Cafe Coffee Day Group founder V.G.Siddhartha, who had been missing since Monday night is dead. According to reports, his body was found by a fisherman in Hoige Bazaar, by the sea shore, at around 6 am Wednesday.
The Commissioner of Police (Mangaluru) Sandeep Patil has said that Siddhartha's body has been sent to government-run Wenlock Hospital to conduct post-mortem. After the formalities, the body will be handed over to the family.
Before he went missing, he wrote a heart-felt letter to his staff where he offered sincere apology and his concern for their future.
The 58-year old had been missing since Monday night after he drove in his Innova car towards Mangaluru, stopped midway at Ullal bridge, and abandoned the car.
According to his driver, he was on a phone call when he got off the car. He has not been reachable since then.
In the letter, he has mentioned about his failure as an entrepreneur and financial loss he was going through. "I am very very sorry to let down all the people who had put their trust in me. I have failed as an entrepreneur. 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, a transaction I completed six months ago by borrowing a large sum of money from a friend. Tremendous pressure from other lenders led to me to succumb to the situation.”
He was recently in talks with Coca Cola which was offering the multinational giant a stake in the coffee retail business. According to sources, his coffee retail business was expecting to close the year ending March 2020 with sales of about Rs 2250 crore.
The 58-year old first-generation coffee entrepreneur hailed from a coffee-growing family in Chikmagalur in Karnataka. A post-graduate in Economics, who owned 15,000 acres of coffee estates, opened his first CCD outlet in August 1996 in Bengaluru’s most-visited shopping street, Brigade Road. Over a period of time, the chain grew to 1750 stores across India.
He considered CCD staff as his family and has shown his concerns in the last paragraph of the letter. He wrote, "I have enclosed a list of our assets and tentative value of each asset. As seen below our assets outweigh our liabilities and can help repay everybody.”
The Commissioner of Police (Mangaluru) Sandeep Patil has said that Siddhartha's body has been sent to government-run Wenlock Hospital to conduct post-mortem. After the formalities, the body will be handed over to the family.
Before he went missing, he wrote a heart-felt letter to his staff where he offered sincere apology and his concern for their future.
The 58-year old had been missing since Monday night after he drove in his Innova car towards Mangaluru, stopped midway at Ullal bridge, and abandoned the car.
According to his driver, he was on a phone call when he got off the car. He has not been reachable since then.
In the letter, he has mentioned about his failure as an entrepreneur and financial loss he was going through. "I am very very sorry to let down all the people who had put their trust in me. I have failed as an entrepreneur. 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, a transaction I completed six months ago by borrowing a large sum of money from a friend. Tremendous pressure from other lenders led to me to succumb to the situation.”
He was recently in talks with Coca Cola which was offering the multinational giant a stake in the coffee retail business. According to sources, his coffee retail business was expecting to close the year ending March 2020 with sales of about Rs 2250 crore.
The 58-year old first-generation coffee entrepreneur hailed from a coffee-growing family in Chikmagalur in Karnataka. A post-graduate in Economics, who owned 15,000 acres of coffee estates, opened his first CCD outlet in August 1996 in Bengaluru’s most-visited shopping street, Brigade Road. Over a period of time, the chain grew to 1750 stores across India.
He considered CCD staff as his family and has shown his concerns in the last paragraph of the letter. He wrote, "I have enclosed a list of our assets and tentative value of each asset. As seen below our assets outweigh our liabilities and can help repay everybody.”
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