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After V.G. Siddhartha goes missing, Coffee Day holds emergency board meeting
- Board is confident that the management and each of the entities in the Coffee Day Group will ensure continuity of all business operations
- Board also reviews a copy of the letter purportedly signed by Siddhartha dated July 27, 2019 and has shared a copy of the letter with relevant authorities
Bengaluru-based Coffee Day Enterprises Ltd informed the stock exchange, in a second filing on Tuesday evening, that the company had an emergency board meeting Tuesday.
It has been over 10 hours since search and rescue operations have been launched on the surface of the Nethravati river, in Mangaluru, to find Cafe Coffee Day chairman V.G. Siddhartha, son-in-law of former Karnataka chief minister and former external affairs minister S.M. Krishna, who went missing on Monday evening, but with no luck.
"...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," it said.
"...We are shocked by this development and our thoughts and prayers are in support of his family and loved ones. The Board had an emergency meeting today. The board also reviewed a copy of the letter purportedly signed by Mr. V.G. Siddhartha dated July 27, 2019 and has shared a copy of the letter with relevant authorities," the company said.
"After 37 years, with strong commitment to hard work, having directly created 30,000 jobs in our companies and their subsidiaries, as well as another 20,000 jobs in technology company where I have been a large shareholder since its founding. I have failed to create the right profitable business model despite my best efforts," said the letter, which was circulated on social media on Tuesday.
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, the filing said.
"In this hour of need we are counting on the support and strength of all our stakeholders including employees, customers, lenders, contractual counter parties, media, and well-wishers and request all to keep their morale high. We are requesting the media to honor the privacy of the family at this time and avoid any speculation," it said.
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Business NewsCompaniesNewsAfter V.G. Siddhartha goes missing, Coffee Day holds emergency board meeting
First Published:30 Jul 2019, 05:52 PM IST
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