Faisal / SV Ranganath appointed interim chairman of Coffee DayEnterprises, Nitin Bagmane Interim COO


The body of former chairman and MD VG Siddharth found in the river, went missing on MondayThe company said - Siddharth's alleged letter not verified, will get it investigated





Bengaluru Following the death of VG Siddharth, the Board of Coffee Day Enterprises on Wednesday appointed SV Ranganath as interim chairman. Nitin Bagmane has been made interim COO. Ranganath is on the board of the company as an independent director. The body of former chairman and MD VG Siddharth was found in the river on Wednesday. They went missing on Monday.




Regarding the alleged letter dated July 27 by VG Siddharth, the company said that the management, auditors and board were not aware of the financial transactions given in the letter. The authenticity of the letter is not verified. It is also not clear whether Siddharth spoke about the company or mentioned personal holding. The case will be investigated. The next meeting of the board will be held on 8 August.




Siddharth wrote in the alleged letter to the staff- "I request that all of you continue to push the business firmly with the new management. I am responsible for all the mistakes and financial transactions. My team, auditors and senior management Does not know about my transactions. The law should only hold me responsible. I did not tell the family or anyone else about it. My email Dada was not to mislead or deceive anyone. As a businessman I failed. Hopefully one day you will understand, forgive me. Attaching a list of our assets and their possible value. Our assets are our liabilities. More than that. They can pay the dues of all of them. "




Coffee Day Enterprises shares fell 20%, lower circuit hit
VG Siddharth's case saw Coffee Day Enterprises shares fall 19.99% to Rs 123.25 on the BSE . It was down 19.98% at Rs 122.75 on the NSE. Trading was stopped due to the lower circuit limit being applied on both exchanges.





As of March this year, CafĂ© Coffee Day (CCD) had 1,752 cafes in 200 cities across the country. The first cafe opened in 1996 on Brigade Road in Bangalore. The first cafe outside India opened in 2005 in Vienna, the capital of Austria. The company also has businesses in Austria, the Czech Republic and Malaysia.

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