MAM
Café Coffee Day makes management-level appointments post founder VG Siddhartha’s tragic demise
MUMBAI: Following the tragic demise of Cafe Coffee Day (CCD) founder VG Siddhartha, who was also known as the ‘Coffee King’ of India, the company board has made some key appointments in the top management. It has also resolved to thoroughly investigate the matters related to financial transactions, which were made outside the knowledge of the senior management, auditors, and the board, and were mentioned in Siddhartha’s last letter to his team and employees.
The Board has appointed SV Ranganath as the interim chairman of the board and Nitin Bagmane as an interim chief operating officer of the company. It has also constituted an executive committee comprising non-executive independent director SV Ranganath and CFO R Ram Mohan to exercise the powers previously vested with the chief executive officer of the company and the administrative committee constituted by the board in 2015.
It mentioned in a statement, “The board will, in due course, prepare a detailed charter of authorities vested in the executive committee and approve the same. The executive committee will, inter alia, explore opportunities to deleverage the Coffee Day group.”
VG Siddhartha went missing in the evening of 29 July while he was on his way to Mangaluru from Bengaluru. Around 6.30 pm, he asked his driver to stop the car at a bridge near Ullala and did not return. A panicked driver informed his family and the police. Siddhartha’s body was recovered from Netravathi river, today morning.
Before allegedly committing suicide, he had sent his employees a letter indicating that he is in debt. He also mentioned that tax authorities were harassing him.
Taking in account the same, the board wrote in its statement, “The board took cognizance of statements in the purported letter from VG Siddhartha relating to financial transactions outside the knowledge of the senior management, auditors and the board. While the authenticity of the letter is unverified and it is unclear whether these statements pertain to the company or the personal holdings of VG Siddhartha, the board took serious note of the same and resolved to thoroughly investigate this matter.”
Brands
Raj Cooling Systems launches Agreyas appliances brand
Emraan Hashmi named brand ambassador for consumer appliance push.
MUMBAI: A company known for cooling solutions is now heating up its ambitions in the home appliances market. Raj Cooling Systems Pvt. Ltd. has launched a new consumer appliances brand, Agreyas, marking its entry into India’s rapidly expanding home appliances sector valued at more than Rs 1.5 lakh crore. The move represents a strategic diversification for the company, which has traditionally focused on cooling solutions for residential, commercial and industrial applications. Through Agreyas, the firm plans to tap into growing consumer demand for energy efficient and technology driven household appliances.
To build brand visibility, Agreyas has appointed Emraan Hashmi as its brand ambassador. The campaign has been developed under the banner of Zoommantra Productions, with actor and filmmaker Rohit Roy contributing to the creative direction.
The brand’s initial portfolio will include mid premium air conditioners, washing machines, geysers and other white goods designed to cater to modern Indian households seeking efficient and reliable appliances.
Raj Cooling Systems, founder and chairman Kalpesh Ramoliya said the launch aligns with the company’s broader expansion plans.
“The launch of Agreyas is in line with our vision to build a strong presence in India’s consumer electronics and home appliances market. The brand has been developed as a standalone identity to meet the evolving needs of Indian consumers,” he said.
Hashmi said the collaboration comes at a time when Indian buyers are increasingly looking for innovative and functional home solutions.
“I’m looking forward to working with Agreyas at a time when consumers are seeking more innovative and efficient home products. The brand reflects changing consumer behaviour around functionality, innovation and ease of use,” he said.
Raj Cooling Systems plans to invest around 10 million dollars in developing the brand, with an additional 5 million dollars earmarked over the next three to five years for product development and distribution expansion.
Agreyas will follow a multi channel distribution approach, selling through online platforms, retail outlets and dealer networks aimed at both urban and semi urban markets across India.
With the launch, the company is positioning Agreyas as a standalone consumer facing brand while continuing to leverage its existing manufacturing, engineering and research capabilities built through its core cooling solutions business.
