CCD board meeting starts as Siddhartha goes missing

Ambiguity has gripped the ongoing board meeting of the Coffee Day Enterprises, as its founder VG Siddhartha has gone missing since Monday night, and there is suspicion that he has committed suicide.

The board was slated to meet today to discuss and announce its quarterly results for the period ended June 2019. It was likely to announce the contours of the expected sale of promoters’ stake to Coca Cola after the meeting.

“The meeting has started, but there is no clarity what will come out of the meeting for now,” the sources in the know said.

Meanwhile, hours before announcing its quarterly results, the company has informed the exchanges that its founder has been untraceable.

“This is to inform you that, V G Siddhartha, Chairman and Managing Director of Coffee Day Enterprises Limited has not reachable since yesterday evening. We are taking the help of concerned authorities. Company is professionally managed and led by competent leadership team, which will ensure continuity of business,” the company said in the filing.