Café Coffee Day Founder Allegedly Commits Suicide; Here Are The Possible Reasons (Updated..)
Update (July 31st, 10.30 AM)
Body of V. G. Siddhartha has been found by the police. RIP.
Update (July 31st, 5.58 AM)
IT Dept has stated that the signature in the alleged last letter written by CCD Founder V. G. Siddhartha has a signature, which doesn’t match his actual signature. This proves that the letter might not have been written by him, and he might not have committed suicide.
At the time of writing, suicide is just a speculation, but the reality is that V. G. Siddhartha is still missing since 36+ hours.
We will keep updating this blog as more details come in..
Today is a sad day for the entire entrepreneurial community in India.
V. G. Siddhartha, one of the most distinguished and renowned entrepreneurs, known for founding Café Coffee Day and investor in MindTree has allegedly committed suicide.
What are the reasons? And did he really kill himself?
V. G. Siddhartha’s Alleged Suicide
Coffee Day Group founder V.G.Siddhartha was missing since Monday evening, from a river near Mangalore. As per the reports, he asked his driver in the Innova to stop at the Ullal Bridge in Mangalore, and then kept walking.
After some time when he didn’t return, the driver tried calling his phone, which was switched off.
Today, a letter written by V.G.Siddhartha has been recovered, which is being assumed as his last letter, before committing suicide.
He is married to Karnataka Chief Minister SM Krishna’s daughter, and has two children.
V. G. Siddhartha’s Suicide Note: Stunning Revelations
In the letter which was allegedly written by V. G. Siddhartha before committing suicide, there been stunning accusations made against several people, which may have driven him to take the extreme step.
There seems to be two very distinct reasons mentions, which put him under pressure, and maybe suicide as well.
The first is that, a private equity partner has been pressurizing V. G. Siddhartha to buyback his shares in the company, for which he had taken a huge loan from his friend.
And the other reason is the pressure from the DG of Income Tax Dept.to block the sale of Mindtree to L&T, and to acquire some Cafe Coffee Day shares by non-official means.
Besides, the letter also seems to suggest that Siddhartha was involved in some shady financial deals, the knowledge of which was hidden from the management of the company, and his family as well.
In the letter, he says, “My intention was never to cheat or mislead anybody. I have failed as an entrepreneur. This is my sincere submission. I hope someday you will understand, forgive and pardon me.”
V. G. Siddhartha & The Legacy Of Cafe Coffee Day
Founded in 1996, Cafe Cofee Day is the name which almost every urban citizen in India knows. They started the trend of conversations over coffee, and instantly became one of the biggest F&B brands in India.
CCD serves 1.8 billion cups of coffee a year, across 6 nations, and the company is expected to close the current financial year in March 2020 at Rs 2250 crore revenues.
Right now, CCD manages 1750 stores, and 60,000 vending machines across India and Vienna, the Czech Republic, Malaysia, Nepal and Egypt.
We will keep you updated, as more details come in.