<ul><li>Mangaluru police recovered the body of V G Siddhartha, the founder of CCD who was missing since Monday. </li><li>He was rumoured to have committed suicide. </li><li>The authorities found the body at 6.30 am, as per media reports. Earlier, a fisherman claimed that he might have seen a man jumping into the Netravathi river from the bridge. </li></ul>Mangaluru police recovered the dead body of V G Siddhartha, the founder of India's iconic coffee chain Cafe Coffee Day, after a 36 hour search operation. <a href="https://www.businessinsider.in/cafe-coffee-day-share-price-down-20-after-founder-vg-siddhartha-goes-missing/articleshow/70445091.cms">He went missing on</a> Monday night, and was rumoured to have committed suicide. "We found the body early morning today. It needs to be identified; we have already informed the family members. We are shifting the body to Wenlock Hospital. We will continue the further investigation," Mangaluru Police Commissioner Sandeep Patil <a href="https://www.ndtv.com/india-news/cafe-coffee-day-founder-vg-siddharthas-body-found-two-days-after-he-went-missing-2077873">said</a>. The authorities found the body at 6.30 am, as per media reports. Earlier, a fisherman claimed that he might have seen a man jumping into the Netravathi river from the bridge. Siddhartha went declared missing on Monday night after his driver couldn't reach him. He reached Mangaluru at 8 pm in his SUV and asked the driver to drop him at the bridge in Ullal. The Mangaluru city police started a search operation, looking for a man who might have jumped off a kilometer-long bridge in Ullal. He also left <a href="https://www.businessinsider.in/business/cafe-coffee-day-founder-vg-siddhartha-letter-to-board-of-directors/articleshow/70443951.cms">a letter to his employees that said</a>, "I fought for a very long time but today I gave up as I could not take any more pressure from one of the private equity partners forcing me to buy back shares, a transaction I had partially completed six months ago by borrowing a large sum of money from a friend." Shares of Cafe Coffee Day <a href="https://www.businessinsider.in/cafe-coffee-day-share-price-down-20-after-founder-vg-siddhartha-goes-missing/articleshow/70445091.cms">slipped by 20%</a>, to trade at ₹154 yesterday ever since the news of V G Siddhartha went missing, broke. (with IANS) See also: <a href="https://www.businessinsider.in/vg-siddhartha-and-other-coffee-day-promoters-pledged-shares/articleshow/70446808.cms">Over 75% of shares owned by VG Siddhartha and other promoters in Coffee Day Enterprises were pledged with creditors-- and they are worth much lesser toda</a> <a href="https://www.businessinsider.in/business/full-profile-of-cafe-coffee-day-founder-v-g-siddhartha/articleshow/70445413.cms">India’s coffee king V G Siddhartha’s journey from silver spoon to a gilded cage</a>

CCD founder V G Siddhartha’s dead body recovered by the police

<ul><li>The shares of Coffee Day Enterprise slipped by a massive 19.9% in early trade. </li><li>It was trading at a new low of ₹123.25 after the news about the founder's death surfaced this morning. </li><li><keyword id="808597" type="COMPANY" weightage="20" keywordseo="VG-Siddhartha">VG Siddhartha</keyword>, the founder, and CEO of Cafe Coffee day was missing since Monday evening. </li></ul>The shares of Coffee Day Enterprise <a href="https://www.bseindia.com/stock-share-price/coffee-day-enterprises-ltd/coffeeday/539436/">slipped by a massive 19.9%</a> in early trade. It was trading at a new low of ₹123.25 after the news about the founder's death surfaced this morning. VG Siddhartha, the founder, and CEO of Cafe Coffee day was missing since Monday evening. The police conducted a massive search operation until this morning. They recovered a body which is believed to be of the <keyword id="7925798" type="UNKNOWN" weightage="20" keywordseo="ccd-founder">CCD founder</keyword>. The company<a href="https://www.businessinsider.in/business/cafe-coffee-day-founder-vg-siddhartha-letter-to-board-of-directors/articleshow/70443951.cms"> had an outstanding debt of ₹6547 crore</a> as of March 2019. Siddhartha was under heavy pressure as he held three-fourths of his company’s shares. "Today I gave up as I could not take any more pressure from one of the private equity partners forcing me to buy back shares,”<a href="https://www.businessinsider.in/business/cafe-coffee-day-founder-vg-siddhartha-letter-to-board-of-directors/articleshow/70443951.cms"> Siddhartha told his employees</a>, in a letter which has been doing the rounds since yesterday. Siddhartha had blamed private equity players, and the tax authorities in the letter. Country's stock regulatory board, Securities and Exchange Board of India (SEBI) <a href="https://economictimes.indiatimes.com/markets/stocks/news/ccd-crisis-private-equity-players-independent-directors-under-sebi-scanner/articleshow/70456581.cms">has already started looking into </a>private equity players, or any lapses that may have occurred. It is also monitoring the trading patterns of the company. Yesterday, the value of all outstanding shares fell by nearly ₹800 crore after the company <a href="https://www.bseindia.com/corporates/anndet_new.aspx?newsid=ace305f9-bdb6-452c-a07f-8a8f133606ea">stated on BSE </a>that their founder is not reachable. See also: <a href="https://www.businessinsider.in/full-profile-of-cafe-coffee-day-founder-v-g-siddhartha/articleshow/70445413.cms">India’s coffee king V G Siddhartha’s journey from silver spoon to a gilded cage</a> <a href="https://www.businessinsider.in/vg-siddhartha-and-other-coffee-day-promoters-pledged-shares/articleshow/70446808.cms">Over 75% of shares owned by VG Siddhartha and other promoters in Coffee Day Enterprises were pledged with creditors-- and they are worth much lesser toda</a>y

Cafe Coffee Day shares lose another ₹700 crore value after founder Siddhartha's dead body surfaces

<ul><li>Shares of Cafe Coffee Day running 20% down, to trade at ₹154.05 ever since <keyword id="808597" type="COMPANY" weightage="20" keywordseo="VG-Siddhartha">VG Siddhartha</keyword>, the founder, and CEO went missing. </li><li>The value of all outstanding shares is down by nearly ₹800 crore. </li><li>The company’s total debt at the end of March 2019 was ₹6,547 crore. </li></ul>Shares of Cafe Coffee Day <a href="https://www.bseindia.com/stock-share-price/coffee-day-enterprises-ltd/coffeeday/539436/">running 20% down, to trade at ₹154.05</a> ever since VG Siddhartha, the founder, and CEO of the company went missing. The value of all outstanding shares is down by nearly ₹800 crore. The <a href="https://www.business-standard.com/article/companies/coca-cola-in-talks-to-pick-stake-in-cafe-coffee-day-after-pocketing-costa-119062700063_1.html">company's market capitalisation was less than half of the total debt</a> of ₹6,547 crore at the end of March 2019. "This is to inform you that, Mr. V G Siddhartha, Chairman and Managing Director of Coffee Day Enterprises Limited is not reachable since yesterday evening, " <a href="https://www.bseindia.com/corporates/anndet_new.aspx?newsid=ace305f9-bdb6-452c-a07f-8a8f133606ea">read a </a>statement on BSE. The company further assured that they are taking the help of the concerned authorities to find the Siddhartha. CCD also said the company would continue to run by the leadership team. The Mangaluru Police suspect that the coffee baron may have jumped off the Ullal bridge on Monday night. The news agency, ANI, also posted the last letter allegedly written by VG Siddhartha addressing his employees. See also: <a href="https://www.businessinsider.in/business/cafe-coffee-day-founder-vg-siddhartha-letter-to-board-of-directors/articleshow/70443951.cms">Full text of the letter written by Cafe Coffee Day founder VG Siddhartha before he went missing</a> Mangaluru City Police started a search operation at 9 pm to look for a man who might have jumped off a kilometer-long bridge in Ullal. According to the report, Siddhartha may be the missing 'man' since he reached Mangaluru at 8 pm in his SUV and ask the driver to drop him at the bridge in Ullal. VG Siddhartha came from a coffee-growing family, which owned 15,000 acres of coffee estate in Chikmagalur in Karnataka. He launched the first Cafe Coffee Day (CCD) outlet on <keyword id="18382" type="ORGANIZATION" weightage="20" keywordseo="brigade-road">Brigade Road</keyword> in Bengaluru. The chain currently has 1,750 outlets and over 60,000 vending machines spread over Nepal, Malaysia, Czech Republic, and Egypt, <a href="http://www.coffeeday.com/PDF/Coffee_Day_Annual_report_2018.pdf">aside from 245 cities in India. </a> The 58-year-old entrepreneur was in talks with Coca-Cola to sell considerable stake in his coffee chain. The deal was <a href="https://www.businesstoday.in/current/corporate/coca-cola-coke-cafe-coffee-day-ccd-stake-sale-beverage-maker-indias-largest-coffee-chain/story/359387.html">supposed to be closed</a> by the end of March 2020. The coffee baron had reportedly been <a href="https://www.livemint.com/companies/news/why-v-g-siddhartha-went-with-l-t-ignoring-mindtree-promoters-1553710517498.html">cornered by a cash crunch</a> after the default by infrastructure lending giant IL&amp;FS triggered a liquidity crisis in the country. Siddhartha had to sell his 20.4% stake in the IT firm <keyword id="6357902" type="COMPANY" weightage="20" keywordseo="mindtree">Mindtree</keyword> to L&amp;T against the wishes of Mindtree’s founders who Siddhartha had backed since 1999. (Correction: The market cap loss wrongly pegged at ₹8000 crore earlier has been corrected to ₹800 crore) See also: <a href="https://www.businessinsider.in/vg-siddhartha-founder-of-cafe-coffee-day-and-son-in-law-of-ex-karnataka-cm-sm-krishna-is-missing/articleshow/70443830.cms">Coffee baron VG Siddhartha, the founder of India's iconic chain Cafe Coffee Day, is missing</a>

Cafe Coffee Day shares have lost ₹800 crore in value after founder VG Siddhartha goes missing

<ul><li>The total debt of Coffee Day Enterprises was ₹6,547 crore at the end of March 2019.</li><li>Over three-fourths of all shares held promoters were either pledged or encumbered, according to data from BSE.</li><li>The stock of Coffee Day Enterprises fell 20% after Siddhartha's disappearance, further depleting the value of shares held by the creditors.</li></ul>The pressure on Cafe Coffee Day founder VG Siddhartha was back breaking. Before he went missing on Monday (July 29), he allegedly left a letter for the Board of Directors at Coffee Day Enterprises, which has businesses ranging from coffee chain to hospitality and financial services, listing out the reasons for disappearance. The company had a total debt of ₹6,547 crore at the end of March 2019. And more than three-fourths of all the Coffee Day shares held by Siddhartha, his family and his other companies were already pledged to the company's creditors, according <a href="https://www.bseindia.com/corporates/shpPromoterNGroup.aspx?scripcd=539436&amp;qtrid=102.00&amp;QtrName=June%202019" data-type="tilCustomLink" target="_blank">to data sourced from the BSE</a>. 
<table style="width: 366pt;"> <colgroup></colgroup><col /> <col /> <tbody><tr> <td class="xl69" style="height:15.75pt;width:182pt">Promoter Entity</td> <td class="xl70" style="width:184pt">Pledged shares as a % of total holding</td> </tr> <tr> <td class="xl67" style="height: 15pt; width: 182pt;">V. G. Siddhartha</td> <td class="xl68" style="border-left-width: initial; border-left-style: none; width: 184pt;">71.40%</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none; width: 182pt;">Malavika Hegde</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 184pt;">65.27%</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none; width: 182pt;">Devadarshini Info Technologies Pvt Ltd</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 184pt;">83.08%</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none; width: 182pt;">Coffee Day Consolidations Pvt Limited</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 184pt;">95.94%</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none; width: 182pt;">Gonibedu Coffee Estates Pvt Ltd</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 184pt;">78.94%</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none; width: 182pt;">Sivan Securities Private Limited</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 184pt;">99.99%</td> </tr> <tr> <td class="xl64" style="height: 15.75pt; border-top-width: initial; border-top-style: none; width: 182pt;">Total</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 184pt;">75.70%</td> </tr></tbody></table> Anyone can use shares as a collateral for a loan when they are need in need of money. If the borrower fails to repay, the bank, or any other lender, can sell the shares 'pledged' with them in exchange for the loan to recover the amount. However, the seller can only get the market rate for the shares. As the news of Siddhartha's disappearance broke, shares of Cafe Coffee Day <a href="https://www.bseindia.com/stock-share-price/coffee-day-enterprises-ltd/coffeeday/539436/">fell 20</a>% further depleting the value of the shares held by the lenders. The value of all outstanding shares fell by nearly ₹800 crore. taking the <a href="https://www.business-standard.com/article/companies/coca-cola-in-talks-to-pick-stake-in-cafe-coffee-day-after-pocketing-costa-119062700063_1.html">company's market capitalisation to less than half of its total debt</a> at the end of the last financial year. "This is to inform you that, Mr. V G Siddhartha, Chairman and Managing Director of Coffee Day Enterprises Limited is not reachable since yesterday evening, " <a href="https://www.bseindia.com/corporates/anndet_new.aspx?newsid=ace305f9-bdb6-452c-a07f-8a8f133606ea">read a </a>statement on BSE. The company further assured that they are taking the help of the concerned authorities to find the Siddhartha. CCD also said the company would continue to run by the leadership team. The Mangaluru Police suspect that the coffee baron may have jumped off the Ullal bridge on Monday night. The news agency, ANI, also posted the last letter allegedly written by VG Siddhartha addressing his employees. 
 <div type="Article" hostid="261" msid="70443951" title="Full text of the letter written by Cafe Coffee Day founder VG Siddhartha before he went missing" mstype="2" mssubtype="0"></div>



 Mangaluru City Police started a search operation at 9 pm to look for a man who might have jumped off a kilometer-long bridge in Ullal. According to the report, Siddhartha may be the missing 'man' since he reached Mangaluru at 8 pm in his SUV and ask the driver to drop him at the bridge in Ullal. VG Siddhartha came from a coffee-growing family, <a href="https://www.businessinsider.in/business/full-profile-of-cafe-coffee-day-founder-v-g-siddhartha/articleshow/70445413.cms" data-type="tilCustomLink" target="_blank">which owned 15,000 acres of coffee estate in Chikmagalur</a> in Karnataka. He launched the first Cafe Coffee Day (CCD) outlet on Brigade Road in Bengaluru. The chain currently has 1,750 outlets and over 60,000 vending machines spread over Nepal, Malaysia, Czech Republic, and Egypt, <a href="http://www.coffeeday.com/PDF/Coffee_Day_Annual_report_2018.pdf">aside from 245 cities in India. </a> The 58-year-old entrepreneur was in talks with Coca-Cola to sell considerable stake in his coffee chain. The deal was <a href="https://www.businesstoday.in/current/corporate/coca-cola-coke-cafe-coffee-day-ccd-stake-sale-beverage-maker-indias-largest-coffee-chain/story/359387.html">supposed to be closed</a> by the end of March 2020. The coffee baron had reportedly been <a href="https://www.livemint.com/companies/news/why-v-g-siddhartha-went-with-l-t-ignoring-mindtree-promoters-1553710517498.html">cornered by a cash crunch</a> after the default by infrastructure lending giant IL&amp;FS triggered a liquidity crisis in the country. Siddhartha had to sell his 20.4% stake in the IT firm Mindtree to L&amp;T against the wishes of Mindtree’s founders who Siddhartha had backed since 1999. SEE ALSO: <a href="https://www.businessinsider.in/full-profile-of-cafe-coffee-day-founder-v-g-siddhartha/articleshow/70445413.cms" data-type="tilCustomLink" target="_blank">India’s coffee king V G Siddhartha’s journey from silver spoon to a gilded cage</a>

Over 75% of shares owned by VG Siddhartha and other promoters in Coffee Day Enterprises were pledged with creditors-- and they are worth much lesser today

<ul><li>VG Siddhartha is reportedly missing near Netravati River in Mangalore since Monday night.</li><li>The development came in after the Mangalore City Police started a search operation at 9 pm to look for a man who might have jumped off a kilometer-long bridge in Ullal.</li><li>Siddhartha reportedly faced a cash crunch earlier this year after the default by infrastructure lending giant IL&amp;FS, which forced him to sell stake in the IT firm <keyword id="6357902" type="COMPANY" weightage="20" keywordseo="mindtree">Mindtree</keyword>.</li></ul><keyword id="46195" type="COMPANY" weightage="20" keywordseo="Cafe-Coffee-Day">Cafe Coffee Day</keyword> founder and son-in-law of ex-Karnataka Chief Minister SM Krishna, VG Siddhartha , is reportedly missing near Netravati River in Mangaluru since Monday night. Police says, his phone is switched off, the Times of India <a href="https://timesofindia.indiatimes.com/city/mangaluru/ccd-coffee-day-founder-v-g-siddhartha-missing/articleshow/70442484.cms">reported</a>. The development came in after the Mangalore City Police started a search operation at 9 pm to look for a man who might have jumped off a kilometer-long bridge in Ullal. According to the report, Siddhartha may be the missing 'man' since he reached Mangaluru at 8 pm in his SUV and ask the driver to drop him at the bridge in Ullal. The 58-year-old entrepreneur was in talks with Coca-Cola to sell considerable stake in his coffee chain. The deal was <a href="https://www.businesstoday.in/current/corporate/coca-cola-coke-cafe-coffee-day-ccd-stake-sale-beverage-maker-indias-largest-coffee-chain/story/359387.html">supposed to be closed</a> by the end of March 2020. VG Siddhartha came from a coffee-growing family, which owned 15,000 acres of coffee estate in <keyword id="57240" type="CITY" weightage="20" keywordseo="Chikmagalur">Chikmagalur</keyword> in <keyword id="6354780" type="ENTERTAINMENT" weightage="20" keywordseo="Karnataka">Karnataka</keyword>. He launched the first Cafe Coffee Day (CCD) outlet on <keyword id="18382" type="ORGANIZATION" weightage="20" keywordseo="brigade-road">Brigade Road</keyword> in Bengaluru. The chain currently has 1,750 outlets and over 60,000 vending machines spread over Nepal, Malaysia, Czech Republic, and Egypt, <a href="http://www.coffeeday.com/PDF/Coffee_Day_Annual_report_2018.pdf">aside from 245 cities in India. </a> The coffee baron had reportedly been <a href="https://www.livemint.com/companies/news/why-v-g-siddhartha-went-with-l-t-ignoring-mindtree-promoters-1553710517498.html">cornered by a cash crunch</a> after the default by infrastructure lending giant IL&amp;FS triggered a liquidity crisis in the country. Siddhartha had to sell his 20.4% stake in the IT firm Mindtree to L&amp;T against the wishes of Mindtree’s founders who Siddhartha had backed since 1999. SEE ALSO: <a href="https://www.businessinsider.in/lt-has-51-8-stake-in-mindtree-after-open-offer/articleshow/69960033.cms">L&amp;T takes over Mindtree in Indian IT’s first-ever hostile acquisition</a> <a href="https://www.businessinsider.in/mindtree-takeover-battle-lt-deals-the-first-blow-buying-coffee-baron-vg-siddharthas-stake/articleshow/68475544.cms">Mindtree takeover battle: L&amp;T deals the first blow buying coffee baron VG Siddhartha's stak</a>e

Coffee baron VG Siddhartha, the founder of India's iconic chain Cafe Coffee Day, is missing

<ul><li>Coffee baron VG Siddhartha built the iconic chain Cafe Coffee Day in India but the business had come under pressure in recent years.</li><li>The company's net debt was over two and a half times its net worth at the end of March 2019.</li><li>ANI, a news agency, put out a letter allegedly written by the founder VG Siddhartha before went missing on Monday night. </li></ul>The founder of the Cafe Coffee Day chain, VG Siddhartha, has gone missing mysteriously. Reports suggest that the Mangaluru Police suspects that Siddhartha may have jumped off Ullal bridge. VG Siddhartha came from a coffee-growing family, which owned 15,000 acres of coffee estate in Chikmagalur in Karnataka. He launched the first Cafe Coffee Day (CCD) outlet on Brigade Road in Bengaluru in 1996. The chain currently has 1,750 outlets and over 60,000 vending machines spread over Nepal, Malaysia, Czech Republic, and Egypt, <a href="http://www.coffeeday.com/PDF/Coffee_Day_Annual_report_2018.pdf">aside from 245 cities in India. </a> However, the business had come under severe pressure in recent years. The company's net debt was over <a href="https://www.business-standard.com/article/companies/coca-cola-in-talks-to-pick-stake-in-cafe-coffee-day-after-pocketing-costa-119062700063_1.html" data-type="tilCustomLink" target="_blank">two and a half times its net worth</a> at the end of March 2019. A news agency ANI put out a letter, which it said was written by Siddhartha to his employees before he went missing. 
	
	<div type="twitter" handle="ANI" handlename="ANI" image="http://pbs.twimg.com/profile_images/1497864299/ani_mic_logo_normal.jpg" favoritecount="144" retweetcount="94" status="Founder &amp; owner, Cafe Coffee Day (CCD), #VGSiddhartha's letter to employees and board of directors of CCD, states,… https://t.co/LJeAe1sxdR" createdat="1564460286000" id="1156056347328294913"></div>





 Here's the full text off the letter as put out by the agency. To our Board of Directors and Coffee Day Family, After 37 years, with strong commitment to hard work, having directly created 30,000 jobs in our companies and their subsidiaries, as well as another 20,000 jobs in technology company where I have been a large shareholder since its founding, I have failed to create the right profitable business model despite my best efforts. I would like to say I gave it my all. I am very sorry to have let down all the people that put their trust in me. I fought for a very long time but today I gave up as I could not take any more pressure from one of the private equity partners forcing me to buy back shares, a transaction I had partially completed six months ago by borrowing a large sum of money from a friend. Tremendous pressure from other lenders lead me to succumbing to the situation. There was a lot of harassment from the previous DG Income Tax in the form attaching our shares on two separate occassions to block our Mindtree deal and taking position of our Coffee Day shares, although the revised returns have been filed by us. This was very unfair and has led to a serious liquidity crunch. I sincerely request each one of you to be strong and to continue running these businesses with a new management. I am solely responsible for all mistakes. Every financial transaction is my responsibility. My team, auditors, and senior management are totally unaware of all my transactions. The law should hold me and only me accountable as I have withheld this information from everybody including my family. My intention was never to mislead or cheat anybody, I have failed as an entrepreneur. This is my sincere submission, I hope some day you will understand, forgive me and pardon me. I have enclosed a list of assets and tentative value of each asset. As seen below our assets outweigh our liabilities and can help repay everybody. Regards, VG Siddhartha SEE ALSO: <a href="https://www.businessinsider.in/vg-siddhartha-founder-of-cafe-coffee-day-and-son-in-law-of-ex-karnataka-cm-sm-krishna-is-missing/articleshow/70443830.cms" data-type="tilCustomLink" target="_blank">Coffee baron VG Siddhartha, the founder of India's iconic chain Cafe Coffee Day, is missing</a>

Full text of the letter written by Cafe Coffee Day founder VG Siddhartha before he went missing

The death of <keyword id="808597" type="COMPANY" weightage="20" keywordseo="VG-Siddhartha">VG Siddhartha</keyword> has shocked one and all. The stock broker-turned-coffee baron’s body was found today, two days after he went missing on Monday (July 29). The share price of Coffee Day Enterprises has lost over ₹1,500 crore (over $200 million) in value in the two days. Not just the corporates, even <a href="https://www.livemint.com/companies/people/sombre-scene-at-sm-krishna-s-house-as-son-in-law-vg-siddhartha-missing-1564466265555.html">politicians of all colours</a> paid their respects to him. <keyword id="3003" type="POSITION" weightage="20" keywordseo="Former-Prime-Minister">Former Prime Minister</keyword> <keyword id="6359332" type="ORGANIZATION" weightage="20" keywordseo="HD-Deve-Gowda">HD Deve Gowda</keyword>, who hails from Karnataka, even broke down on national television. 
	
	
	<div type="twitter" handle="MirrorNow" handlename="Mirror Now" image="http://pbs.twimg.com/profile_images/844708508989841408/HLuil94O_normal.jpg" favoritecount="2" retweetcount="2" status="Mirror Now's @NehaHebbs spoke to JDS chief H. D. Deve Gowda who claimed that #VGSidharth was ill-treated by the tax… https://t.co/NDyoRRSwRZ" createdat="1564495201000" id="1156202791645282304"></div>







 India’s coffee king VG Siddhartha <a href="https://www.businessinsider.in/news/ccd-founder-v-g-siddharthas-dead-body-recovered-by-the-police/articleshow/70459022.cms">(1959 to 2019)</a> is being remembered as the man who brought coffee culture to India before Starbucks. The promoter of Coffee Day Enterprises was a sharp businessman taken out by bad times, allegedly by aggressive taxmen. He was someone who played a silent but significant role in shaping India’s IT revolution, and benefited from it hugely. He was loved by the close-knit and elite Bengaluru corporate circuit of which Siddhartha was an influential member for more reasons than one. 
	
	
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 However, he is barely getting any credit for being just as savvy politically as in business. He had friends across parties and made strong connections. It seemed that way until his mysterious disappearance on July 29 and the discovery of his dead body in the Netravathi river two days later. The grief of all leaders from all parties once again underscored the point. Taxing times Siddhartha <a href="https://www.businessinsider.in/cafe-coffee-day-founder-vg-siddhartha-letter-to-board-of-directors/articleshow/70443951.cms">accused taxmen of harassing him</a> in a letter that he sent to the Board of Directors of his company before he went missing, which led many to blame ‘tax terrorism’ for his plight. 
	
	
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 The Income Tax Department countered saying that the <a href="https://economictimes.indiatimes.com/news/politics-and-nation/tax-department-acted-as-per-law-in-ccd-promoter-siddhartha-case-sources/articleshow/70449827.cms">millionaire businessman admitted to</a> having ₹480 crore of unaccounted wealth. However, he did not reveal the source or pay the tax due on that money until his death, according to the department. Siddhartha’s harassment charge at the tax department came at a time while his father-in-law SM Krishna is with Bharatiya Janata Party (BJP), that’s ruling at the centre and state. He <a href="https://www.ndtv.com/india-news/why-sm-krishna-is-an-important-acquisition-for-bjp-1672353">switched his allegiance to the BJP in 2017</a> after being in the rival Congress camp for 46 years. However, Krishna was conspicuous in his silence during the chaotic political power play in Karnataka over the last few weeks. The bitter battle for power was <a href="https://m.economictimes.com/news/politics-and-nation/karnataka-assembly-floor-test-live-news-updates-yediyurappa-bjp-speaker/liveblog/70428190.cms">eventually won by his party</a> BJP, and BS Yediyurappa was <a href="https://www.livemint.com/politics/news/yediyurappa-sworn-in-as-karnataka-chief-minister-for-record-fourth-time-1564147393568.html">sworn in as the Chief Minister on July 26</a>, three days before Siddhartha’s disappearance and death. One of the many who were holding off Yediyurappa from claiming power was Congress leader DK Shivakumar, a political mastermind from Karnataka who put up a fervent fight against the BJP. He is also a close friend of Siddhartha. Therefore, Shivkumar’s outburst soon after Siddhartha went missing was not surprising. 
	
	
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 Shivakumar too, has a tax case against him and his premises were raided in 2017 by officials who <a href="https://www.ndtv.com/karnataka-news/300-crores-undisclosed-income-found-in-raid-on-dk-shivakumar-sources-1733978">unearthed unaccounted cash of ₹300 crore</a> and, shockingly, <a href="https://caravanmagazine.in/politics/yeddyurappa-diaries-bjp-1800-crore-payouts-jaitley-rajnath-gadkari-advani-crores">copies of a diary allegedly maintained by his rival Yediyurappa</a>. From Shivakumar to Yediyurappa to Kumaraswamy, people across the political spectrum are grieving Siddhartha’s untimely death. It is also a testament to the fact that in India, businessmen cannot thrive without politically astute connections. The Rajkumar Ransom Both the success of his ventures and his father-in-law’s power made Siddhartha important in Karnataka. When S M Krishna’s government was frantically coming up with a massive ransom necessary to free <a href="https://www.thehindu.com/news/national/karnataka/rajkumar-case-verdict-the-perfect-script-that-will-remain-a-secret/article25042510.ece">Rajkumar, the Kannada superstar who was kidnapped by Veerappan in 2000</a>, Siddhartha came to help. According to an account, <a href="https://www.telegraphindia.com/india/telgi-link-to-veerappan-ransom/cid/729965https://www.telegraphindia.com/india/telgi-link-to-veerappan-ransom/cid/729965">Siddhartha was one of the five people in the room</a> that included the then CM Krishna, Mallikarjun Kharge, and Abdul Karim Telgi. Telgi is better known for his $2.9 billion fake stamp paper scam, and was acquitted from it, <a href="https://www.news18.com/news/india/abdul-karim-telgi-acquitted-in-stamp-paper-scam-year-after-his-death-1987855.html">after his death, for lack of evidence</a>. The government of Karnataka at the time <a href="https://timesofindia.indiatimes.com/city/bengaluru/Govt-not-Rajkumar-family-paid-ransom-Ex-DGP/articleshow/29005840.cms">insisted that it had paid for Rajkumar’s release</a> from <a href="https://timesofindia.indiatimes.com/india/Veerappan-End-of-three-decades-of-terror/articleshow/890585.cms?referral=PM">Veerappan, a dreaded bandit</a> who modelled himself after Robin Hood. However, it has been alleged many times that <a href="https://timesofindia.indiatimes.com/india/Veerappan-End-of-three-decades-of-terror/articleshow/890585.cms?referral=PM">both government and private money were paid</a> to secure the release of the actor, while thousands of Rajkumar’s fans took to the streets to protest, violently at times. The role and involvement of Siddhartha may remain unclear. The length of the arm between Chief Minister Krishna and his son-in-law in state matters may remain anybody’s guess. While the details of Siddhartha's political prowess may remain unknown, his achievements in business have been celebrated abundantly. Coffee estate to real estate India has always had coffee houses, in the big cities at least, where for decades thinkers, lovers, and revolutionaries have hung out. Siddhartha’s chain Cafe Coffee Day (CCD) brought the 21st century colours to this culture. 
	
 
 
 <div type="image" title="An employee prepares coffee for customers at a Cafe Coffee Day outlet in Mumbai" msid="70464424" hostid="261" caption="&amp;lt;p&amp;gt;An employee prepares coffee for customers at a Cafe Coffee Day outlet in Mumbai, November 2, 2015. REUTERS/Danish Siddiqui/Files&amp;lt;/p&amp;gt;"></div>







 It may have helped that his father-in-law SM Krishna -- Chief Minister of Karnataka between 1999 to 2004 -- was a man with massive political clout at the time. However, Siddhartha’s privilege does not take away the credit due for his business acumen. There are many who own estates in <a href="https://www.indiacoffee.org/coffee-regions-india.html">Karnataka’s coffee belt</a> but it was Siddhartha who made the right moves at the right time and CCD became the go-to place for young Indians at the turn of the century long before competitors woke up to the opportunity. Privileged and benevolent Siddhartha not only built his own empire of coffee chains, real estate, financial services and logistics, he also supported entrepreneurs who went on to become icons in their own right. Infosys is a shining example, which went on to be the first poster boy of India’s IT revolution. However, the company didn’t have enough takers for its shares at the time of its IPO. Siddhartha, who was a stock broker in Bengaluru at the time, had underwritten those shares and bought them. He made a lot of money out of it but only because he knew their worth when no one else did. Infosys and Mindtree are <a href="https://economictimes.indiatimes.com/tech/ites/tech-savvy-siddhartha-got-many-a-tech-winner-going/articleshow/70458429.cms?from=mdrhttps://economictimes.indiatimes.com/tech/ites/tech-savvy-siddhartha-got-many-a-tech-winner-going/articleshow/70458429.cms?from=mdr">only two of the many examples</a> were Siddhartha backed entrepreneurs. He owed a lot of his wisdom and foresight to the training he received under Mahendra Kampani (1959 to 2017), one of the stars of India’s stock market, who was the sitting member of the governing board at the Bombay Stock Exchange (BSE) <a href="https://www.business-standard.com/article/specials/mahendra-kampani-dies-in-car-crash-197082701105_1.html">until his death in a car crash in 2017</a>. After his Masters in Economics, Siddhartha got his early training at JM Financial under Kampani in 1983-84. Those two years of training and some capital from his father made him an independent broker in Bengaluru later. It was then that he underwrote the shares of Infosys and profited from the investment. The other ventures and profits followed this initial success. However, one may wonder if he could have built his fortune as a businessman in India without being just as savvy politically. SEE ALSO: <a href="https://www.businessinsider.in/business/cafe-coffee-day-founder-vg-siddhartha-letter-to-board-of-directors/articleshow/70443951.cms" data-type="tilCustomLink" target="_blank">Full text of the letter written by Cafe Coffee Day founder VG Siddhartha before he went missing</a>

A former Prime Minister cried on national TV for VG Siddhartha-- the untold tales of politics and privilege may die with India’s coffee baron

Mumbai, Feb 6 () Coffee Day Enterprises Ltd (CDEL) on Thursday said a report is likely to be tabled shortly on the investigation into the circumstances that led to alleged suicide of the company's chairman V G Siddhartha. In a filing to stock exchanges, the company said it was confident of the future ahead despite the recent developments and has received unconditional support from its employees, shareholders and partners. Siddhartha was confirmed dead on July 31, 2019 after his body was found in the Netravati river in Dakshina Kannada district of Karnataka, a day after he went missing. CDEL founder Siddhartha had written a purported letter dated July 27 alleging harassment by the income tax department. Last August, retired CBI DG Ashok Kumar Malhotra was appointed to investigate into the circumstances leading to statements made in the letter of the Siddhartha, and to scrutinise the books of accounts of the company and its subsidiaries. "The said assignment is under progress and has taken long time due to coverage of as many as 48 subsidiary companies and the investigation report is likely to be tabled shortly. "The delay in submission of limited review financials for the last two quarters is mainly due to non-completion of investigation report. The limited review financials will be submitted after the completion of investigation report which will help invoke the suspension of trading in the stock exchange," the filing said. Coffee Day Global Ltd (CDGL) -- a subsidiary of CDEL -- has mandated Deloitte only for the limited purpose of Vendor Due Diligence (VDD) with respect to proposed stake sale and not for conducting any forensic audit of the vendors or any transactions of CDEL with any other entity, the filing said. As per the filing, VDD is a terminology used to describe a process undertaken by the seller for the purpose of carrying out an independent review of an entity for the benefit of prospective investors/PE Fund. "For the record, the coffee retailing business is part of CDGL and not Cafe Coffee Day (CCD), which is only a brand name of the cafes," it added. Regarding CDEL, the filing said debt levels have reduced from Rs 7,200 crore at the beginning of the current fiscal to around Rs 4,800 crore. The company is looking forward to end the financial year 2019-20 with a reduced debt levels of Rs 1,800 crore, it added. BEN MKJ

Siddhartha's case: Coffee Day says probe report likely shortly

<div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="Flickr/Sherwin Huang" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/559bec306bb3f7c175fc8f8a-960/american-apparel-23.jpg"><img src="https://static-ssl.businessinsider.com/image/559bec306bb3f7c175fc8f8a-1538-1152/american-apparel-23.jpg" alt="American Apparel" data-mce-source="Flickr/Sherwin Huang" data-link="https://www.flickr.com/photos/sherwinh/348760677/in/photolist-wPup8-6t4tH-5VmApw-5HX3nZ-8QQeP1-5EuCCS-6n1rDi-4xveST-5VmAmA-3iw5jP-77CB4T-8JMTTr-8Jg5Ry-8HkKjg-9Q9uv6-ebYSjS-7iMmVE-7iMmQY-8QMaSz-a45irZ-5roPdw-tkEAd-apt1iH-5XPQvK-2PKcN-7iHsui-7iHszi-7iMmAd-nHX43R-uYbwud-8QM9eP-8jgrj9-8Jvre8-7XoLKx-8QQeb7-o9P2g6-8keAhG-9yDXgL-9xVdXW-5xcxK5-8Jyv3h-8Jg5Wo-6rfSFs-8QMadM-8QMaAa-8QQdSL-8kezxo-aFpo7n-92gMsM-8keyNU" /></a><a href="https://www.flickr.com/photos/sherwinh/348760677/in/photolist-wPup8-6t4tH-5VmApw-5HX3nZ-8QQeP1-5EuCCS-6n1rDi-4xveST-5VmAmA-3iw5jP-77CB4T-8JMTTr-8Jg5Ry-8HkKjg-9Q9uv6-ebYSjS-7iMmVE-7iMmQY-8QMaSz-a45irZ-5roPdw-tkEAd-apt1iH-5XPQvK-2PKcN-7iHsui-7iHszi-7iMmAd-nHX43R-uYbwud-8QM9eP-8jgrj9-8Jvre8-7XoLKx-8QQeb7-o9P2g6-8keAhG-9yDXgL-9xVdXW-5xcxK5-8Jyv3h-8Jg5Wo-6rfSFs-8QMadM-8QMaAa-8QQdSL-8kezxo-aFpo7n-92gMsM-8keyNU">Flickr/Sherwin Huang</a></div></div></div>American Apparel temporarily missed its payroll for US staff last week, according to two internal emails obtained by Business Insider. At least one employee complained about not being paid on social media, also.We contacted the company for comment and will update this story if executives there have any statements they want to make."The attached email was sent to US district <keyword id="6354851" type="ORGANIZATION" weightage="100" keywordseo="Retail">retail</keyword> management on Thursday," our anonymous source alleges. "AA advise they have 'problem' with payroll - as of today [Monday] there has been no resolution and US retail and Headoffice staff remain unpaid."A second communication, from CEO Paula Schneider, explains the delay to staff by describing a glitch at Deutsche Bank that held up payroll for several hours. "Deutsche Bank experienced a processing delay of a couple of hours and missed a critical midnight deadline to transfer the funds to the Federal Reserve. This delay caused the process to be stalled and delays to occur with the funds actually being received into your account," Schneider told staff. Deutsche and American Apparel will compensate any employee who incurred charges due to the missed payroll, the note says.The first internal email Business Insider obtained came from American Apparel general manager of global retail Christine Olcu. It is addressed to all its U.S. district managers, and cc'd to Jesse Palmer. The email, sent from Olcu's Outlook mobile, describes Olcu's rising panic as she realises that the payroll checks did not go out properly:Guys something appears to have happened with the file transfer for pay cheques to be processed.I am on it and getting an update ASAP.No idea what happened however it will be resolvedCHere is an image:<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Anonymous" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/569535eec08a801b008b8e69-960/a1merican apprel email.jpg"><img src="https://static-ssl.businessinsider.com/image/569535eec08a801b008b8e69-3264-2448/a1merican apprel email.jpg" alt="american apparel email" data-mce-source="Anonymous" /></a>Anonymous</div></div></div>American Apparel has been financially troubled for a long, long time. The company flirted with bankruptcy for years, relying on a series of increasingly expensive bonds and credit facilities from investors and private equity groups.It looked as if American Apparel might be about to get its act together last year. However, the board suddenly <a href="http://uk.businessinsider.com/dov-charney-forced-out-of-american-apparel-2015-8">fired CEO and founder Dov Charney</a>, alleging his personal relationships with models and employees had triggered a raft of expensive lawsuits. The company's sales then went into a nosedive. The company <a href="http://www.businessinsider.com/r-american-apparel-files-for-bankruptcy-2015-10" target="_blank">filed for bankruptcy</a> officially in October.<a href="http://www.businessinsider.com/dov-charney-wants-to-buy-back-american-apparel-for-300-million-2016-1?r=UK&amp;IR=T" target="_blank">On Monday, Charney launched a $300 million </a>to attempt to buy back the brand that fired him. He is backed by Hagan Capital Group and Silver Creek Capital Partners, and their private equity unit PressPlay Group, according to a release. The company's current investors oppose the return of Charney.Here is the letter from the CEO to AA staff in full:January 11, 2016Dear American Apparel Retail Colleagues:In light of the payroll delay occurring on Friday, I wanted to reach out to you personally and express my regret for the situation, and to provide you with accurate information about what transpired with your delayed payroll payment.First, the delay issue had nothing to do with our American Apparel payroll department personnel, who do a great job in preparing the payroll data. It also had nothing to do with our current bankruptcy protection. The delay was caused by the bank handling the financial transaction for ADP, our payroll partner.Next, so everyone understands the process, I wanted to outline the various steps occurring with our payroll. Our AA payroll department internally processes the data and payroll information (deductions, hours, etc.) and transmits the information to ADP. ADP then collects the funds associated with the payroll directly from our company's bank. After that, ADP uses a "channel bank", in this case Deutsche Bank, to refer this money into the international banking system. Deutsche Bank then transfers the funds to the U.S. Federal Reserve, which is responsible for directing the money into the receiving banks - i.e. your bank account.In this situation, Deutsche Bank experienced a processing delay of a couple of hours and missed a critical midnight deadline to transfer the funds to the Federal Reserve. This delay caused the process to be stalled and delays to occur with the funds actually being received into your account. Although this is an understandable occurrence, it still does not eliminate the effect it had on your account or budget.Finally, in order to adequately address this situation, we have requested that Deutsche Bank pay for any fees or overdraft charges that you may have incurred in this delay. Please send information (screen shot, statement, etc.) showing the amount you have been assessed to either RetailHR@americanapparel.net or to maryamg@americanapparel.net by Friday, 1/15/16, and we will reimburse you for the charges in your next paycheck.In addition, we are also working with ADP to prevent this type of situation from occurring in the future.Again, we certainly regret the anxiousness or concern this delay of payment caused you or your family. Please reach out to HR or the Retail Operations Department if you have any need for additional information about this subject.We know how stressful this situation has been for some of you, and we appreciate your continued support of American Apparel.Regards,Paula SchneiderCEO <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/dominos-pizza-hut-value-2015-12">Domino's vs. Pizza Hut: Which chain has the best pizza for your money</a></h3> <div> <div> <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="doYzVwcDoYqwjLNoy548qA7MKTVhfghB" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> <script> if (typeof RunFunctions === 'undefined') { var RunFunctions = []; } RunFunctions.push(function() { var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'doYzVwcDoYqwjLNoy548qA7MKTVhfghB',{ autoplay: 'false' }); }); </script> <noscript><div>Please enable Javascript to watch this video</div></noscript></div> </div> <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script> </div>

You Searched For "CCD founder Missing" and got 10 results

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