Assessing situation after disappearance of chairman V G Siddhartha: Coffee Day

Cafe chain operator Coffee Day Enterprises on Tuesday said it is assessing the situation after its founder and chairman V G Siddhartha went missing and formulating appropriate steps to ensure business operations are unaffected.

The company's board has held emergency meeting following disappearance of Siddhartha and also reviewed the letter purportedly signed by him and shared copies with relevant authorities, the company said in a regulatory filing.

"We are shocked by this development and our thoughts and prayers are in support of his family and loved ones... The board is confident that the professional management of the company and each of the entities in the Coffee Day Group and their respective leadership team will ensure continuity of all business operations consistent with past behaviour," Coffee Day said.

The board said it has also "sought the assistance of local and state authorities, who are doing their utmost, and relevant officers of the company are cooperating with the authorities as requested", the filing said.

The purported letter sent by Siddhartha to the board claimed that he was being pressured by "one of the private equity partners" forcing him to buy back shares, a transaction he had partially completed six months ago by borrowing a large sum of money from "a friend".

The letter also talked about "harassment" by I-T Department official, who initially attached his shares in Mindtree.

On Tuesday moring, the company confirmed that Siddhartha has been missing since Monday evening.

The company said Siddhartha is not reachable since Monday evening. "We are taking the help of concerned authorities."