V. G. Siddhartha Bio, Wiki, Age, Wife, Sons, CCD, Net worth, Letter, Disappearance, Death, Cause of Death
V. G. Siddhartha Biography
V. G. Siddhartha was an Indian businessman who was the founder and owner of Cafe Coffee Day (CCD). He went missing on July 29, 2019 and his body was found on July 31 at around 6:30 A.M. on the banks of Netravati River near Mangaluru.
V. G. Siddhartha Age
Siddhartha was 60 years old at the time of his death; he was born in 1959 in Chikkamagalur, Karnataka, India.
V. G. Siddhartha Education
Siddhartha attended St. Aloysius College and Mangalore University graduating with a master’s degree in economics.
V. G. Siddhartha Net worth
Siddhartha had an estimated net worth of Rs. 8000 Crore Indian Rupees.
V. G. Siddhartha Family
There is little information about his family available apart from that the family is connected to coffee growing business in Chikkamagaluru district in Karnataka for more than 130 years.
V. G. Siddhartha Wife
Siddhartha is married to Malavika Krishana who is the daughter of Indian politician S.M. Krishana, who is a former foreign minister and chief minister of Karnataka.
V. G. Siddhartha Children
Siddhartha together with his wife had two children together; Ishan and Amaryta
V. G. Siddhartha Cafe Coffee Day
Siddhartha set up the Cafe Coffee Day chain in 1996 and quickly became one of the world’s biggest coffee traders. He also owns Asia’s largest coffee plantation. Cafe Coffee Day has more than 1,700 stores, mainly in India but also in Malaysia, Egypt, the Czech Republic, and Austria. The US chain Starbucks has just 150 stores in India. Siddhartha owns about 12,000 hectares (30,000 acres) of plantations, and his Amalgamated Bean Coffee Trading Company is India’s largest exporter of green coffee. His family has been in the coffee industry for more than 130 years.
V. G. Siddhartha Disappearance – V. G. Siddhartha Missing
Siddhartha was reported missing on July 29, 2019. He was last seen by his driver who he had asked to drive him towards the Netharvathi river. He asked his driver to pull over and got off the car. The driver alleges that he was talking to someone over the phone. The driver alerted his family after he took long.
According to reports, Siddhartha had left Bengaluru on Monday night after telling his family he was going to the hill resort of Sakleshpur. He, however, asked his driver to take him to Mangaluru instead.
His disappearance was confirmed on July 30 in a statement released by Coffee Day Enterprise which read; “V G Siddhartha, Chairman and Managing Director of Coffee Day Enterprises Limited is not reachable since yesterday evening. We are taking the help of concerned authorities. Company is professionally managed and led by competent leadership team, which will ensure continuity of business.”
V. G. Siddhartha Letter
It is alleged that before his disappearance he sent a letter to CCD’s board of directors and employees taking full responsibility for the company’s financial status. In the letter, he also said that he was being pressurised by a private equity firm as well as the previous DG of the income tax department. Here is the full letter;
To our Board of Directors and Coffee day family,
After 37 years, with strong commitment to hard work, having directly created 30,000 jobs in our companies and their subsidiaries, as well as another 20,000 jobs in technology company where I have been a large shareholder since its founding, I have 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, a transaction I had partially completed six months ago by borrowing a large sum of money from a friend. Tremendous pressure from other lenders lead to me succumbing to the situation. There was a lot of harassment from the previous DG income tax in the form of attaching our shares on two separate occasions to block our Mindtree deal and then taking position of our Coffee Day shares, although the revised returns have been filed by us. This was very unfair and has led to a serious liquidity crunch.
I sincerely request each of you to be strong and to continue running these businesses with a new management. I am solely responsible for all mistakes. Every financial transaction is my responsibility. My team, auditors and senior management are totally unaware of all my transactions. The law should hold me and only me accountable, as I have withheld this information from everybody including my family.
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.
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.
Founder & owner, Cafe Coffee Day (CCD), #VGSiddhartha‘s letter to employees and board of directors of CCD, states, “Every financial transaction is my responsibility…the law should hold me & only me accountable.”; He has gone missing from Mangaluru, search operation underway. pic.twitter.com/0GJc5vmvYt
— ANI (@ANI) July 30, 2019
V. G. Siddhartha Death
Siddhartha body was found on July 31, 2019 on the banks of Netravati River near Mangaluru.
V. G. Siddhartha Cause of Death
It is alleged that his cause of death was suicide but official reports have not been released as his body was transported to Wenlock Hospital for the autopsy. A fisherman claimed to have seen him jump into Netravati river.
— T Raghavan (@NewsRaghav) July 30, 2019