ITC may be competing with Coca-Cola Co, which has approached India's greatest cafe chain but has not made a formal offer.
EY will investigate the circumstances that led to the statements made in the purported letter by Siddhartha dated July 27.
In three days, the shares have fallen by over 42 per cent on the BSE, eroding Rs 1,723.16 crore from its market valuation.
He also accused former Director General of Income Tax department of harassment.
Another relative and retired additional director general of police T Jayaprakash, agrees that Mr Siddhartha remained aloof and kept to himself.
The company said Siddhartha is not reachable since Monday evening. 'We are taking the help of concerned authorities'.
The scrip tumbled 20 per cent and hit its lower circuit limit as well as its 52-week low of Rs 154.05 on the BSE.
The move follows the construction major acquiring over 60 per cent stake in the Bengaluru-based IT company.
The development is significant as the Mindtree founders had initially resisted the hostile takeover bid.
IT firm Mindtree on Thursday said L&T CEO and MD SN Subrahmanyan will join its Board as Non-Executive Director with effect from July 16.
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