Following the death of Cafe Coffee Day Group Founder V G Siddhartha, the company has appointed SV Ranganath as the company’s interim Chairman. The company informed this development in a BSE filing.
The board has also announced Nitin Bagmane as the company’s interim Chief Operating Officer. Bagmane is a Director on the board of Tanglin Developments Ltd, a subsidiary of Coffee Day Enterprises.
“The Board noted with profound regrets the tragic demise of V. G. Siddhartha and his matchless energy, vision and business acumen which helped to single-handedly build the Company. The Board expressed its condolences to V. G. Siddhartha's family and resolved to lend its support and expressed full confidence in the Company's management team. The Board also took note of a message from Malavika Hegde ( Wife of V G Siddhartha) expressing support and trust in the Company's professional team and the common effort to look after the interest of the employees and all other stakeholders,” the company said in the BSE statement.
The Board also 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.
The statement added, “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.”
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