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<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> <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

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<ul><li>As 14 constituencies in <keyword id="6354780" type="LOCATION" weightage="20" keywordseo="Karnataka">Karnataka</keyword> head to the polls today, 24.3 million voters will choose between the Congress-Janata Dal coalition currently ruling in the state and the party in power at the centre, the <keyword id="14666" type="ORGANIZATION" weightage="20" keywordseo="BJP">BJP</keyword>. </li><li>After consistently voting for the <keyword id="1575" type="ORGANIZATION" weightage="20" keywordseo="Congress">Congress</keyword> till 1991, the state has swung between electing a majority of BJP candidates vs Congress candidates since 1996. </li><li>A key issue on voters minds will be the slow implementation of the Congress-JDS government’s state <keyword id="56684" type="PERSON" weightage="20" keywordseo="loan-waiver">loan waiver</keyword> scheme, which has also been stalled by the Election Commission until polling is over. </li></ul> As 14 constituencies in Karnataka head to the polls today, <a href="https://economictimes.indiatimes.com/news/elections/lok-sabha/india/modis-popularity-on-test-as-karnataka-goes-to-polls/articleshow/68920931.cms">24.3 million </a>voters will choose between the Congress-Janata Dal coalition currently ruling in the state and the party in power at the centre, the BJP. After consistently voting for the Congress till 1991, the state has swung between electing a majority of BJP candidates vs Congress candidates <a href="http://www.elections.in/karnataka/parliamentary-constituencies/">since 1996</a>. The state, which is also home to the country’s startup capital, Bengaluru, will be a crucial one in this election too since no party or alliance exerts an unassailable influence so far. As voters assess the 241 candidates, which include 133 Independents, in the following constituencies - Udupi-Chikmagalur, Hassan, Dakshina Kannada, Chitradurga, Tumkur, Mandya, Mysore, Chamarajnagar, Bangalore Rural, Bangalore North, Bangalore Central, Bangalore South, Chikkaballapur and Kolar - a big question will be on the minds of the state’s farmers: which party’s handouts will be more generous? The situation for farmers has been bleak for a while. Following months of damage to farmland due to floods and landslides, by the end of 2018, <a href="https://www.livemint.com/Politics/we4v5MvF7mj6ZWG0kiC8gJ/Farm-crisis-deepens-in-Karnataka-156-talukas-declared-droug.html">156 out of 176 administrative divisions</a> on the state were declared drought-hit, amplifying farmer distress. As campaigning for state elections in May 2018 reached fever pitch, both the BJP and Congress pledged loan waivers and income support. Both their manifestos promised <a href="https://www.indiatoday.in/elections/karnataka-election-2018/story/how-both-bjp-and-congress-aggressively-woo-farmers-in-karnataka-1226789-2018-05-04">thousands of crores of loan waivers </a>as well as funding for agriculture projects. State elections in May last year ultimately resulted in a hung Assembly, with the Congress and <keyword id="123462" type="COMPANY" weightage="20" keywordseo="Janata-Dal">Janata Dal</keyword> joining forces to form a coalition government. One of the coalition’s first orders of business was to waive farmer loans to the <a href="https://timesofindia.indiatimes.com/city/bengaluru/rs-44000-crore-loan-waiver-has-helped-only-800-farmers-so-far-karnataka/articleshow/67069947.cms">tune of ₹440 billion</a>. The initial goodwill around the scheme likely powered an important victory for the Congress <a href="https://economictimes.indiatimes.com/news/politics-and-nation/karnataka-bypoll-results-congress-jds-coalition-leads-in-two-ls-seats-bjp-in-one/articleshow/66521102.cms?from=mdr">in five bypolls</a> in November 2018. However, the scheme was slower to implement than expected. As of mid-December 2018, <a href="https://timesofindia.indiatimes.com/city/bengaluru/rs-44000-crore-loan-waiver-has-helped-only-800-farmers-so-far-karnataka/articleshow/67069947.cms">only 800 farmers </a>had benefited from the scheme, a far cry from the millions of farmers that were expected to avail of it. The problem? The state’s banks had trouble reconciling the final list of eligible beneficiaries. The state government was quick to do damage control amid growing discord with farmers. In February 2019, it announced that around <a href="https://www.ndtv.com/karnataka-news/karnataka-released-rs-5-450-crore-for-farm-loan-waiver-chief-minister-kumaraswamy-1990568">₹54.5 billion of funds</a> for the scheme had been released, and that the number of eligible beneficiaries had nearly doubled to 11 million. A strong election campaign for the Lok Sabha was assured. Until the <keyword id="65281" type="COMPANY" weightage="20" keywordseo="Election-Commission-of-India">Election Commission of India</keyword> (ECI) stepped in. In March 2019, the ECI ordered <a href="https://www.thehindu.com/news/national/karnataka/loan-waiver-scheme-hits-poll-code-roadblock/article26594392.ece">the temporary suspension of the loan waiver scheme</a> until general elections were over, saying that payments under the scheme could be used to influence voters. The move stalled ₹1.5 billion of loan repayments. While the suspension further slows down the scheme and will delay <a href="https://www.thehindu.com/news/national/karnataka/loan-waiver-scheme-hits-poll-code-roadblock/article26594392.ece">its final implementation well past July 2019</a>, the state’s farmers are looking to the <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword> administration for a lifeline. The cash transfer scheme for announced in the government’s interim budget is expected to benefit eight million smallholding and marginal farmers in the state, with <a href="https://www.businesstoday.in/current/economy-politics/pm-kisan-scheme-about-5-cr-farmers-to-get-2nd-installment-from-next-month/story/330337.html">two of three installments </a>coming right before polling started. Apparently, the ECI didn’t feel that would exert undue influence on voters. As things stand, the state’s farmers are caught between two competing governments and two competing schemes. A vote will likely mean a vote for a scheme that has helped them to a greater extent. SEE ALSO: <a href="https://www.businessinsider.in/uttar-pradesh-lok-sabha-elections-2019-first-phase-polling-will-see-farmers-anger/articleshow/68820034.cms">Uttar Pradesh’s unpaid farmers who are owed ₹128 billion will express their anger with ballot ink</a> <a href="https://www.businessinsider.in/lok-sabha-elections-2019-first-phase-of-polling-key-issues-in-all-states/articleshow/68824300.cms">142 million voters go to polls today in 20 states— here’s a look at the key issues in every state</a>

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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

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