CCD founder VG Siddhartha dead; latest updates: Businessman cremated in Chethanahalli coffee estate

  • V G Siddhartha, the founder of Coffee chain Cafe Coffee Day who also owns Asia's single-largest coffee estate, is reportedly missing since Monday evening

  • According to news reports, Siddartha had gone to Chikkamagalur on a business trip on Monday.

  • The Mangalaru City Police got a report that someone had jumped off the Ullal bridge and according to statements from people, it is suspected to be Siddhartha,

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CCD founder VG Siddhartha dead; latest updates: Businessman cremated in Chethanahalli coffee estate
  • 19:10 (IST)

    VG Siddhartha's mortal remains consigned to flames

    VG Siddhartha has been cremated at his ancestral village in Karnataka's Chikkamagaluru.

  • 18:54 (IST)

    VG Siddhartha’s body being brought near pyre

    Hundreds of people are present in the Chethanahalli coffee estate as the last rites are being performed.

  • 18:31 (IST)

    Last rites of VG Siddhartha begin

  • 18:02 (IST)

    Siddhartha’s mortal remains reach Chethanahalli estate

    The last rites of the Cafe Coffee Day founder are expected to be held at 6.30 pm at the coffee estate in Chethanahalli.

  • 17:45 (IST)

    India Inc remembers Siddhartha on Twitter
     
    Industry captains paid rich tributes to VG Siddhartha, remembering his entrepreneurial spirit and humble nature but also cautioned entrepreneurs not to let failures destroy their self-esteem.
     
    Industry leaders such as Kiran Mazumdar Shaw of Biocon, automobile czar Anand Mahindra, Paytm's Vijay Shekhar Sharma, Sachin Bansal of Ola and IT honcho C P Rupani remembered Siddhartha as a "humble and soft speaking" man.

  • 17:00 (IST)

    VG Siddhartha’s mortal remains being taken to his estate for last rites

    VG Siddhartha’s mortal remains are being taken to his native place, Chethanahalli. The final rites will be conducted at 6.30 pm at his estate.

  • 16:41 (IST)

    Committed to Siddhartha's vision, says CCD

  • 16:39 (IST)

    After Mamata, ex-Karnataka minister seeks changes in system

    Former Karnataka minister MB Patil demanded action over the struggles faced by businessmen because of government agencies. "He (VG Siddhartha) was a very humble person. Maybe today we have to revisit our banking and regulatory system... 'When Siddhartha can fail, everybody can fail' — this will be the message to others. This is the right time to take a call. We lost a great son of the soil."

  • 16:33 (IST)

    'Siddhartha wasn't ordinary, I pray for his family': BSY

    After paying his tribute in Chikkamagaluru, Chief Minister BS Yediyurappa said, "He was big business and owned one of the biggest coffee companies in the world. I pray the family gets the strength to overcome this particular hardship. He wasn't an ordinary person. This shouldn't have happened but it seemed that he took this decision (of committing suicide). I still can't believe this has happened. I continue to pray for his family."

  • 16:27 (IST)

    BSY arrives to pay tribute to VG Siddhartha

  • 16:24 (IST)

    HD Kumaraswamy pays his respects in Chikkamagaluru

    Former Karnataka chief minister HD Kumaraswamy broke down while paying respects to VG Siddhartha in Chikkamagaluru. Former state ministers DK Shivakumar and KG George were also present at the ABC office premise where the body has been currently kept.

  • 16:16 (IST)

    Hundreads at ABC office to pay respects

    Hundreds gather at Amalgamated Bean Coffee (ABC) company office premises in Chikkamagaluru to pay respect to VG Siddhartha.

  • 15:42 (IST)

    Mamata slams Centre over economy

    In a series of tweets, Mamata Banerjee lashed out at the Centre over the state of economy and VG Siddhartha's death. "I hear from different sources that captains of industry in the country are under pressure; some of them have left the country and some are contemplating to move out. All the Opposition political parties are afraid of horse trading and harassment with political vendetta," she wrote.

    He urged the NDA government to work in a peaceful manner "so that people are confident and that political vendetta and agencies do not destroy the future of the country".

  • 15:23 (IST)

    Siddaramaiah clarifies Opposition only against 'few crony capitalists'

     

    Congress leader Siddaramaiah on Wednesday tweeted about a "few 'Bhakts'" criticised the Opposition for blaming the BJP of favouritism, and clarified that the Opposition had only blamed the government for favouring "crony capitalists".

  • 15:07 (IST)

    VG Siddhartha's final rites to be held at 6.30 pm today

     

    Cafe Coffee Day founder-owner VG Siddhartha's final rites are likely to take place at around 6.30 pm on Wednesday in Chikkamagaluru.

  • 15:00 (IST)

    Sadananda Gowda says Cafe Coffee Day founder was 'selfless' employment creator

     

    Union minister DV Sadananda Gowda condoled the death of business tycoon VG Siddhartha and expressing disbelief that the Cafe Coffee Day founder could have taken his own life, said that Siddhartha's establishment provided employment to numerous people across the country.

    "He was a selfless person and never used to meddle in anyone's business. I am saddened by his death," Gowda added. Gowda was not the first to question the possibility of suicide in the veteran businessman's case. On Tuesday, when the search operations for Siddhartha were underway, Congress leader DK Shivakumar also said that there was something "fishy" about Siddhartha's purported letter to his employees and board of directors.

  • 14:42 (IST)

    VG Siddhartha couldn't have taken his life: DV Sadananda Gowda

     

    Expressing grief over the death of the CCD founder VG Siddhartha, Union Minister DV Sadananda Gowda on Wednesday asserted that the former "could not have taken his own life." He was quoted by ANI as saying, "Siddhartha could not have taken his own life. But, a few doubts have surfaced."

    On being asked if he was being harassed by the Income-Tax officers, Gowda said: "I do not know the reality behind the letter alleging harassment by the I-T officials written by him."

    A letter, written by Siddhartha had come to the fore on July 30, in which he had alleged that he was being harassed by the previous directorate general, Income Tax. "Tremendous pressure from other lenders led to me succumbing to the situation," he wrote.

  • 14:39 (IST)

    BJP hits back at Congress over VG Siddhartha's case, calls party 'opportunistic political vultures'

     

    The BJP unit in Karnataka hit back at the Congress over criticism for the death of Cafe Coffee Day founder-owner VG Siddhartha on Wednesday. The saffron party appealed for "humanity".

  • 14:19 (IST)

    Mohandas Pai says entrepreneurship is risky, need to have support system

     

    Mohandas Pai, chairman of Manipal Global Education and former Infosys director, who reportedly knows and has interacted closely with Cafe Coffee Day founder VG Siddhartha and his family, said, “He comes from an illustrious family. I know his father-in-law SM Krishna. I know Siddhartha as a self-respecting entrepreneur. He would have not been able to face the humiliation of failure."

    However, Siddhartha was a very successful entrepreneur. He fell in rough times which was known only when the Income Tax Department attached a portion of shares held by Siddhartha and Coffee Day Enterprises over a potential tax demand, Pai added.
     

    Pai said when an entrepreneur faces trouble, it is important that he has a close circle of friends whom he can rely upon. “Entrepreneurship is fraught with risks. The entrepreneur must develop an ability to distinguish his personal life from this business life. It is true that entrepreneurship involves risk-taking but that should not be so stressful that one gives up on one’s life. Caution has to be exercised with risk,” he said. 

  • 14:13 (IST)

    Siddhartha was a dynamic entrepreneur: Mohandas Pai

     

    Mohandas Pai, chairman of Manipal Global Education and former Infosys director, said he was devastated and shocked over Cafe Coffee Day founder VG Siddhartha’s death.

    Describing the coffee-planter’s-son-turned-business-tycoon as ‘a good human being and very dynamic’, Pai rued that it was shocking that pressures of the business got the better of Siddhartha.
     

    Karnataka boasts of very few business leaders, remarked Pai. To have lost one as ‘dynamic’ as Siddhartha was a huge loss, he said.

  • 14:12 (IST)

    Nitin Bagmane appointed as interim COO of Coffee Day Enterprises

     

    The Coffee Day Enterprises board of directors has also appointed Nitin Bagmane as the interim chief operating officer of the parent company of the Cafe Coffee Day chain of restaurants.

  • 13:59 (IST)

    Shashi Tharoor says Ease of Doing Business is 'Ease of Ending Business' under BJP

     

    Congress leader Shashi Tharoor on Wednesday reacted to the death of business tycoon VG Siddhartha and tagging a news report, tweeted, ""Ease of Doing Business" under BJP translates into "Ease of Ending Business". The #VGSiddhartha tragedy reflects the worst of a broader, deeply worrying trend."

  • 13:48 (IST)

    SV Ranganath appointed interim board chairman of Coffee Day Enterprises

     

    Former IAS officer and one of the directors of the Coffee Day Enterprises board has been appointed as the company's interim board chairman after the death of the founder, VG Siddhartha, came to light on Wednesday morning, reports said.

    The board also said that it was "unclear" if letter, written by Siddhartha and which was released on Tuesday while the search operations for the businessman were ongoing, pertain to the Cafe Coffee Day company or his "personal holdings", News18 quoted a statement by the directors as saying. The board is likely to meet again on 8 August.

  • 13:36 (IST)

    Anand Mahindra advises budding entrepreneurs to not let failures bog them down

     

    As VG Siddhartha's death puts focus on mental wellness of industry leaders and the high-pressure environmnet they are constantly exposed to, industrialist Anand Mahindra had a word of caution for entrepreneurs on managing failures. 

  • 13:32 (IST)

    BJP slams Congress for politicising tragedy

    Hitting out at the Congress for "politicising" the death of VG Siddhartha, Karnataka BJP asked the Congress to "display some humanity" 

  • 13:17 (IST)

    Board meeting concludes, action plan for future of company expected soon

     

    R Ram Mohan, CFO and Chairman, SICAL, Logistics firm and Subsidiary of Cafe Coffee Day was quoted by News18 as saying, "Board meeting concluded, all are statutory formalities getting completed. We are working to continue with the company and will come out with an action plan.

    "As we are completely grief-stricken, we are unable to talk anything on the letter.  I also saw it like everyone through WhatsApp."

  • 13:09 (IST)

    Cafe Coffee Day outlets across country to remain shut today

     

    Outlets of the Cafe Coffee Day chain of restaurants will remain shut on Wednesday as a tribute to the founder VG Siddhartha, as his death speculated to be due to "tremendous pressure" from private equity partners and the Income Tax department came to light on Wednesday morning.

    In addition to the outlets, its offices, including the Coffee Global Enterprises and the Amalgamated Bean Coffee (ABC) will also remain shut, News18 reported.

  • 13:03 (IST)

    VG Siddhartha's body to be brought to Chikkamagaluru for public viewing

    Late founder of the Cafe Coffee Day chain of restaurants, VG Siddhartha's mortal remains are being brought to Chikkamagaluru for public viewing. At the site in the business tycoon's hometown, barricades have been set up as a measure of crowd control.

  • 12:46 (IST)

    VG Siddhartha's mobile phone yet to be recovered, say reports

     

    Late coffee businessman VG Siddhartha's mobile phone has not been recovered by the authorities, even as the joint search operation spanning 36 hours resulted in the discovery of the Cafe Coffee Day founder's body in the Netravati river in Mangaluru. His wallet which contained his credit and debit cards, and his ID card has been found, News9 reported.

  • 12:34 (IST)

    SM Krishna leaves for last rites ceremony of VG Siddhartha

     

    Former Karnataka chief minister SM Krishna left his residence in Bengaluru for the last rites of his son-in-law and businessman VG Siddhartha. The Cafe Coffee Day founder was found dead in the Netravati river in Mangaluru on Wednesday morning, after having been reported missing since Monday night.

    However, conflicting reports emerged about the location about the site of the last rites, as some reports said that it was likely to take place in his hometown, Chikkamagaluru, and some said that it would take place in Belur Taluk.

  • 12:20 (IST)

    Post mortem concluded, VG Siddhartha's body being taken to Chikkamagaluru

     

    Reportedly, the post mortem on the body of Cafe Coffee Day founder-owner VG Siddhartha has been concluded at the Wenlock Hospital and is now heading to the family coffee estate in Chikkamagaluru.

  • 11:55 (IST)

    Fisherman who spotted body today had joined rescue ops on Tuesday

     

    Rithesh, the fisherman who spotted the body of Cafe Coffee Day founder VG Siddhartha on Wednesday in the Netravati river in Mangaluru, said that he had participated in the rescue operations with the district administration on Tuesday.

    Soon after spotting the body in the river while he was fishing, Rithesh informed the police.

  • 11:50 (IST)

    Board meeting begins at CCD headquarters, wreaths laid in honour of VG Siddhartha

     

    The meeting of the board of directors of the Coffee Day Enterprises, which is the parent company of the Cafe Coffee Day restaurants, has begun at the company's headquarters. The board has met to discuss the companies future, after the disappearance of VG Siddhartha, who was the company's managing director.

    Wreaths have also been laid out in front of the office as citizens and corporations alike mourn the "Coffee King".

    On Tuesday, a letter addressed to the board of directors, written purportedly by Siddhartha, surfaced as the search operation for the business tycoon escalated. In the letter, he said that he took sole responsibility for the "failures" and mistakes.

  • 11:42 (IST)

    DK Shivakumar asks people not to 'harass' VG Siddhartha's family

    Senior Congress leader DK Shivakumar condoled the demise of coffee tycoon VG Siddhartha on Wednesday, whose body was found after a 36-hour search operation in Karnataka's Mangaluru. He requested people not to harass the employees of Coffee Day Enterprises, the parent company of the Cafe Coffee Day franchise or his family members.

  • 11:16 (IST)

    Body to be kept for public viewing from 2 to 4.30 pm today in Chikkamagaluru

     

    VG Siddhartha's remains will be kept at the ABC company office premises on the Chikmagalur-Kadur road from 2 pm to 4-30 for public to pay tributes. After that, the last rites will be held at his estate in Chikkenahalli, his native village. 

  • 11:14 (IST)

    Banks can drive anyone to despair, says Vijay Mallya on VG Siddhartha's debt burden and suicide 

     

    Fugitive liquor baron Vijay Mallya, who is facing extradition proceedings in UK, on Wednesday took to Twitter to draw parallels with the case of Cafe Coffee Day founder VG Siddhartha, who in his suicide letter has alleged “harassment” by the Income Tax Department officials. 

  • 11:09 (IST)

    76% equity owned by VG Siddhartha-led promoter group in Coffee Day Enterprises had been pledged

    Business Today reported that nearly 76 percent of the VG Siddhartha-led promoter group's 53.93 percent equity holding in Coffee Day Enterprises had been pledged. 

    This essentially that promoters, who are the majority shareholder group that manage the day-to-day affairs of the company, had offered as collateral 76 percent of their 56.93 percent holding to banks and lenders for in exchange for loans. 

  • 11:02 (IST)

    VG Siddhartha's autopsy concludes, friends, family leave with body for Chikkamagaluru

     

    The post mortem examination of VG Siddhartha 's body has been concluded. The businessman's friends and family have left Mangaluru​ with his body and are enroute his home town Chikkamagaluru via Charmadi Ghat, News18 reported. 

     

  • 10:44 (IST)

    Congress accuses govt of tax terrorism, promoting anti-business policies after VG Siddhartha's suicide

     

    Without naming the BJP specifically, the Congress, on Wednesday accused the ruling dispensation of promoting policies that were detrimental to the growth of businesses. Congress' attack came in the backdrop of Modi government's claim that it improved ease of doing business in India through its policies. 

    Karnataka Congress leader Siddaramaiah quoted Siddhartha's letter to state that the businessman had descried tax terrorism, which is an ugly face of politically motivated institutions. What signals are we sending to the budding entrepreneurs without even an attempt to reform? Party leader Milind Deora also asked he government to reflect on its anti-government policies. 

    The Karnataka Congress tweeted that businesses flourishing in the UPA-era have been shut down with many people being jobless

  • 10:33 (IST)

    Coffee Day Enterprise's stocks frozen for trading at 9.33 am

     

    At 09:33 am, the stock of Coffee Day Enterprise was frozen at the lower circuit price of Rs 123.25 apiece on the BSE after the share pricing touched a 52-week low. In comparison, the S&P BSE Sensex was ruling at 37,238 levels, down 159 points or 0.43 per cent.

  • 10:20 (IST)

    Cafe Coffee Day a profit making entity

    VG Siddhartha's company is profitable and Coffee Day Enterprises' total tangible assets are valued over Rs 18,000 crore. Coffee Day Global Limited, that runs the coffee chain, has a footprint of over 1,600 stores with 54,000 vending machines and more than 500 express stores, the Business Today reported.

  • 10:11 (IST)

    Manish Tewari gives adjournment notice in Lok Sabha over VG Siddhartha case

    Congress leader Manish Tewari gave an adjournment notice in the Lok Sabha on Wednesday over the charge of alleged harassment against Income Tax officials made by troubled businessman VG Siddhartha. The late founder of the Cafe Coffee Day enterprise had referred to harassment from the former DG Income Tax.

  • 10:07 (IST)

    TD Rajegowda says family has decided on site of cremation

     

    Sringeri MLA TD Rajegowda, who is reportedly a close associate of Cafe Coffee Day founder VG Siddhartha who was found dead in the Netravati river after a 36-hour search operation, said that the business tycoon's family has decided to cremate his body at his father's estate in the Belur Taluk of Karnataka.

    Siddhartha, whose family has owned coffee estates for decades, is also the son-in-law of former Karnataka chief minister SM Krishna.

    Rajegowda, condoling his demise, said that Siddhartha had been "little upset" regarding the "torture" from the Income Tax department, who which Siddhartha also referred in a purported letter.

    Rajegowda said, "He wanted to sell 2-3 properties to settle all the debts because he was having more assets than liabilities."

  • 09:55 (IST)

    When CCD founder bought coffee from company's outlet at Delhi airport... 

    In an obituary to the businessman who set up India's very first coffee cafe chain, Journalist DP Sathish recounts an encounter with the "humble" and "publicity shy" owner and founder of the coffee brand. 

    "The Air India Dreamliner flight was late by two hours. Siddhartha told me that he hated lounges at the airport and preferred sitting with the economy class passengers. We decided to kill time at the Café Coffee Day outlet in the same terminal. He stood in queue, paid and bought two cups of Cappuccino for us. The staff at CCD did not know they were selling the coffee to their founder! Because Siddhartha was publicity shy. Not many in his company had seen him or met him.

    Read the full piece here

  • 09:43 (IST)

    CCD Enterprise stocks nosedive after death of founder, touch 52-week low at Rs 123.25

     

    Coffee Day Enterprises’ stock has hit its 20 percent lower circuit for the second day in a row on news of founder VG Siddhartha’s death. At 09.16 am Coffee Day Enterprises was quoting at Rs 123.25, down Rs 30.80, or 19.99 percent. It has touched a 52-week low of Rs 123.25. 

  • 09:40 (IST)

    Siddaramaiah condoles VG Siddhartha's death 

  • 09:34 (IST)

    The body of VG Siddartha might be shifted to Chikkamagaluru around 11 am after autopsy, say reports

  • 09:22 (IST)

    CCD board expected to meet at 11 am today in Chikkamagaluru

     

    The Cafe Coffee Day board of directors will meet at 11 am today in Chikkamagaluru to pay respect to the brand's founder VG Siddhartha and discuss the future path of the beleagured brand in the innidiate aftermath of Siddhartha's sudden demise. His wife, Malavika Hegde, with whom he has two children, is on the CCD board. However, it is not clear whether she, or a family representative will attend the meeting or not. 

    "Company is professionally managed and led by a competent leadership team, which will ensure continuity of business," the CCD Enterprise said in a regulatory filing.

  • 09:17 (IST)

    Must protect his legacy as successful entrepreneur, says Aircel founder C Sivasankaran

     

    Speaking to CNN-News18, Aircel founder C Sivasankaran expressed his "deepest condolence" to the bereaved family. He said, "Despite the controversy surrounding his death, we must protect his legacy as a successful entrepreneur, who built several successful companies." 

    Sivasankaran also weighed in on the mental pressure and trauma an entrepreneur has to endure. He said that the industrialists' menatal health is not talked about enough but we must remember that we shouldn't just celebrate success stories. He said that it should be a lesson for other entreprenuers, the media and everyone that even the most intelligent industrialists can fail in some ventures of their lives. 

  • 08:57 (IST)

    From a brief fling with stock market to founding India's biggest coffee chain, VG Siddhartha's success story will remain untarnished by recent missteps 

    Coming from a family that has a 140-year history of growing coffee, Siddhartha initially dabbled in stock trading before actually setting his foot in the coffee business. 

    Inspired by a chat with the owners of Tchibo, a German coffee chain, Siddhartha decided to open his own chain of cafes in a country that had no formative cultural grounding in cappuccinos. He opened Cafe Coffee Day's first outlet on Bangalore's upscale Brigade Road in 1994 with a tag line 'A lot can happen over a cup of coffee'. 

    It's now the largest chain of coffee shops in India, a nation of tea drinkers, with 1,750 cafes in more than 200 cities, including outlets in Prague, Vienna and Kuala Lumpur. Coffee Day went public in 2015.

CCD founder VG Siddhartha found dead; LATEST updates: VG Siddhartha’s mortal remains are being taken to his native place, Chethanahalli. The final rites will be conducted at 6.30 pm at his estate.

Former Karnataka chief minister HD Kumaraswamy broke down while paying respects to VG Siddhartha in Chikkamagaluru. Former state ministers DK Shivakumar and KG George were also present at the ABC office premise where the body has been currently kept.

Cafe Coffee Day founder-owner VG Siddhartha's final rites are likely to take place at around 6.30 pm on Wednesday in Chikkamagaluru.

Expressing grief over the death of the CCD founder VG Siddhartha, Union Minister DV Sadananda Gowda on Wednesday asserted that the former "could not have taken his own life." He was quoted by ANI as saying, "Siddhartha could not have taken his own life. But, a few doubts have surfaced."

On being asked if he was being harassed by the Income-Tax officers, Gowda said: "I do not know the reality behind the letter alleging harassment by the I-T officials written by him."

A letter, written by Siddhartha had come to the fore on July 30, in which he had alleged that he was being harassed by the previous directorate general, Income Tax. "Tremendous pressure from other lenders led to me succumbing to the situation," he wrote.

Congress leader Shashi Tharoor on Wednesday reacted to the death of business tycoon VG Siddhartha and tagging a news report, tweeted, ""Ease of Doing Business" under BJP translates into "Ease of Ending Business". The #VGSiddhartha tragedy reflects the worst of a broader, deeply worrying trend."

Former IAS officer and one of the directors of the Coffee Day Enterprises board has been appointed as the company's interim board chairman after the death of the founder, VG Siddhartha, came to light on Wednesday morning, reports said.

The board also said that it was "unclear" if letter, written by Siddhartha and which was released on Tuesday while the search operations for the businessman were ongoing, pertain to the Cafe Coffee Day company or his "personal holdings", News18 quoted a statement by the directors as saying. The board is likely to meet again on 8 August.

R Ram Mohan, CFO and Chairman, SICAL, Logistics firm and Subsidiary of Cafe Coffee Day was quoted by News18 as saying, "Board meeting concluded, all are statutory formalities getting completed. We are working to continue with the company and will come out with an action plan.

"As we are completely grief-stricken, we are unable to talk anything on the letter. I also saw it like everyone through WhatsApp."

Late coffee businessman VG Siddhartha's mobile phone has not been recovered by the authorities, even as the joint search operation spanning 36 hours resulted in the discovery of the Cafe Coffee Day founder's body in the Netravati river in Mangaluru. His wallet which contained his credit and debit cards, and his ID card has been found, News9 reported.

Reportedly, the post mortem on the body of Cafe Coffee Day founder-owner VG Siddhartha has been concluded at the Wenlock Hospital and is now heading to the family coffee estate in Chikkamagaluru.

The meeting of the board of directors of the Coffee Day Enterprises, which is the parent company of the Cafe Coffee Day restaurants, has begun at the company's headquarters in Bengaluru. The board has met to discuss the companies future, after the disappearance of VG Siddhartha, who was the company's managing director.

Wreaths have also been laid out in front of the office as citizens and corporations alike mourn the "Coffee King".

On Tuesday, a letter addressed to the board of directors, written purportedly by Siddhartha, surfaced as the search operation for the business tycoon escalated. In the letter, he said that he took sole responsibility for the "failures" and mistakes.

Fugitive liquor baron Vijay Mallya, who is facing extradition proceedings in UK, on Wednesday took to Twitter to draw parallels with the case of Cafe Coffee Day founder VG Siddhartha, who in his suicide letter has alleged “harassment” by the Income Tax Department officials.

Sringeri MLA TD Rajegowda, who is reportedly a close associate of Cafe Coffee Day founder VG Siddhartha who was found dead in the Netravati river after a 36-hour search operation, said that the business tycoon's family has decided to cremate his body at his father's estate in the Belur Taluk of Karnataka.

Coffee Day Enterprises’ stock has hit its 20 percent lower circuit for the second day in a row on news of founder VG Siddhartha’s death. At 09.16 am Coffee Day Enterprises was quoting at Rs 123.25, down Rs 30.80, or 19.99 percent. It has touched a 52-week low of Rs 123.25.

The Cafe Coffee Day board of directors will meet at 11 am today in Chikkamagaluru to discuss the company's future path after the demise of VG Siddhartha, reports said. His wife, Malavika Hegde, with whom he has two children, is on the CCD board. However, it is not clear whether she, or a family representative will attend the meeting or not.

The Cafe Coffee Day management has declared a holiday today nationwide after the news of the brands founder and owner was confirmed. All Cafe Coffee Day outlets have downed their shutters across India.

VG Siddhartha's body will be taken to his village Cheekanahalli near Chickmagalur, says his family friend and MLA DT Raje Gowda. His aged parents live there and Siddhartha was the only son.

The body of VG Siddhartha, founder of India's largest Coffee chain Cafe Coffee Day, is being shifted to the Wenlock hospital in Mangaluru, where family members will be formally asked to identify the body. Later, the post-mortem will also be carried out at the same hospital.

The body of Cafe Coffee Day owner VG Siddhartha has been found. The body was recovered by a group of fishermen from the Netravati river, near Hoige Bazaar beach in Mangaluru. The spot from where the body was recovered, was reportedly some distance away from the bridge he was seen on last.

The body of VG Siddhartha, founder of India's largest Coffee chain Cafe Coffee Day, was found on Wednesday morning. According to News18, the body was recovered from the Netravati river where Siddhartha was seen last on Sunday night.

At the end of a meeting, Coffee Day Enterprises' Board released a letter, in which it said that it is shocked that Siddhartha has been absent since Monday. The letter, however, says that the operations of the company will remain unaffected, as reported by CNN-News18.

According to reports, a helicopter from Kochi that was supposed to join the search operations for Cafe Coffee Day founder VG Siddhartha on Tuesday has not been able to take off due to bad weather.

News18 quoted Congress leader UT Khader as saying, "Even if it takes off now, we don't have much time before day light ends. We are seeing if search operations can continue through the night because 24-36 hours are crucial."

 Former Karnataka chief minister HD Kumaraswamy weighed in on the disappearance of Cafe Coffee Day founder VG Siddhartha and said that he "gave life to many villagers".

"Siddhartha faced several challenges. He is a role model for youngsters. I met him 7 months ago. He spoke about the income tax raids but didn't make any charges against anyone. But I saw his letter in the media and it is surprising. Friends also told him to sell the assets but there are some issues with few debts," he was quoted by India Today as saying.

Karnataka Bank has written to the Bombay Stock Exchange and the National Stock Exchange claiming that VG Siddhartha's company, Coffee Day Enterprises which is the parent company of the Cafe Coffee Day franchise, owes the bank Rs 152.48 crore.

Local media reports quoting the letter also said that the bank claimed that Siddhartha's firm pledged property to take the loan.

According to various reports, Siddhartha was talking to someone over the phone when he asked his driver to stop the car near Netravati river and got down around 6:30 pm on Monday. After he failed to show up several minutes later, the driver panicked and called the family.

As part of the ongoing investigation into the disappearance of business tycoon VG Siddhartha on Tuesday, the Karnataka Police searched the premises of his coffee estate in Mudigere in Karnataka. Local reports also said that the employees working at the estate are also being questioned in the probe.

Congress leader Milind Deora said the disappearance of Cafe Coffee Day founder VG Siddhartha was the "ugliest example of agency persecution wrecking India's growth story".

He also hoped that Siddhartha is safe and is found soon. He added, "Siddharth is an exceptional entrepreneur who introduced millions of Indians to coffee."

Heavy rain is creating a roadblock in the search operations for VG Siddhartha at the site of his disappearance around the Netravati River and bridge near Mangaluru in Karnataka. The Cafe Coffee Day founder was last seen on the bridge.

The river directly opens into the sea at a distance of 600 metres, India Today reported.

VG Siddhartha, in his letter, said that he was "solely" responsible for the "mistakes" made. He also requested the staff and the board of directors, to whom the letter was addressed, to be "strong and continue running these businesses with a new management".

He also said, "Every financial transaction is my responsbility. 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 cheat or mislead anybody, I have failed as an entrepreneur."

Cafe Coffee Day founder VG Siddhartha, who went missing on Monday night in Mangaluru, in his letter said that there was "tremendous pressure" from other lenders which lead him to "succumb to the situation".

"There was a lot of harassment from the previous DG income tax in the form of attaching our shares on two separate occasions to block our Mindtree deal and then taking position of our Coffee Day shares, although the revised returns have been filed by us," he said in the letter.

CNN-News18 has accessed a letter purportedly written by Cafe Coffee Day owner VG Siddaratha to the staff of the chain restaurants. In the letter, of which the authenticity and veracity is yet to be confirmed by the Karnataka Police, Siddhartha said that he has failed as an entrepreneur.

VG Siddhartha, the founder of Coffee chain Cafe Coffee Day who also owns Asia's single-largest coffee estate, is reportedly missing since Monday evening. His phone has been switched off since Monday night.

He is the son-in-law of veteran BJP leader SM Krishna.

Siddhartha was on his way to Mangaluru, Karnataka, and is currently not traceable. Dakshina Kannada Police have intensified their search for the businessman.

According to news reports, on Monday, the 58-year-old entrepreneur left for Chikkamagalur on a business trip in his Innova car. From there, he was to travel to Kerala. But he asked the driver to stop his car at National Highway in Jeppina Mogaru near Mangaluru and got down from the vehicle.

The car driver is said to have told family members that Siddhartha asked him to stop the car at Jepoina Mogaru after which he got down from the vehicle. Siddhartha was allegedly speaking over the phone when he instructed the driver.

The driver waited for Siddhartha, but when he did not return even after half an hour, the driver made a call but Siddhartha's phone was switched off.

The driver informed Siddhartha's family immediately.

Jeppina Mogaru, where Siddhartha went missing is situated on the banks of Nethravathi river.

The Mangalaru City Police got a report that someone had jumped off the Ullal bridge and according to statements from people, it is suspected to be Siddhartha, said media reports.

As news of Siddhartha's missing spread, people began gathering outside the residence of SM Krishna.

Siddartha hails from Chikkamagaluru and is married to the daughter of former chief minister of Karnataka, SM Krishna.

After completing his post-graduation, Siddartha started working at JM Financial Limited in Mumbai. Later, he shifted to Bengaluru and started a company in the name of Sivan Securities. The company was renamed Global Technology Ventures in the year 2000. Along with that he also started the Cafe Coffee Day chain. He has been credited with making the Chikkamagaluru coffee popular worldwide.

The Mindtree connection

In January, the Income Tax Department attached a portion of shares held by V G Siddhartha and Coffee Day Enterprises Ltd in  IT firm Mindtree over a potential tax demand. The attachment also "prohibited for transfer or charge" of 22.2 lakh equity shares of Coffee Day Enterprises Ltd, and 52.7 lakh shares held by Siddhartha.

The Cafe Coffee Day founder was in the news recently for having sold his 21 percent stake in the Bengaluru-based IT firm, Mindtree to infrastructure major Larsen and Toubro (L&T). Mindtree's promoters— Subroto Bagchi, Krishnakumar Natarajan, NS Parthasarathy, and Rostow Ravanan, together held roughly 13 percent stake in the company, besides VG Siddhartha.

The sale of Siddhartha's shares put Mindtree in the midst of a takeover battle. Mindtree promoters were opposed to the deal.

According to a CNBC-TV18 report, Siddhartha had invested Rs 340 crore for stakes in Mindtree since 1999. After selling his 20.4 percent stake to L&T, he pocketed a massive profit of nearly Rs 3,000 crore after 20 years.

Updated Date: Jul 31, 2019 19:10:12 IST