Coffee Day Enterprises has engaged EY (Ernst & Young) to probe the circumstances leading to the statements made in the purported letter of its late chairman V.G. Siddhartha, dated July 27, and also to scrutinise the books of accounts of the company and its subsidiaries, the company said in a stock market declaration.
Mr. Siddhartha had gone missing on July 29 and two days later, his body was found in the backwaters of Netravati River, in Mangaluru.
In a board meeting on Thursday, Mr. Siddhartha’s wife Malavika Hegde was appointed as an additional member of the executive committee which was formed a week ago following the promoter’s tragic demise.
“The board of directors has decided it owes a duty to all the stakeholders of the company, to ensure that the company continues to have a strategic direction and a suitable way forward,” the filing said.
Corporate adviser
To achieve this objective it was decided by the board to appoint a person of eminence or a reputed firm as strategic corporate adviser to the board.
“We are trying to identify a very eminent person of high stature or a firm that can set a strategic direction for the company and decide on its future,” said a top source in the company.
