Cafe Coffee Day founder's body found
July 31, 2019
The body of V G Siddhartha, founder of the popular chain Café Coffee Day body has been found. The body washed ashore at Ullal near Mangaluru and was discovered by local fishermen.
Mr Siddhartha, son-in-law of former Karnataka chief minister S M Krishna, was last seen near Netravati River in Karnataka's Mangaluru on Monday evening. He told his driver he was taking a walk but never returned. After a few hours, the driver went looking for him and when he couldn't find him, alerted the family.
A massive search operation was been launched by the Karnataka police, National Disaster Relief Force, and the Coastguard, amidst intense speculation about his whereabouts.
Mr Siddhartha left a letter where he said he had given up. The chain has been hit by many financial setbacks over the last year. In his letter, he said that he was under pressure from a private equity partner and other lenders. The letter is dated 27 July and was addressed to his employees and board members.However, there were some who alleged his disappearance was sinister.
In his letter, Mr Siddhartha also said he was being harassed by the Income Tax Department. He said authorities had attached his shares twice to block a deal and that they took hold of his Cafe Coffee Day shares.
There's been an outpouring of shock and grief not just from his business associates and family but also the public. The Cafe Coffee Day brand is a popular one across India, with an outlet virtually in every city.
I did not know him & have no knowledge of his financial circumstances. I only know that entrepreneurs must not allow business failure to destroy their self-esteem. That will bring about the death of entrepreneurship. - Anand Mahindra, Chairman & Managing Director, Mahindra & Mahindra
Karnataka Congress leader K Siddaramaiah tweeted, "Very sad to know about the unfortunate death of Shri. V G Siddhartha. His contribution to Karnataka & India through his entrepreneurship shall be an example & always be remembered".
The body has been taken to a hospital and family members have been informed.