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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.
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