V G Siddhartha's wife has the support of the employees. But the challenges ahead of her are tough.
Coffee Day Global Ltd (CDGL) and its financial creditor IndusInd Bank have reached a settlement, following which NCLAT has set aside an insolvency order against the company which owns and operates coffee chain Cafe Coffee Day. Counsel representing CDGL and IndusInd bank on Wednesday informed the Chennai bench of National Company Law Appellate Tribunal (NCLAT) about the settlement and sought permission to withdraw insolvency litigations. A two-member bench comprising Justice M Venugopal and Shreesha Merla took their submissions on record and set aside the order admitting CDGL to insolvency.
The financials of six privately held companies associated with Siddhartha show an increase in debt and falling ability to meet short-term obligations.
The company board, wherein Siddhartha's wife Malavika Hegde is also a director, met on Wednesday to put in place a working structure of the company.
A family man with two sons, who made it a point to attend all weddings and occasions in the community, Siddhartha is known by everyone as the quintessential 'nice guy' CEO -- never yelling, raising his voice or screaming at his employees, says Pavan Lall.
The probe gave a clean chit to the tax department that was being alleged to have harassed Siddhartha.
Coming from a family that has a 140-year history of growing coffee, Siddhartha, 59, initially dabbled in stock trading and wanted to work as an investment banker in Mumbai after completing his Master's in Economics from Mangalore University.
The 58-year-old businessman, who is also the son-in-law of former Karnataka Chief Minister SM Krishna, has been missing since Monday evening from Mangaluru.
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