Bengaluru : After the demise of its founder, Chairman and MD VG Siddhartha Hegde, the Board of Coffee Day Enterprises has appointed SV Ranganath as the interim chairman of the Board and Nitin Bagmane as interim chief operating officer (COO) of the Company.
The terms of appointment are to be detailed and approved by the Board. SV Ranganath was Non-Executive Independent Director of Coffee Day. The Board also announced the constitution of an executive committee comprising Ranganath, Nitin Bagmane and R. Ram Mohan (CFO) to exercise the powers previously vested with the chief executive officer (CEO) of the Company and the Administrative Committee constituted by the Board in 2015.
Nitin Bagmane was the Chairman of Coffee Day’s real estate arm Tanglin, which is into building technology parks and special economic zones (SEZs).
“The Board remains deeply committed to safeguarding the interests of all stakeholders, including investors, lenders, employees and customers,” it said in a regulatory filing. It also said that it took cognisance of the statements made by Siddhartha in the letter he left behind, while stating that it’s authenticity is yet to be verified, and it is unclear whether these statements pertain to the Company or the personal holdings of Mr. V. G. Siddhartha. “…the Board took serious note of the same and resolved to thoroughly investigate this matter,” it added.
The Audit Committee and Executive Committee will engage in discussions with the statutory auditors of the Company and other such advisors as may be necessary with a view to recommend appropriate next steps to the Board at its forthcoming meeting on August 8.
The Board has also appointed Cyril Amarchand Mangaldas as its legal counsel to advise it on the foregoing and related matters.
“The Board noted with profound regrets the tragic demise of Mr. V. G. Siddhartha and his matchless energy, vision and business acumen which helped to single-handedly build the Company. The Board expressed its condolences to Mr. V. G. Siddhartha’s family and resolved to lend its support and expressed full confidence in the Company’s management team. The Board also took note of a message from Mrs. Malavika Hegde expressing support and trust in the Company’s professional team and the common effort to look after the interest of the employees and all other stakeholders,” the filing further added.
