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<ul><li>V G Siddhartha made as much as ₹2,858 crore by offloading his stake in Mindtree. </li><li>His venture Way2Wealth has been piling up debt, while clocking in losses. </li><li>‘Coffee King’ was his success at convincing the government to ease its strict policies and duties, </li><li>His plan of building coffee houses which also doubled as Internet cafes was a hit with Bangaloreans. </li></ul> Just a few months back, V G Siddhartha made <a href="https://www.businesstoday.in/top-story/vg-siddhartha-made-a-profit-of-rs-2858-cr-from-his-mindtree-stake-sale-to-lt/story/329612.html">as much as </a>₹2,858 crore by offloading his stake in Mindtree. That could have felt like a windfall for anyone else. Not for Siddhartha who had financial and other troubles piling up. At the time he went missing on Monday (July 30), a <a href="https://www.businessinsider.in/business/cafe-coffee-day-founder-vg-siddhartha-letter-to-board-of-directors/articleshow/70443951.cms">letter surfaced </a>where he allegedly took the blame for bad business decisions but also accused lenders and tax officials of putting undue pressure on him. Ever since, Income Tax Department raided his premises in 2017, he had been on a downhill. He is known to<a href="https://www.livemint.com/industry/infotech/why-ccd-founder-siddhartha-wants-to-sell-his-mindtree-stake-1548698619358.html"> owe as much</a> as ₹300 crore to IT authorities. This drove him to sell his stake in the IT company where he was invested since 1999. The Silver Spoon The stress of failure was too much for Siddhartha who has known success and only success even when he took risky bets. Siddhartha had a charmed birth as he was born into a family which owned coffee plantations, and been in the business for 135 years. The heir apparent was not content running his family business, and his adventurous spirit was stoked by his own father who gave him ₹5 lakhs right after he completed his Masters in Economics from the Mangalore University. He went on to learn the nitty gritty of stock markets by working with JM Financial before he started his own stock broking and investment banking firm, Sivan Securities. Yet, his legacy called him back and he started exporting coffee. Legend of the Coffee King What earned him his name ‘Coffee King’ was his success at convincing the government to ease its strict <a href="https://www.yosuccess.com/success-stories/v-g-siddhartha-cafe-coffee-day/">policies and duties</a>, which made life tough for Indian planters. With the inflated taxes gone, the golden period of coffee traders started. Yet again, Siddhartha refused to sit back and enjoy his cuppa. He wanted more. Against good counsel backed by research which said that branded coffee will not find success, he ventured yet again. At a time when coffee was made out of filters, he set up 20 stores in Bangalore which sold only coffee powder. As it was foretold, it saw limited success. Hot, steaming coffee with a side of Internet Like every visionary, he saw that having coffee is not just about the product. It was about providing an experience. As the café culture picked up internationally, he went ahead and set up cafes and added a topping---Internet. His plan of building coffee houses which also doubled as Internet cafes took care of both the basic necessities of Bangaloreans. And, the first such store came into being in the most fashionable area of the city, Brigade Road. As it the city itself turned into an IT hub from a pensioner’s paradise, he minted millions--one cup at a time. The golden cage In good times, his networth was just over a $1 billion. As of now, Cafe Coffee Day is one of the biggest coffee chains in the world with over 1,772 outlets India and others like Egypt, Malaysia, Czech Republic and Nepal. The investment banker’s own venture Sivan Securities, re-named as Way2Wealth has been piling up debt, while clocking in losses. It is known to have a debt of ₹168 crore as on March 2018. He was also stressed by the hostile takeover of Mindtree buyout. As the promoters struggled to stay in control, infrastructure major L&amp;T had been buying out investors, and eventually succeeded. In his letter, Siddhartha also said that the IT department had tried to block the sale of his shares, in spite of filing revised returns. Siddhartha’s spiral was fast. The debt on Coffee Day Enterprises ballooned 1.5 times in the last three years and the pressure on him was intense. Even as Indian policymakers celebrate new bankruptcy laws -- which promise to make liquidation of businesses easier-- the disappearance of India’s most-famous coffee baron is a sign that business failures can quickly turn fatal. SEE ALSO <a href="https://www.businessinsider.in/business/full-profile-of-cafe-coffee-day-founder-v-g-siddhartha/articleshow/70445413.cms">Full text of the letter written by Cafe Coffee Day founder VG Siddhartha before he went missing</a> <a href="https://www.businessinsider.in/markets/cafe-coffee-day-share-price-down-20-after-founder-vg-siddhartha-goes-missing/articleshow/70445091.cms">Cafe Coffee Day shares have lost ₹800 crore in value after founder VG Siddhartha goes missing</a>

India’s coffee king V G Siddhartha’s journey from silver spoon to a gilded cage

<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 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

<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

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

<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

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters</div></div></div><ul><li>The body of <a href="https://markets.businessinsider.com/news/stocks/india-coffee-king-vg-siddhartha-missing-under-debt-pressure-2019-7-1028399953">India's missing 'coffee king'</a> was found by a fisherman on Wednesday morning.</li><li>V.G. Siddhartha, the creator of India's largest coffee chain, told his driver he was going for a walk on Monday night but didn't return.</li><li>The Coffee Day founder appeared to be under pressure from partners, lenders, and tax officials.</li><li><a href="https://markets.businessinsider.com/stocks/coffee_day_enterprises-stock">Watch Coffee Day trade live</a>.</li></ul>The body of <a href="https://markets.businessinsider.com/news/stocks/india-coffee-king-vg-siddhartha-missing-under-debt-pressure-2019-7-1028399953">India's missing 'coffee king'</a> was found by a fisherman on Wednesday morning.V.G. Siddhartha, the founder of India's largest coffee chain, <a href="https://markets.businessinsider.com/stocks/coffee_day_enterprises-stock?utm_source=markets&amp;utm_medium=ingest">Coffee Day</a>, told his driver he was going for a walk on Monday night but didn't return. Coffee Day's board released a letter apparently penned by Siddhartha, in which he described mounting pressure from lenders, tax officials, and a private-equity partner. Some have questioned its authenticity.Siddhartha complained of a "serious liquidity crunch" in the letter. "I have failed to create the right profitable business model despite my best efforts," he wrote. "I gave it my all but today I gave up as I could not take any more pressure."Shares in Coffee Day plunged another 20% on Wednesday, after slumping 20% on Tuesday. The company's future is now in doubt, given Siddhartha, his wife, and companies tied to them controlled about 53% of Coffee Day's equity, <a href="https://www.ft.com/content/2ec8b07c-b27f-11e9-8cb2-799a3a8cf37b">according to the Financial Times</a>. About 41% of Coffee Day's equity has been pledged as collateral to various lenders, the FT said. The company's debt surged 29% to 65.5 billion rupees ($950 million) in the year to March, Bloomberg said.<a href="https://www.businessinsider.com/intelligence/future-of-fintech?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=future-of-fintech-2"></a>

The body of India's missing 'coffee king' has been found

New Delhi, Dec 11 () Coffee Day Enterprises is seeking its lenders's nod for the completion of the deal to sell Bengaluru-based Global Village Tech Park to global investment firm Blackstone and realty firm Salarpuria Sattva at an enterprise value of Rs 2,700 crore, the company said on Wednesday.
Terming the report suggesting roadblocks from some bankers as "bruits", Coffee Day Enterprises said that it along with its subsidiary Tanglin Developments is working on that. 
"We wish to inform that the Company and Tanglin Developments Ltd, the subsidiary of the Company, is in the process of obtaining required NOCs from the lenders for the completion of the deal," the company said in a regulatory filing.
On September 17, 2019, Coffee Day Enterprises Ltd (CDEL) had announced about the deal as part of its move to pare its debt, which is nearly Rs 5,000 crore.
CDEL has been trying to divest its assets to pare debt after the death of its promoter V G Siddhartha.
Besides Global Tech Park, the Coffee Day Group, is also looking to reduce debt of Sical Logistics, which runs port terminals and container freight stations.
CDEL had said that the company has sold the tech park to focus on its core business and reduce the debt of Coffee Day Group.
Coffee Day Enterprises shares on Wednesday settled at Rs 41.70, down 0.24 per cent from the previous close. KRH MR

Coffee Day Enterprises seeking lenders nod for tech park sale deal

New Delhi, Jan 29 () Coffee Day Enterprises on Wednesday reported unaudited management compiled consolidated net loss of Rs 190.02 crore for the second quarter ended September 2019.
 The company, which runs the Cafe Coffee Day chain, had a consolidated net profit of Rs 23.83 crore in the year-ago period.
 Consolidated revenue from operations during the second quarter stood at Rs 843.16 crore as compared to Rs 979.73 crore in the same period last fiscal, it said.
 In a regulatory filing, Coffee Day Enterprises said the investigation into the circumstances leading to the statements of its former chairman, late V G Siddhartha, in his suicide letter and scrutiny of the books of accounts of the company is under progress and is likely to take a few more weeks.
 As a result, there will be a delay in submission of unaudited financial results with limited review by auditor for the first and second quarters along with half-year of the ongoing fiscal.
 Hence, the company's board in their meeting held on Wednesday approved disclosing "unaudited management compiled standalone and consolidated profit and loss account and segment wise performance for the second quarter ended September 30, 2019 along with financial highlights", it said.
 The group is currently in the process of preparing consolidated financial results for the quarter ended June 30, 2019 and quarter and half-year ended September 2019 in terms of SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015, it said.
 "The aforementioned consolidated financial results shall be submitted to the stock exchanges upon completion of ongoing investigation," the company added. RKL ABM

Coffee Day Enterprises reports Q2 net loss of Rs 190 cr

<ul><li>After <keyword id="90593" type="COMPANY" weightage="20" keywordseo="Larsen-and-Toubro">Larsen and Toubro</keyword>’s (L&amp;T) hostile takeover of Mindtree, the company’s leading executives have resigned and it’s taking a toll on the company’s growth trajectory. </li><li>Mindtree’s quarterly results show a 41% yearly dip in net profits and a 53% drop in quarterly net profits.</li><li>Macquarie has revised the rating on Mindtree’s stock to ‘underperform’ expecting earnings per share to drop by at least 21%.</li><li>All eyes are on AM Naik, the company’s newly appointed non-executive chairman, to turn things around.</li></ul>The dramatic takeover of India’s IT consulting firm, <a href="https://www.businessinsider.in/lt-infotech-and-mindtree-will-remain-separate-and-the-open-offer-will-be-at-980/articleshow/68477363.cms">Mindtree</a>, by Larsen and Toubro (L&amp;T) had its leading executives walking away and the company’s growth has taken a big hit. As the L&amp;T veteran and a marquee business leader in India, AM Naik, takes over as the non-executive Chairman of Mindtree, all eyes are on him to revive the firm’s fortunes. Last night, Mindtree reported a 41% dip in its year-on-year net profits from ₹158 crores last year to ₹93 crore this quarter. Its quarterly net profits showed an even larger drop of 53% from ₹198 crore last year. The share price of Mindtree was down nearly 5.5% at 10:20 am on Thursday. Mindtree’s revenue for the current quarter shows an 11% increase in comparison to last year’s first quarter from ₹1,640 crore to ₹1,834 crore. But quarter-to-quarter, the revenue growth is flat. Macquarie, an Australian financial services company, cut the rating on Mindtree’s stock to ‘Underperform’ estimating a drop of 21.6% to 24.8% in earnings per share largely due to executives leaving the company while the business slowed down amidst the takeover drama. Hostility and fear In March last year, L&amp;T — an infrastructure and construction company — instigated a <a href="https://www.businessinsider.in/mindtree-takeover-battle-lt-deals-the-first-blow-buying-coffee-baron-vg-siddharthas-stake/articleshow/68475544.cms">hostile takeover</a> of Mindtree by acquiring 20.4% stake in the company by buying shares from V.G. Siddhartha, the man behind the Cafe Coffee Day franchise in India. And, on June 27 this year, L&amp;T had 61% of the company’s controlling shares. This is reportedly the <a href="https://www.businessinsider.in/lt-has-51-8-stake-in-mindtree-after-open-offer/articleshow/69960033.cms">first time</a> that a company has successfully completed a hostile takeover in India’s IT space. The IT firms’s chief executive officer (CEO), chairman and vice chairman had to file their resignations. Subroto Bagchi, Mindtree’s co-founder, is also set to retire at the end of the month and hasn’t asked to be reappointed to the company’s board. The stock of Mindtree has lost over a quarter of its value in the last three months as the drama played out. 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/lt-infotech-and-mindtree-will-remain-separate-and-the-open-offer-will-be-at-980/articleshow/68477363.cms">L&amp;T Infotech and Mindtree will remain separate and the open offer will be at ₹980</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 stake</a>

The exodus of Mindtree executives has dented earnings and now shareholders are running for the hills — over to AM Naik

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>Here is what you need to know.1. <a href="https://www.businessinsider.com/federal-reserve-4-things-to-now-before-decision-2019-7?r=US&amp;IR=T">The Federal Reserve's much awaited decision on interest rates and monetary policy comes today. </a> Here are the four most important things to know before today's Fed decision.2. <a href="https://www.businessinsider.com/apple-stock-market-cap-40-billion-1-trillion-2019-7?r=US&amp;IR=T">Apple is poised to add $40 billion to its market cap and surge past the $1 trillion mark after strong earnings.</a> Shares in Apple climbed 4% in pre-market trading.3. <a href="https://markets.businessinsider.com/news/stocks/stocks-rise-fed-rate-cut-trump-us-china-trade-war-fears-2019-7-1028402266">US stocks are rising ahead of the Fed's first rate cut in a decade, even as Donald Trump fans trade-war fears.</a> Traders expect the Fed to cut interest rates. Whether the central bank follows through is likely to "set the tone for policy easing out of other major central banks," said Han Tan, a market analyst at FXTM.4. <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-q2-earnings-profit-surge-reverse-banking-slump-2019-7-1028402189">Credit Suisse is bucking the trend global banking's slump - reporting surging profits in the second quarter. </a>The bank reported an overall 45% surge in profits in the period.<a href="https://markets.businessinsider.com/news/stocks/credit-suisse-q2-earnings-profit-surge-reverse-banking-slump-2019-7-1028402189"></a>5. <a href="https://www.businessinsider.com/no-trade-deal-us-china-could-cause-global-economic-slowdown-2019-7?r=US&amp;IR=T">The only thing we know about a 'no deal' with China is that it would be terrible for the world's economy.</a> President Donald Trump early Tuesday said it's possible the United States would reach "no deal at all" with China, putting significant pressure on talks set to kick off in Shanghai less than a day later.6. <a href="https://www.businessinsider.com/airbus-more-than-doubles-half-year-profits-boost-boeing-rivalry-2019-7" data-analytics-position="1" data-analytics-module="onecolumn-post_image">Airbus more than doubled its profits, pulling further ahead in its fight for aviation supremacy with crisis-hit rival Boeing.</a> Its adjusted operating profit for the first half of 2019 reached 2.53 billion euros ($ 2.82 billion) - a 118% increase compared to 1.16 billion euros in the first half of 2018.7. <a href="https://www.businessinsider.com/body-coffee-day-founder-vg-siddhartha-india-coffee-king-found-2019-7?r=US&amp;IR=T" target="_blank" rel="noreferrer noopener" data-qa="message_attachment_title_link" data-remove-tab-index="true">The body of India's missing 'coffee king' has been found</a>. A fisherman found Coffee Day founder V.G. Siddhartha's body on Wednesday, two days after he told his driver he was going for a walk but didn't return.8. Global Stocks were mixed today as US futures are up, but Asia closed down. US futures are rallying on the morning of the Fed's announce mnt. The S&amp;P 500 rose (+0.2%) as did the Nasdaq (+0.4%). Europe opened muted with Euro Stoxx 50 flat, but the Dax up (+0.2%). Asia slid on close with the Nikkei 225 (-0.9%) down as was the Shanghai Composite (-0.7%) and the Hang Seng (-1.3%). 9. <a href="https://markets.businessinsider.com/earnings-calendar?utm_source=markets&amp;utm_medium=ingest">There are lots of exciting earnings out through the day.</a> Spotify and Samsung are two highlights.10. <a href="https://markets.businessinsider.com/economic-calendar?utm_source=markets&amp;utm_medium=ingest#date=07/02/2019&amp;name=&amp;countries=us&amp;eventtypes=&amp;tab=1,2,3">Today's a big day for economic announcements</a>. The Fed will announcing its decision on interest rates and monetary policy.

10 things you need to know before the opening bell

<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>Cafe Coffee Day has more locations than Starbucks in India - and it plans to grow even larger. Coffee Day Enterprises Ltd., which owns Cafe Coffee Day, is rumored to be filing for an IPO worth $1 billion, according to <a href="http://www.forbes.com/sites/saritharai/2015/05/28/cafe-coffee-day-starbucks-rival-in-india-filing-for-ipo-at-1-billion-valuation/">Forbes</a>. Starbucks holds a market cap of $70.9 billion, according to <a href="http://www.forbes.com/companies/starbucks/">Forbes</a>, but Starbucks' presence in India is virtually nonexistent in comparison to CCD.<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>"The self-proclaimed 'pioneer of the cafe culture' in India, it has more than 1,500 cafes in 200 cities and towns across the country, including 191 in Bangalore and 185 in Delhi. Starbucks, meanwhile, has just 71", according to <a href="http://qz.com/416670/this-indian-coffee-chain-is-beating-starbucks-at-its-own-game/">Quartz</a>.Starbucks only moved into India in 2012, giving CCD a considerable advantage. V. G. Siddhartha opened <a href="http://www.cafecoffeeday.com/aboutus">Cafe Coffee Day</a> in 1996 in Bangalore, India, and since then the company has flourished, expanding across India and into Austria, Malaysia, and the Czech Republic.<div class="KonaFilter image-container"><div class="image on-image"></div></div> The company has also delved into e-commerce with its <a href="https://shop.cafecoffeeday.com/">shoppable site</a> for different types of coffee beans, machines, and assorted mugs.The success of the Siddhartha's coffee subsidiaries can easily be attributed to the popularity of coffee houses with the younger demographic in India, according to Forbes. Teens see these cafes as areas to hang out with friends and relax. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/facts-about-starbucks-coffee-brand-2014-10">9 Amazing Facts You Didn't Know About Starbucks</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="A2eXh0cDp_CHJAlA7ViPp9pp7kMhHp18" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

India's version of Starbucks is set for explosive growth

<ul class="summary-list"><li>There's a thriving underground community of <keyword id="11916723" type="UNKNOWN" weightage="60" keywordseo="vintage" source="Orion">vintage</keyword> housewares sellers on Instagram. </li><li>The community has ballooned during the pandemic as people seek to decorate their homes.</li><li>Sellers say it's an exhausting but rewarding job, like "a huge yard sale with all of your friends."</li></ul>In early April, I was wasting time on Instagram when something stopped me mid-scroll. It was a vintage lamp, about three feet tall, with three glass bulbs in the shape of giant flowers attached to it. I had never seen anything like it, and I had to have it. Luckily, buying it was easy: All I had to do was direct-message the person who posted it, Venmo her the appropriate payment, and schedule a time to swing by her house to pick it up. Less than a week later, I was the proud owner of an unusual vintage lamp - and I had also made my first foray into the thriving, underground world of vintage housewares resellers on Instagram. It's a community that has ballooned during the pandemic, when we've spent more time at home than ever before and have become acutely aware of how our homes look, not only to ourselves, but to our coworkers over Zoom. At the same time, <keyword id="11916728" type="UNKNOWN" weightage="60" keywordseo="home-decor" source="Orion">home decor</keyword> has begun trending in a distinctly vintage direction, millennials and Gen Zers have started to place more emphasis on sustainability, and ongoing global supply chain issues have made it difficult to buy anything new.It's led many people - myself included - down the vintage home-goods rabbit-hole. Vintage resellers who spoke with Insider described a hobby born of genuine passion that's morphed into a nonstop gig. While the sheer amount of work it takes to keep their shops operational can get overwhelming, they said, they're also been surprised by the supportive community that's sprung up of both sellers and buyers on Instagram."It's like doing a huge yard sale with all of your friends all the time online," Reed Van Dyck, the owner of a Denver-based shop called <a href="https://www.instagram.com/goodchancegoods/?hl=en">Good Chance Goods</a>, told Insider.<h2>'Things are just so much better when they have a story'</h2>Vintage resellers have been offering up their wares online on sites like eBay and Etsy for years. But recently, some of those sellers - many of them millennial women - have set up shop on Instagram, where they've built their businesses on the back of the social media site. The four sellers I spoke with for this story have all followed the same playbook: They've sourced <keyword id="11916724" type="UNKNOWN" weightage="60" keywordseo="furniture" source="Orion">furniture</keyword> and home decor from thrift shops, estate sales, and sites like Facebook Marketplace, built Instagram accounts stocked with stylish photos of a highly curated selection of furniture and home decor, negotiated sales over DM, and handled payments using third-party platforms like Venmo or PayPal.But while these beautifully photographed and highly curated pages may seem effortless, they take an enormous amount of work and require sellers to be almost glued to their phones.When sellers post an item, they ask buyers to comment "Sold" on the post in order to claim it, and then move to DMs to handle the rest of the sale. But as these sellers gain followers, buying becomes more competitive. Van Dyck said that she sometimes has as many as five people trying to claim an item at the same time. "I have to look at, you know, one was [posted in] 11 seconds, and one was 10 seconds, and I have to message the person that was nine seconds," she said.Van Dyck pointed out that Instagram is "not set up to be a seller's business tool," which means that sellers have to sift through dozens of DMs, remembering who bought what, in order to get items shipped out. The "always on" nature of the business can be exhausting, she said, especially since she's balancing her shop with a full-time job at a startup. "I felt like I would be on my phone for hours, just staring at my phone, just not wanting to miss a message or miss a comment," she said.Van Dyck said she recently gave herself some time off from vintage selling after feeling like she was getting burnt out and got a lot of messages of support from her community of followers. "I think that right now we're all kind of collectively going through this, 'What matters to us?' kind of phase in our lives," she said. "This is something that really matters to me, but at the same time, it's still a job."Jessica Ferrandino, the owner of <a href="https://www.instagram.com/the_curatedvintage/">The Curated Vintage</a>, an Instagram-based shop she operates out of her home on Long Island, New York, told Insider that after she was furloughed from her job as a social worker in February, she decided to set up a shop on Instagram because there are no overhead costs.Plus, she likes how personal it is: "Instead of a customer just dropping an item into their cart and checking out, we get to converse," she said. Ferrandino's shop is full of items like wine coolers, book ends, and coffee tables in marble and glass, and she said that while she does extensive research on trends and designers, her final question while she's hunting for products is always whether she'd keep it for herself. "It's definitely led me to putting down pieces that I'm sure would have sold, but that's OK with me," she said. "It means more to me to remain true to myself, and I hope the customers feel that."If you're wondering, yes, Ferrandino's house is very full. "Inventory from the shop is just literally all over our house," she said. "We have it in our in the office, in the living room, in the dining room, even in our bedroom. We're constantly moving these heavy tables from room to room."Jen Lavigne, who owns a Richmond, Virginia-based shop called <a href="https://www.instagram.com/boho_to_go/?hl=en">Boho to Go</a>, started to resell vintage furniture and housewares on Instagram as a side business in 2018 - by late 2019, it had grown so much that she was able to quit her full-time job as a registered nurse to focus solely on Boho to Go.She now has a showroom in Richmond that's open on the weekends, but she still conducts most of her sales online.As the popularity of vintage has grown, thrift store prices have become higher and people have become more aware of the quality of what they have. It's made buying products to keep her shop stocked more challenging, Lavigne said."Do I spend $5,000 this week? Do I spend $500 this week? And will that money come back to me next week, or will it come back to me in the next three weeks?" she said. "I feel like I'm gambling sort of in a way."Lavigne said she spends Tuesdays and Thursdays every week on the road, driving up to four hours to buy vintage goods. For some items, extensive cleaning, repairing, and refinishing is required, which Lavigne said she learned how to do entirely on YouTube. She then sets aside two full days to photograph the items, upload them, and craft the perfect captions."I work seven days a week," she said. "People don't understand why we're not open every day of the week, and it's like, 'Because I can't just order in more vintage.'" Anna Hartzell, the owner of Buffalo, New York-based shop <a href="https://www.instagram.com/botanicsandceramics/?hl=en">Botanics &amp; Ceramics</a>, has been operating her shop since 2019. Hartzell sold me my vintage lamp, and I attest that her products often sell instantly - I've turned on Instagram alerts for her posts and people still almost always beat me to the punch.Hartzell said she has a core group of customers who like knowing the person they're buying from, but at the same time, she's received her fair share of skepticism about her business model. "I've had a few people come at me like, 'Oh, you're just going and buying stuff from [thrift store] Savers and reselling it,'" she said. "And it's like, OK, well, you go and do it. Anybody can go out there and thrift, their stores are open for everybody. But it's hard for a lot of people to not only take the time to go and do it, but it's harder to search for things than people realize."Still, Hartzell said she's seen a shift since starting up her shop two years ago, one that accelerated during the pandemic: Customers increasingly want products that will hold up over time, and have become more aware than ever of their environmental footprint. "There's nothing wrong with saving up for a piece of furniture from Ikea or Target that you love, that you've been eyeing forever," but, she said, "things are just so much better when they have a story."

Vintage home decor sellers have quietly taken over Instagram during the pandemic: 'It's like doing a huge yard sale with all of your friends all the time online'

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