Latest News Karnataka

VG Siddhartha found dead in Mangaluru: No one was harassed, claims Income Tax dept; CCD founder had tax liability of Rs 447.47 crore

"The investigation had started after a search in September 2017 and VG Siddhartha himself had admitted the income of Rs 362.11 crore and Rs 11.62 crore. Thereafter, income tax investigation wing in appraisal report had estimated undisclosed income of Rs 364.46 crore in case of VG Siddhartha and Rs 118.02 Crore for Coffee Day Enterprises Limited," sources said, adding that tax liability of Siddhartha was around Rs 447.47 crore and for Coffee Day Enterprises Limited it was around Rs 188.69 crore.

VG Siddhartha missing: CCD founder's 'letter' blames his 'failure' on 'pressure' from equity partner, 'harassment' from ex-DG, Income Tax

VG Siddhartha, the founder of India's largest Coffee chain Café Coffee Day, who also owns Asia's single-largest coffee estate, is missing since Monday evening. In a letter, reportedly written by Siddhartha, he blames “serious liquidity crunch”, “harassment from the previous DG income tax” and “pressure from one of the private equity partners forcing me to buy back shares” for his situation.

Full text: Cafe Coffee Day founder VG Siddhartha goes missing; leaves letter to management, staff saying 'I failed as an entrepreneur'

"I am very sorry to let down all the people that put their trust in me," writes Caffe Coffee Day founder VG Siddhartha in letter to board of directors and employees.