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<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

<keyword id="19896017" type="General" weightage="20" keywordseo="Karnataka" source="keywords">Karnataka</keyword> is grappling with intense rainfall, with a red alert issued for five districts — Shivamogga, Udupi, Chikkamagaluru, <keyword id="19895038" type="General" weightage="20" keywordseo="Dakshina-Kannada" source="keywords">Dakshina Kannada</keyword> and Kodagu. The <keyword id="19897673" type="General" weightage="20" keywordseo="India-Meteorological-Department" source="keywords" meta.keywordsubtype="org" meta.entityname="India Meteorological Department" meta.hostid="261" meta.entityid="India Meteorological Department">India Meteorological Department</keyword> (<keyword id="19933636" type="General" weightage="20" keywordseo="IMD" source="keywords">IMD</keyword>) has also warned of potential landslides in 31 sub-divisions across the state. Now, the IMD has forecast heavy to extremely <keyword id="19922385" type="General" weightage="20" keywordseo="heavy-rains" source="keywords">heavy rains</keyword> (64.5 mm- over 204.5 mm) over Coastal and South <keyword id="22612665" type="General" weightage="20" keywordseo="interior-karnataka" source="keywords">Interior Karnataka</keyword> today. Heavy to very heavy rainfall is likely in the region tomorrow as well. Further, up to widespread, light to moderate rainfall is expected over Coastal Karnataka and Interior Karnataka during the next five days. Accordingly, a red warning (meaning ‘take action’) has been issued over South Interior Karnataka for today, with an orange alert (meaning ‘be prepared’) prevailing over other parts of the state. The monsoon's fury has been relentless, with five lives lost and 106 houses completely destroyed in Dakshina Kannada alone since June. Over 100 people have been displaced, with <keyword id="20764825" type="General" weightage="20" keywordseo="relief-camps" source="keywords">relief camps</keyword> set up to provide shelter. Dakshina Kannada district has been particularly hard hit, with schools and colleges closed on July 31 due to the severe weather. The Netravati River has overflowed, submerging houses and prompting rescue operations by the <keyword id="19988414" type="General" weightage="20" keywordseo="NDRF" source="keywords" meta.keywordsubtype="org" meta.entityname="NDRF" meta.hostid="261" meta.entityid="NDRF">NDRF</keyword> and fire brigade. The state's major reservoirs, including KRS, Kabini, Hemavathi, and Harangi, are nearly full due to the heavy rainfall. Authorities are maintaining a buffer and releasing water steadily to manage the situation. The district administration in Dakshina Kannada has urged the public to exercise caution, avoid low-lying areas, and stay away from water bodies. Fisherfolk have been advised not to venture into the sea. The situation remains critical, and authorities are closely monitoring the situation and taking necessary steps to mitigate the impact of the heavy rains. <div type="Article" hostid="261" msid="112125756" title="Wayanad landslides: NDRF teams, Army choppers, Ministers rush to Wayanad" mstype="2" mssubtype="0"></div>

Landslide warning sounded in Karnataka amid heavy rains; Shivamogga, Udupi, Kodagu on Alert

<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

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

The famed owner of Café Coffee Day chain of coffee shops <keyword id="808597" type="COMPANY" weightage="20" keywordseo="VG-Siddhartha">VG Siddhartha</keyword> was also exporting the largest quantity of coffee from India. The creator of the coffee empire went missing on Monday, July 29, 2019 when he went for a walk on the bridge of Netravati River in Dakshina Kannada. On Wednesday morning, July 31, 2019, his body was found in the waters of the river by a group of fishermen revealing the fact that VG Siddhartha had committed suicide. When the whole world is so shocked and surprised to know what could have forced the business tycoon to resort to such extreme measures, here are a few interesting facts about VG Siddhartha that will inspire anyone. <ul><li>Siddhartha founded the country’s first ever coffee chain. He was also the son in law of SM Krishna, former chief minister.</li><li>After the news about his suicide was known publicly, a letter written by him to the CCB Board and his family was found. In this letter, Siddhartha had stated that he was giving up not able to fight the pressures striking him from different directions. The letter also said he had "failed to create the right profitable business model" despite his best efforts. </li><li>Siddhartha owned the Asia’s single largest coffee estate. In addition to the CCD, Siddhartha had also created a hospitality chain that runs a seven star resort named Serai and Cicada.</li><li>CCD had employed about 30,000 employees around India. In a Rs. 3,000 crore deal, Siddhartha had sold his stake in Mindtree. </li><li>Per year, the total volume of coffee exported by Siddhartha is about 28,000 tons. Another 2,000 tons of coffee is sold locally with the coffee growing and trading company reporting an annual turnover of Rs. 60 million. </li><li>Siddhartha was 58 years of age when he died and he held a post-graduate degree in Economics. Their family owns about 15,000 acres of coffee estate and is the Largent coffee planters. </li><li>A month before Siddhartha’s death, Coca-cola had started talks to purchase a major stake in Café Coffee Day, the largest café chain in India. This was considered to be a well-calculated strategy that would hedge the risks connected with the selling of Coca-cola beverages in India and help the company to gain a strong foothold in the sub-continent if the deal had been realized.</li><li>Way back in 1985, Siddhartha had owned about 10,000 acres of coffee farms. As per his statement, he doubled his investment in the coffee plantations within a year when the coffee trading was liberalized in the 90s. </li><li>Siddhartha started the Amalgamated Bean Coffee Trading Company Ltd (ABCTCL) in 1993 to export coffee and the company became the second largest exporter of coffee from India. </li><li>The first store of CCD was opened in Brigade Road of Bengaluru that charged Rs. 100 for a coffee and an hour of Internet surfing. The first launch of the CCD proved successful as it happened during the time when Bengaluru was turning into an IT and lifestyle haven. This environment helped Siddhartha grow his fortune quickly. </li></ul>

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