For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Coffee Day’s Board Announces Interim Chairman And CEO

|

Following the confirmation of death of its founder VG Siddhartha, Coffee Day Enterprises Ltd, on Wednesday, appointed SV Ranganath as the company's interim chairman. Further, Nitin Bagmane was named the company's interim chief operating officer. While Ranganath has been serving as the non-executive independent director, Bagmane has been a director on the board of Tanglin Developments Ltd- Coffee Day's subsidiary.

Coffee Day’s Board Announces Interim Chairman And CEO
 

The company also said that an investigation into past transactions made by the company and Siddhartha have been initiated considering the statements made in the letter released in the press on Tuesday and the founder's sudden death.

"The board took cognizance of statements in the purported letter from V. G. 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 V. G. Siddhartha, the board took serious note of the same and resolved to thoroughly investigate this matter," it said.

An executive committee comprising of Ranganath, Bagmane and R. Ram Mohan (CFO of Coffee Day Enterprises) was formed to jointly exercise powers held by deceased CEO VG Siddhartha. The company said that the audit and executive committee will hold discussions with statutory auditors and other advisors to come up recommendations of appropriate future steps for the board at its next meeting on 8 August.

Read more about: ccd coffee day enterprises
Story first published: Wednesday, July 31, 2019, 15:28 [IST]
Company Search
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more