After stepping down as Chief Executive in 2017, Schultz, had taken up the post of executive chairman. He will be stepping away from the company after nearly four decades of service to mull a "range of options".
The Coffee Day Enterprises on Monday informed the stock exchanges that the search operations conducted by the Income Tax authorities have not yielded anything that will have significant financial impact on the company.
Tpot Cafe currently runs 25 outlets in Delhi / NCR and it has monthly revenue of around Rs 50 lakh.
The Cafe brand said they see a lot of opportunities in the chai cafe market.
Having created its niche in the corporate houses like MakeMyTrip, goibibo, BPTP Park Centra, World Trade Tower; Tpot further eyes expansion into this space.
In FY15, Tata Starbucks\' loss narrowed to Rs 47 crore from Rs 51.87 crore a year ago. Over the past year, the coffee chain invested Rs 120 crore to expand India operations.
Coffee Day Enterprises\' IPO had received bids for 27.4 million shares, more than the 25.8 million shares on offer as of 1340 (0810 GMT), according to data from the exchanges.