Coffee Day Board appoints SV Ranganath as interim chairman
The board of Coffee Day Enterprises appointed SV Ranganath as its interim chairman, after the police in Mangaluru earlier recovered the body of its founding Chairman VG Siddhartha almost 36 hours after he went missing.
“Constitution of an Executive Committee comprising SV Ranganath (Non-Executive Independent Director), Nitin Bagmane (COO) and R Ram Mohan (CFO) to exercise the powers previously vested with the Chief Executive Officer of the Company and the Administrative Committee constituted by the Board in 2015,” it said.
The board will, in due course, prepare a detailed charter of authorities vested in the executive committee and approve the same, the statement said, adding that the executive committee would, inter alia, explore opportunities to deleverage the Coffee Day Group.
After Cafe Coffee Day owner went missing late on Monday, his body was fished out of the Netravathi river in Karnataka by a group of fishermen, some distance away from the bridge where the coffee baron was last seen.
The company said the board took cognizance of statements in the purported letter from Siddhartha relating to financial transactions outside the knowledge of the senior management, auditors and the board.
“While the authenticity of the letter is unverified and it is unclear whether these statements pertain to the company or the personal holdings of VG Siddhartha, the board took a serious note of the same and resolved to thoroughly investigate the matter.”
Condoling Siddhartha’s demise, the board said it had resolved to lend its “support and expressed full confidence” in the company’s management team.
LETTER FROM THE EDITOR: A SPECIAL THANKS TO OUR READERS
LETTER FROM THE EDITOR: A SPECIAL THANKS TO OUR READERS