Café Coffee Day founder VG. Siddhartha-
- SV Ranganath, a member of the board is now the interim chairman of Cafe Coffee Day. He is a retired IAS officer.
- Nitin Bagamane is now the (COO) Chief Operating Officer of Cafe Coffee Day.
- Cafe Coffee Day board announced an executive committee set up to exercise powers of VG Siddhartha.
- The rituals for the funeral of late VG Siddhartha are in process.
- Café Coffee Day founder VG Siddhartha’s last rites to be performed in his hometown, Chikkamagaluru.
- His body was found floating near Hoige Bazar at around 6.30am on 31 July. Police has informed his family members and the body is sent for postmortem .
- The body was recovered after 36 hours of search; the body was found on the banks of Netravati River.
- VG Siddhartha, the founder of Coffee chain, Cafe Coffee Day who also owns Asia’s single-largest coffee estate, is missing since 29 July (Monday) evening.
In a letter written by Siddhartha to the BOD and his CCD family before he went missing, he wrote, “Failed to create the right profitable business model despite my best efforts”. I would like to say I gave it my all. I am very sorry to let down all the people that put their trust in me. I fought for a 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….”
Siddhartha talks about harassment from income tax officials, who he alleged blocked business deals that could have benefitted CCD.
According to the reports, on Monday evening, Siddhartha got off from his car near a bridge across the Nethravathi River near Mangalore, but did not return after an hour. Then his driver went looking for him, but could not find him anywhere. He then notify his family members who then informed the police.
Search for missing founder & owner Cafe Coffee Day, VG Siddhartha in Mangaluru: Indian Coast Guard’s ICGS Rajdoot to patrol off old Mangalore Port & maintain lookout close to harbour mouth. ACV (H-198)undertaking search in Netravati River & providing support to 3 diving teams. pic.twitter.com/IJb3KrapTt
— ANI (@ANI) July 30, 2019
Know more about V. G. Siddhartha
- V. G. Siddhartha is an Indian businessman and the founder-owner of Cafe Coffee Day.
- Siddhartha was born in Karnataka and from there he completed his master’s degree in economics. He is married to the daughter of S. M. Krishna, the former Chief Minister of Karnataka, Indian Minister for External Affairs and Governor of Maharashtra.
- In 1983-84, when he was 24 he joined J M Financial Limited in Mumbai as a management intern in portfolio management and securities trading on the Indian stock market under Vice-Chairman, Mahendra Kampani.
- After two years with J M Financial Limited, Siddhartha returned to Bangalore where his father gave him money to start a business of his choice.
- Siddhartha bought a stock market card for Rs. 30,000, along with a company called Sivan Securities, which was later renamed as Way2wealth Securities Ltd.
- Almost after 15 years, Siddhartha established a coffee business in Karnataka. He grows coffee in a hill-station called Chikmagalur near Karnataka and exports 28,000 tons of coffee annually and sells another 2,000 tons locally for about Rs 350 million each year.
- He started his coffee trading in 1993 with Rs 60 million turnovers. He is the first entrepreneur to set up a café in Karnataka.
- CCD chain now has 1,750 outlets and over 60,000 vending machines installed in India and abroad.