Mangalore: Following the death of Cafe Coffee Day Group founder V G Siddhartha, Coffee Day Enterprises Ltd today appointed SV Ranganath as the company’s interim chairman.
The company also announced that its board has initiated a probe into past transactions made by the company and Siddhartha. This comes in the backdrop of certain allegations made by Siddhartha in a purported letter to the company’s board before his sudden demise in an alleged suicide attempt.
Following a board meeting, Ranganath, who has been a non-executive independent director at Coffee Day Enterprises, was appointed as the interim chairman and 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.
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The company’s board also decided to constitute an executive committee comprising Ranganath, Bagmane and R. Ram Mohan (CFO of Coffee Day Enterprises) to jointly exercise the powers previously vested with the CEO (Siddhartha) and the administrative committee of the company’s board in 2015. — Agencies
