VG Siddhartha dead, SV Ranganath takes over as Interim chairman of Coffee Day Enterprises

The Coffee Day Enterprises board met today after Cafe Coffee Day founder VG Siddhartha's body was recovered from Netravathi river in Mangaluru, and decided to appoint SV Ranganath as interim chairman of the board. The board also appointed Nitin Bagmane as the company's interim chief operating officer. 

In a regulatory filing with the NSE and BSE, the company said, "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 Board also took cognizance of statements in the purported letter from VG Siddhartha relating to financial transactions outside the knowledge of the senior management, auditors and the Board, adding, "While the authenticity of the letter is unverified 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." 

Notably, Cafe Coffee Day (CCD) founder VG Siddhartha's body was recovered from the banks of the Netravati river early today. The body was sent to Wenlock Hospital for post-mortem. Siddhartha had gone missing on Monday night en route to Karnataka's Mangaluru. 

A letter purportedly written by him was also recovered, in which, he had stated that he was under "tremendous pressure" from lenders and private equity partners. The letter had also alleged "harassment" at the hands of tax authorities.

Watch Zee Business Live TV

According to Mangaluru police, Siddhartha’s family was alerted by the driver after he failed to return to his car.