Coffee Day Enterprises appoints SV Ranganath as interim chairman

The board of Coffee Day Enterprises has appointed former IAS officer and a member, SV Ranganath as the interim chairman of the company.

In a press statement, it said the board takes note of a message from the wife of late VG Siddhartha, Malvika who is also on the board expressing support and trust in the company's management team. It, however, said the authenticity of the letter purported to be written by Siddhartha cannot be verified as of now. "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 serious note of the same and resolved to thoroughly investigate this matter."

It said the board noted with profound regrets the tragic demise of Siddhartha and "his matchless energy, vision and business acumen which helped to single-handedly build the Company."

The board has also appointed Nitin Bagmane as an interim chief operating officer of the Company on terms to be detailed and approved by the Board. It has also constituted an executive committee comprising Ranganath (Non-Executive independent Director), 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.

The Board will, in due course, prepare a detailed charter of authorities vested in the Executive Committee and approve the same.

The Executive Committee will explore opportunities to deleverage the Coffee Day Group. 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.

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