CCD appoints EY To Probe VG Siddhartha’s Claims In Letter To Board

CCD appoints EY To Probe VG Siddhartha’s Claims In Letter To Board

Coffee Day Enterprises on Thursday appointed Ernst & Young LLP to investigate the circumstances that led to this announcement in a letter to the late chairman Viji Siddhartha. CYDE Enterprises said in a statement that EY is also considering the books of the company and its subsidiaries.
“At Thursday’s meeting, the board and directors appointed Earnest and Young LLP (‘EY’) to investigate and investigate the circumstances that led to the announcement of the company’s and its subsidiaries’ accounts in a letter dated July 27, 2019. Former chairman, the late VG Siddhartha.” .

In a letter to the board before he went missing, Siddhartha said he was under pressure from a private equity partner and had to repurchase the shares.

“I am under tremendous pressure from other creditors. In order to avoid our Mindtree deal, our Coffee Day has been hacked in the form of a previous DG Income Tax, then our Coffee Day, and a serious monetary crisis,” he said in the letter.

Almost 36 hours after Cafe Coffee Day’s owner disappeared, police recovered his body from the Netravati River in Karnataka in the early hours of July 31.

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