Published On: Wed, Jul 31st, 2019

Fisherman finds CCD founder VG Siddhartha body in Netravadi River

  • Former Karnataka CM SM Krishna’s son-in-law Siddhartha was missing on Monday from  Netravati river
  • Siddharth letter written on 27th July had came into picture in which he alleged pressure of lenders and private equity partner
  • It was also written – cash crisis caused by attachment of shares by the former DG of Income Tax Department
  • Its Seems Suicide case, but nothing can be said until the investigation is completed – Police

 

Mengluru : VG Siddhartha, founder of the country’s largest coffee chain Cafe Coffee Day (CCD), was cremated at Chetanhali, ancestral village in Chikmagalur district. His eldest son, Amartya, gave him a kiss. During this time hundreds of people were present. According to the traditions of the Wokkaliga community, the funeral was done. Former Karnataka Chief Minister SM Krishna and his wife Prema also came to pay homage to son-in-law.

Fisherman finds CCD founder VG Siddhartha body in Netravadi River

Fisherman finds CCD founder VG Siddhartha body in Netravadi River-india24x7news

The body of Siddharth (60) was found in the morning by the river Nethravati. After Monday night’s disappearance, 200 people, including 25 swimmers, were engaged in the search operation. During this, the help of ICGS Ambassador and ACV (H-198) of Coast Guard was also taken. On the other hand, the police say that the case looks completely suicide but nothing can be said until the investigation is completed.

The alleged letter of Siddharth, written on July 27, came out, in which he mentioned the pressure of equity partners and lenders. He wrote that I had failed as a business tycoon. In the police questioning, the driver had told that Siddhartha Ullal had come to visit the bridge in the city. There they stopped the car and walked out on foot. I was waiting for them If they do not return for 90 minutes then they inform the police

Businessmen should not lose self esteem: Mahindra

Mahindra & Mahindra chairman Anand Mahindra has said about Siddharth that I do not know him and he does not even know about his financial condition. I would just say that due to failure in business, businessmen should not lose self esteem.

‘lenders Pressure Broken Me’

In the letter Siddhartha had written, “Despite the best efforts, I have failed to prepare a profitable business model. I struggled for a long time but could not afford any more pressure. A private equity partner is pressuring to buy back shares in case of 6 months old transactions. I borrowed a large amount from the friend and had completed a part of the transaction. I was broken due to heavy pressure by other lenders. Former DG of Income Tax had attached our shares twice to stop MindTree deal. Later, the shares of Coffee Day were also attached. It was wrong, because of which the crisis of cash came to us.”

“My request is that you all keep increasingly moving forward with new management. I am responsible for all the mistakes. I am responsible for all financial transactions. My team, auditors and senior management are not aware of my transactions. The law should only be responsible for me. I did not tell the family or anyone else about this. “

“My intention was not to mislead or deceive anyone. As a businessman, I failed. Hopefully one day you will understand, forgive me Attaching a list of our properties and their potential value. Our properties are more than our liabilities. They can pay the dues of all. “

According to official sources, the Income Tax department has said that the Income Tax Department had taken action against Siddharth as per rules. Mindtree’s shares sold him Rs 3,200 crore He had deposited only Rs. 46 crores out of Rs. 300 crores tax.

In 1993, Siddharth introduced the Coffee-Day Global

Siddhartha was born in Chikmangalur district of Karnataka. His family has been associated with coffee plantation for 140 years. In 1993, Siddharth introduced Coffee-Day Global (Amalgamated Bean Coffee Trading Company). Revenue was only 6 crores at that time. In the financial year 2017-18, the Revenue of Cafe Coffee-Day Global reached Rs 1,777 crore and in 2018-19, it reached Rs 1,814 crore.

Last Month Siddharth had sold his entire stake in the MindTree company

Last month Siddhartha sold its entire stake in IT company MindTree to Larsen and Toubro (L & T) for Rs 3,000 crore. Earlier, he was the largest shareholder of MindTree with 21% holding. He had a special identity as a successful businessman in the coffee business. In Karnataka, the CCD has a plantation of 12,000 acres of coffee. As of March this year there were 1,752 cafes of CCD across the country.