The income tax department is conducting raids on the premises of VG Siddhartha, owner of Cafe Coffee Day chain of restaurants.
According to a report by ANI, over 20 locations in Bengaluru, Mumbai, Chennai and Chikmagalur have been being raided.
Reacting to the news, shares of Cafe Coffee Day fell 4.5 percent to Rs 230.40 on the Bombay Stock Exchange.
Siddhartha is the son-in-law of former Karnataka chief minister SM Krishna. The 84-year-old leader had quit the Congress after nearly 50 years in January expressing his unhappiness for being sidelined and joined the BJP in March this year.
Bengaluru: Income Tax Dept raids premises of Former Karnataka CM SM Krishna's son-in-law & owner of Café Coffee Day, VG Siddhartha.
— ANI (@ANI) September 21, 2017
Income Tax raids on VG Siddhartha: Over 20 locations in Bengaluru, Mumbai, Chennai and Chikmagalur being raided. — ANI (@ANI) September 21, 2017
Siddhartha hails from a family which has been in the coffee business for over 140 years. He inherited 500 acres of coffee plantation from his father. (Read details here)
After finishing his M.Sc in Economics from Bangalore, he headed to Mumbai where he worked briefly as an intern at J M Financial Services.
Two years later he went back to join the family business and opened the first Café Coffee Day outlet in Bangalore on 11 July, 1994. Share of software firm Mindtree also fell more than 2 percent as Siddhartha and Cafe Coffee Day hold stakes in the company.
Your guide to the latest election news, analysis, commentary, live updates and schedule for Lok Sabha Elections 2019 on firstpost.com/elections. Follow us on Twitter and Instagram or like our Facebook page for updates from all 543 constituencies for the upcoming general elections.
Updated Date: Sep 21, 2017 10:44:12 IST