V.G. Siddhartha caused subsidiaries of Coffee Day to pay advances to a firm controlled by his family so he could buyback shares held by private equity investors, repay loans and keep up with interest payments on other borrowings, the company said in a filing Friday, disclosing the results of a nearly-year long investigation.
In August last year, CDEL had asked Ashok Kumar Malhotra, retired DIG of the Central Bureau of Investigation to investigate the purported letter written by founder chairman of the company V G Siddhartha before his untimely demise. The investigative team is taking the help of an accounting firm to scrutinise the books of accounts.
Homegrown coffee chain Cafe Coffee Day (CCD)has closed down around 280 outlets in the first quarter of the current fiscal year, citing profitability issues and likely future increase in expenses, a company statement said.
Under the partnership, Wow! Momo kiosks will be placed in Café Coffee Day outlets in the country to create a wider reach and network. The two homegrown brands also plan to offer a wider palate of innovative food offerings. Wow! Momo is set to serve its products in all three traditional formats – dine-in, takeaway, and delivery – in select Café Coffee Day outlets in the country.
Inside a bright green and yellow outlet of Chaayos in