Coffee Day Enterprises Ltd (CDEL) on Monday mentioned Malavika Hegde, the wife of its late founder VG Siddhartha, has been appointed because the company’s Chief Executive Officer. CDEL runs a series of Cafe Coffee Day eating places in India.
“Malavika Hegde, Director of the company, has been appointed as CEO of the company with effect from 7th December 2020,” CDEL mentioned in a regulatory submitting.
The company’s board in a meeting held on Monday additionally authorized appointment of C H Vasudhara Devi, Giri Devanur and Mohan Raghavendra Kondi as impartial administrators.
The appointment is for 5 years, efficient from December 31, 2020.
“This intimation also fulfils the requirement of appointing Woman Independent Director pursuant to SEBI (LODR) (Amendment) Regulations, 2018,” it added.
VG Siddhartha was discovered lifeless final yr, investigation revealed Rs 3,535 crore angle
Siddhartha was discovered lifeless in August 2019 and since then the group has been going through stress to repay money owed. It is paring its debt by means of the sale of non-core belongings.
In July this yr, an investigation into the circumstances that led to the alleged suicide of Siddhartha revealed that Rs 3,535 crore was siphoned off from the company by the entrepreneur’s personal agency Mysore Amalgamated Coffee Estates Ltd(MACEL).
In August, the Coffee Day Group mentioned it appointed Justice Ok L Manjunath, a former decide of the Karnataka High Court, to counsel and oversee actions for recovery of dues.
The company had mentioned it was taking steps for recovery of dues from MACEL, whereas disclosing the findings of the investigation.
CDEL has 49 subsidiaries.
CDEL in September final yr had introduced the sale of its Global Village Tech Park in Bengaluru to world funding agency Blackstone and realty agency Salarpuria Sattva at an enterprising worth of Rs 2,700 crore. Earlier, it had offered CDEL’s stake in IT agency Mindtree to L&T Infotech.
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