Business Standard

Assessing situation after disappearance of chairman Siddhartha: Coffee Day


Press Trust of India New Delhi
Cafe chain operator Coffee Day Enterprises on Tuesday said it is evaluating and assessing the situation after its chairman V G Siddhartha went missing since Monday evening.
The company's board has held emergency meeting following disappearance of its founder and Chairman and Managing Director Siddhartha and also reviewed the letter purportedly signed by him and shared copies with relevant authorities, Coffee Day Enterprises said in a regulatory filing.
The company said it has resolved to co-operate with authorities.
The purported letter sent by Siddhartha to the CCD 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".

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First Published: Jul 30 2019 | 5:50 PM IST

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