Coffee Day Enterprises appoints S V Ranganath as interim Chairman after Siddhartha's death

Agencies
July 31, 2019

Mumbai, Jul 31: Coffee Day Enterprises on Wednesday appointed S V Ranganath as the interim Chairman of its board after the body of founder-owner V G Siddhartha was found on the banks of Netravati river in Mangaluru.

The board also appointed Nitin Bagmane as the interim Chief Operating Officer. It constituted a three-member executive committee comprising of Ranganath, Bagmane and Chief Financial Officer R Ram Mohan to exercise the powers previously vested with the CEO.

Further, taking cognizance of the statements in the purported letter from Siddhartha relating to financial transactions outside the knowledge of the senior management, auditors and board, the board of directors resolved to thoroughly investigate the matter.

"While the authenticity of the letter is unverified and it is unclear whether these statements pertain to the company or personal holdings of VG Siddhartha, the board took serious note of the same and resolved to thoroughly investigate the matter," it said in a statement.

"The board remains deeply committed to safeguarding the interests of all stakeholders including investors, lenders, employees and customers." 
The board said the audit committee and the executive committee will engage in discussions with the statutory auditors of the company to recommend appropriate next steps at the board meeting on August 8.

The board appointed Cyril Amarchand Mangaldas as its legal counsel to advise on foregoing and related matters.

Following a massive search operation involving multiple agencies, the body of Siddhartha was found on the banks of Netravati River near Hoige Bazaar in Mangaluru. The 58-year-old businessman, son-in-law of former Karnataka Chief Minister S M Krishna, was missing since Monday evening.

"The board noted with profound regrets the tragic demise of Siddhartha and his matchless energy, vision and business acumen which helped to single-handedly build the company," said the statement.

The board expressed its condolences to Siddhartha's family and resolved to lend its support and expressed full confidence in the company's management team.

"The board also took note of a message from Malavika Hegde expressing support and trust in the company's professional team and the common effort to look after the interest of the employees and all other stakeholders," said the statement.

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News Network
January 6,2020

Bengaluru, Jan 6: Activist Irom Chanu Sharmila took part in a protest against the Citizenship Amendment Act (CAA), National Register of Citizens (NRC) and National Population Register (NPR) at Sir Puttanna Chetty Town Hall here on Sunday.

Sharmila, who came in the protest along with her child, took part in a 'burqa and bindi' protest marking the birth anniversary of social reformer Savitribai Phule.

Protests have erupted across the country over the CAA which grants citizenship to Hindu, Sikh, Jain, Parsi, Buddhist, and Christian refugees from Pakistan, Afghanistan, and Bangladesh, who came to India on or before December 31, 2014.

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News Network
January 20,2020

Varanasi, Jan 20: An FIR has been lodged against unidentified persons for a controversial hoarding near the Varanasi railway station. It is worth mentioning here that Prime Minister Narendra Modi himself is the MP of Varanasi Lok Sabha constituency.

The hoarding near the Englishiya Line crossing read, "Hindu dharma mein ghar vapasi karo... CAA, NRC se chhutkara pao (Get rid of CAA, NRC by converting to Hinduism)".

Inspector Ashutosh Ojha said that the FIR under section 295 A and 505 of IPC has been lodged.

"Investigation has been launched in the case and those involved in putting up the hoarding would be identified soon," he added.

According to sources, a lesser known outfit, Hindu Samaj Party, had placed the hoarding on the busy road.

The outfit's state Vice President Roshan Pandey had made a video viral on social media with his message in which he claimed to have put up the hoarding in response to the protest being staged at Shaheen Bagh, New Delhi.

The hoarding, which also has photographs of some Muslim women wearing saffron pagdi, was removed by the police late Saturday evening.

It came up at a time when Chief Minister Yogi Adityanath, Union Minister Smriti Irani and other leaders were in Varanasi to address a rally in support of the Citizenship Amendment Act at the Sampurnanand Sanskrit University.

Pandey, along with his supporters, had also tried to stage a sit-in at Lanka to give a call for marching to Shaheen Bagh in Delhi but was prevented by the police.

They were taken in custody and were later released following initial interrogation, said inspector Lanka, Bharat Bhushan.

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News Network
April 27,2020

Bengaluru, Apr 27: Janata Dal-Secular leader and former Karnataka chief minister HD Kumaraswamy on Monday said that the government should work towards lowering the cost of living as the spending power of the consumer has weakened, and it should impose COVID cess on the ultra-rich.

"The economy won't bounce back within a very short period. It is important to lower the cost of living as the spending power of the consumer has depleted. The government must cut the petrol/diesel prices. The loss of revenue may be offset partially by imposing COVID cess on the ultra-rich," Kumaraswamy tweeted.

"According to RBI and international economic assessment agencies, the GDP growth rate of the country is expected to fall to a historic low. Such a dire situation calls for citizen-centric measures like full or partial waivers of EMIs, rents, school fees, and other levies," he added.

Kumaraswamy further said that the government must announce schemes to save the livelihoods of people, especially those in the unorganised sector.

"It is high time the government announced schemes to save livelihoods of people, especially those in the unorganised sector. The government must provide immediate relief to farmers, construction workers, cab and auto drivers, garment workers, etc," the former Karnataka CM tweeted.

The Confederation of Indian Industry (CII) had said on April 23 that India's economic growth is likely to hover between zero and 1.5 per cent in the current financial year as the extended COVID-19 lockdown slows down activity across most sectors.

India is under a nation-wide lockdown which was imposed on March 25 and later extended on April 14 to May 3 to stem the spread of coronavirus.

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