I-T dept releases Coffee Day’s MindTree shares; attaches promoter’s stake

Coffee Day Enterprises Thursday said the Income Tax Department has released 74.90 lakh attached shares of IT firm Mindtree, owned by the company and its promoter V G Siddhartha, but attached Siddhartha’s 46.01 lakh shares in Coffee Day Enterprises over potential tax demand.

Last month, Income Tax Department had attached 74.90 lakh shares of Mindtree, in which 22.20 lakh shares belonged to Coffee Day Enterprises and 52.70 lakh shares belonged to its promoter Siddhartha.

“The company and the promoter, VG Siddhartha, have received orders dated February 13, 2019, for release of provisional attachment of Mindtree shares under section 281B of Income Tax Act, 1961 vide ordered on January 25, 2019,” Coffee Day Enterprises said in a regulatory filing.