Coffee Day Enterprises decided to engage the services of Central Bureau of Investigation (CBI) former DIG Ashok Kumar Malhotra to scrutinise the books of accounts of the company and its subsidiaries.
Malhotra will also investigate the circumstances under which Coffee Day Enterprises late founder V G Siddhartha had written the purported letter dated July 27, alleging harassment by the income tax department.
“Malhotra will be assisted by Agastya Legal LLP, New Delhi, consisting of legal professionals lead by their senior partner M R Venkatesh, practising advocate in High Court and Supreme Court of India who also possesses an educational background of a chartered accountant,” Coffee Day Enterprises said in a regulatory filing.
Previously, Coffee Day Enterprises had appointed global accounting firm EY to scrutinise the books of accounts of the company and its subsidiaries. But, it was ascertained that the global accounting major had a conflict of interest.
Coffee Day Enterprises said to the board that, Malhotra will appoint and take the support of any other professionals or firms to expedite this assignment. Siddhartha was confirmed dead on 31 July after his body was found in the Netravati river in Dakshina Kannada district of Karnataka, a day after he went missing.
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