COFFEEDAY - 293995
💠💠The board of Coffee Day Enterprises Ltd (CDEL) is planning to selectively sell assets of the V.G. Siddhartha-founded company to pare debt incurred by the group’s 52 units, said two people, including a director at the company, with direct knowledge of the plans.
“The group has good valuable assets and the best thing for all stakeholders at this stage is to monetize assets," said one of the two people.
Following the demise of Siddhartha, the CDEL board held an emergency meeting on Wednesday to decide on the company’s immediate course of action and appoint a new interim chairman to replace the founder. Siddhartha’s body was found near the Netravathi river on Wednesday morning, after he went missing on Monday.
At Wednesday’s meeting, the board named non-executive director S.V. Ranganath as the interim chairman. Ranganath is a retired IAS officer and served as Karnataka’s chief secretary between 2009 and 2013.
News Credit Mint
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