accounts of Coffee Day

The firm will also study the books of reports of Coffee Day.

Coffee Day Enterprises has engaged EY (Ernst & Young) to probe the cases leading to the statements given in the purported letter of its late chairman V.G. Siddhartha, dated July 27, and also to examine the books of accounts of the company and its subsidiaries, the company said in a stock market information.

Mr Siddhartha had left missing on July 29, and 2-days later, his body was found in the backwaters of Netravati River, in Mangaluru.

In a council meeting on Thursday, Mr Siddhartha’s wife Malavika Hegde was elected as an additional member of the executive committee which was formed a week ago following the promoter’s sad demise.

“The board of directors has selected it owes a duty to all the stakeholders of the company, to ensure that the company maintains to have a necessary direction and a suitable way forward,” the filing said.

Corporate adviser

To accomplish this objective, it was determined by the board to appoint a person of eminence or a supposed firm as strategic corporate adviser to the board.

“We are trying to identify a significant 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.

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