Sanjay Nayar, India CEO of global investment firm KKR, has resigned from the board of Coffee Day Enterprises (CDEL), which operates Café Coffee Day (CCD), the company said in a stock exchange filing on Wednesday. He was the non-executive and nominee director at the coffee retail chain’s four-member board.
CDEL has also delayed its first- and second-quarter results due to the ongoing probe in its account books and the alleged suicide letter of its founder VG Siddhartha.
“Due to the ongoing probe in the books of accounts of the company and its subsidiaries, there will be a delay in submission of unaudited financial results (by the statutory auditors) for the first quarter ended June 30, 2019 and second quarter, half year ended September 30, 2019 within prescribed statutory timelines,” the company said in the BSE filing.
CDEL announced only the unaudited management-compiled profit and loss statements for the first quarter ended June 2019 in its filing. The Bengaluru-headquartered company posted a net profit of Rs 1,256.7 crore for the first quarter on the back of an exceptional gain from the sale of equity stake held in Mindtree. CDEL reported a 44.48% decline in revenue to Rs 8.71crore. KKR is one of the largest foreign PE investors in CDEL with a private equity stake of 6.07%, according to BSE.