Born to a family of coffee planters in Karnataka’s Chikkamagaluru, VG Siddhartha was the one who came up with the idea and founded India’s first popular café chain Café Coffee Day with its first outlet opening in Bangalore’s famous Brigade Road in 1996.
VG Siddhartha, the business aristocrat who established the Cafe Coffee Day chain, has gone missing from Mangaluru where he had gone on business, a senior Karnataka police officer said on Tuesday.
As indicated by the police, Siddhartha requested that his driver drop him off at the Netravathi bridge in Mangaluru as he needed to go for a stroll. However, when there was no sight of him even after 60 long minutes, the driver cautioned the family, and they also informed the authorities, said Mangaluru police chief Sandeep Patil.
VG Siddhartha’s driver Basavaraj Patil in his statement said very clearly that, “On Monday I went to his residence in Bengaluru at 8 am. At 12.30 pm he asked me to drive towards Sakleshpur. As we neared it, he asked me to drive towards Mangalore. When I was entering Mangalore he said ‘take the car to the bridge’.
He also added, “He asked me to be at the end of the bridge and said he’d walk. At 8 pm, I called him but his phone was switched off. Then I called his son and he said he’d also try calling him. As there was no response, I’m filing this complaint.”
VG Siddhartha, who disappeared the previous evening, was as of late in the news for selling his whole stake in fair size IT firm Mindtree NSE 1.73 % to L&T. He was the biggest investor in Mindtree and left the organization in the wake of remaining contributed for nearly two decades.
He is additionally the son-in-law of former foreign minister SM Krishna who joined the BJP after spending decades in the Congress.
The Karnataka police officers said a serious quest had been propelled for the businessperson at the family’s request. Dog and boars have been sent to help with the search.
Karnataka Former Chief Minister BS Yeddyurappa rushed to the residence of SM Krishna and is expressly planning the search operation by taking part actively.
VG Siddhartha began the café chain in 1993 when he joined Coffee Day Global which is the parent of the Coffee Day chain. In 2000, the organization accomplished another achievement when it wandered into the retail money related administrations with the dispatch of Way2Wealth by procuring Sivan Securities Limited.
Siddhartha entered Mindtree in 2000 by investing in the IT startup through Coffee Day Global’s backup Coffee Day Trading.
It is assumed that he was not happy and was feeling the pressure of business as we issued a letter to Café Coffee Day family and the board of directors by saying:
“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 a 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 the 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 the tentative value of each asset. As seen below our assets outweigh our liabilities and can help repay everybody.”