Coffee Day ropes in EY to probe Siddhartha’s letter

Our Bureau Bengaluru | Updated on August 08, 2019 Published on August 08, 2019

Café Coffee Day turns 22 on 11th July, 2018   -  Business Wire India

The board of Coffee Day Enterprises has appointed EY to investigate the circumstances leading to statements made in the purported letter of former Coffee Day Chairman, VG Siddhartha, to the company’s board members and employees before his death.

EY has also been asked to scrutinise the books of accounts of the company and its subsidiaries, said a Coffee Day statement. The board meeting, held on Thursday, went on for nearly six hours.

“The board has decided it owes a duty to all the stakeholders to ensure it continues to have a strategic direction and a suitable way forward. To achieve this it was decided to appoint a person of eminence or a reputed firm as strategic corporate advisor/s to the board,” it said.

Siddhartha’s wife Malavika Hegde was appointed as an additional member of the executive committee formed at the previous board meeting.

Published on August 08, 2019
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.