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Company will continue business operations consistent with past behaviours: Coffee Day Global Ltd


ANI General News
The Coffee Day Global Limited in a statement on Tuesday said that the board is confident about the continuity of company's business operations consistent with the past behaviour. The board is evaluating the situation to ensure the continuity of the operations.
A day after the founder of India's largest Coffee chain 'Cafe Coffee Day', VG Siddhartha went missing, the company on Tuesday expressed shock over the development.
"Mr VG. Siddhartha, our Promoter and Chairman and Managing Director has not been reachable since yesterday evening. We are shocked by this development and our thoughts and prayers are in support of his family and loved ones," the statement read.
The statement further added, "The Board had an emergency meeting today. 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. In the interim, the Board is evaluating and assessing the situation, formulating appropriate steps to ensure business operations are unaffected and has resolved to co-operate with authorities."
The board 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, informed company in the statement.
"In this hour of need we are counting on the support and strength of all our stakeholders including employees, customers, lenders, contractual counterparties, media, and well-wishers and request all to keep their morale high," the director added.
The company has requested the media to honour the privacy of the family at this time and avoid any speculation.
The 58-year-old businessman, is the son-in-law of former Karnataka chief minister SM Krishna and has been missing since last evening from Mangaluru.
Siddhartha was spotted last on Monday evening at the Netravati Bridge where he had gone for a stroll, commissioner of police, Mangalore, Sandeep Patil said on Tuesday.
According to Deputy Commissioner Senthil, the police started the search operation at 11 am. The police team is focusing on search and rescue mission.
Police have deployed dog squads and inflatable boats in the search and have roped in local fishermen to search the river.
Earlier today, Coffee Day Enterprises, the company which owns Cafe Coffee Day chain wrote to the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) confirming the absence of its Chairman and Managing Director V G Siddhartha.
A letter written by Siddhartha surfaced today in which he has apologised to people who "put their trust" in him and said he failed to create the right profitable business model despite his best efforts.
He had also said that he was under "tremendous pressure" from one of "the private equity partners".
"Tremendous pressure from other lenders led to me succumbing to the situation," he wrote.
Siddhartha also alleged that he was being harassed by the previous Directorate General, Income Tax which led to him facing a "liquidity crunch".

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First Published: Jul 30 2019 | 6:25 PM IST

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