to SEBI, the company failed to disclose to the stock exchange about certain events related to its pledge of shares, which it had done as security for availing loans from certain lenders.

SEBI found that the company had pledged its shares to several lenders and had failed to disclose the same to the stock exchange, which is a violation of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.