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1-min read

'Will Ensure Business Remains Consistent': CCD Board of Directors as Owner Remains Untraced

Siddhartha went missing on Monday evening and left behind a letter addressed to his employees where he blamed one of his private equity partners for “creating pressure” to buy back stocks.

News18.com

Updated:July 31, 2019, 7:24 AM IST
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'Will Ensure Business Remains Consistent': CCD Board of Directors as Owner Remains Untraced
VG Siddhartha, chairman of Coffee Day Enterprises Ltd, speaks during a news conference in Mumbai. (Image: Reuters)
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Bengaluru: The board of directors of the coffee chain Café Coffee Day have expressed shock over the disappearance of VG Siddhartha, the chairman and the managing director of the group.

In an emergency meeting held later in the evening on Tuesday, the board said the group will ensure the business is continued ‘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 said after the meeting.

Siddhartha, owner of South Asia's single largest coffee estate, has been missing since Monday evening. He had reportedly got off from his car near a bridge across the Nethravathi River near Mangalore. However, he did not return even after an hour. His driver panicked and started looking for him, but could not find him anywhere. He then alerted the family members who in turn informed the police.

Siddhartha left behind a letter addressed to his employees and blamed one of his private equity partners for “creating pressure” to buy back stocks.

The board said that it has reviewed the letter and said it has shared the copy of it with the relevant authorities.

“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 board said after the meeting.

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