“Due to personal reasons, Nitin Bagamane might not be able to devote his full-time and service to the company, and hence served his resignation as Interim Chief Operating Officer. However, he will continue as a member of Executive Committee and help the company,” CDEL stated in the stock exchange filing.
Bagamane was a director with Tanglin Developments, the real estate business of the company, since its inception. During his tenure as interim CEO, he was given the task of divesting the real estate subsidiary, Global Village and Tanglin Developments, to US private equity firm Blackstone Group. CDEL completed the sale and received Rs 2000 crore as first tranche from the acquirer, the filing added. With this transaction, CDEL cleared a third of its debt to banks.
Sanjay Nayar, CEO of global investment firm KKR one of the largest foreign PE investors in CDEL, had also resigned from the board of the company last November.
CDEL had rejigged its top deck in July a year ago after the death of Siddhartha, who had left behind a note which alleged that he was under pressure from lenders and a private equity player, besides facing harassment from tax authorities. The purported letter, currently under investigation, did not identify the PE firm or lenders.
The homegrown café chain, founded in 1996, operates about 1470 outlets across the country, and employs about 20,000 people.
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