VG Siddhartha news updates | CCD founder's last rites held in Chattanahalli Estate

Thousands of people thronged the premises of Cafe Coffee Day Global Ltd in Chikkamagaluru on Wednesday, along with politicians and dignitaries, to have a last glimpse of their beloved entrepreneur and Cafe Coffee Day founder V G Siddhartha. Read more

. “Did 60-year-old Siddhartha die of drowning or cardiac arrest ?,” a question seemed to haunt experts and police after his body was shifted to District Wenlock hospital’s mortuary for autopsy on Wednesday. Read more

. Ritesh D’Souza, 35, and Pranesh are the two fishermen who recovered the body of Siddhartha, found floating in water about five km from the Netravathy bridge. Read more

. On the directions of the government, two specialists from the forensic sciences department carried out a three-hour-long autopsy at the mortuary of the district Wenlock Hospital on Wednesday. Read more

. Cafe Coffee Day founder, late V G Siddhartha, has a strong connection with Kavishaila, a rock monument made of megalithic rocks, dedicated to poet laureate Kuvempu at Kuppali in Thirthahalli taluk. Read more

. Gangaiah Hegde, a nonagenarian, father of Cafe Coffee Day (CCD) founder V G Siddhartha, is said to be in Mysuru in a private hospital. He is said to be in a coma and is not in a position to know about the death of his son. Read more

. Of the thousands of entrepreneurial stories scripted in Karnataka, one of the most distinctive ones has been that of Cafe Coffee Day founder V G Siddhartha.

Cafe Coffee Day started brewing coffee in Bengaluru in the mid-90s, offering a cuppa to busy techies, youngsters and aspiring entrepreneurs who would throng the Brigade Road outlet brainstorming over the next big idea.

Siddhartha had gone missing since Monday evening, and his body was found on Wednesday in the Netravati river in Dakshina Kannada district of Karnataka after 36 hours of intense search.

The entrepreneurial hub continues to be in a state of shock over the incident. CCD's original Brigade Road outlet has since shut down, edged out by swankier coffee shops that have mushroomed in the neighbourhood.

Siddhartha's legacy will, however, remain an integral part of CCD outlets where aspiring startups even today make their pitches to potential investors -- in the hope that "a lot can happen over coffee". (PTI)

. Cafe Coffe Day founder VG Siddhartha was cremated at Chattanahalli Estate.

The last rites are being performed by his sonsAmartya and Ishaan. Siddhartha's 96 year-old father S N Gangaiah Hegde could not attend the funeral as he is admitted in a hospital in Mysuru.

Thousands have gathered to bid adieu to the coffee baron.

. VG Siddhartha's is brought to hisancestral home inthe family estate in Chattanahalli.

. Siddhartha’s mortal remains en route to Chattanahalliestate, where his finalrites are to be conducted. The estate is in his native village, Cheekanahalli in Belur Taluk.

. Karnataka Chief Minister BS Yediyurappapaid his last respects to Siddhartha in Chikkamagaluru. He said that the CCD founder was a very simple and humble person, and condoles the demise of Siddhartha.

Former CM HD Kumaraswamy broke down while he paid his last respects. Former ministers D K Shivakumar and K J George also paid their respects.

. The Coffee Day Enterprises investors have lost close Rs 1,500 crore of his personal fortune since he abruptly disappeared on Monday night.

. The ambulance leaves Mudigere, and people stand on the sides of the road, waiting to pay their final homage to Siddhartha at Mudigere.

The final rites of the Cafe Coffee Day founderwill reportedly be conducted at about 6.30 PM today, in his native village Cheekanahalli, at the Chattanahalli estatein Belur taluk near Chikkamagalur.

. Rating agency Icra has placed a credit rating of Coffee Day Enterprises on watch with negative implications.

The rating agency has placed on watch with negative implications, revising the rating from watch with developing implications, after of Siddhartha went missing that sent shockwaves in the India Inc.

. Following a meeting today, the board of Coffee Day Enterprises, the parent company of Cafe Coffee Day has decided to appoint S.V. Ranganath as the interim chairman.

They also appointed Nitin Bagmane as interim Chief Operating Officer (COO).

. Shashi Tharoor: "Ease of Doing Business" under BJP translates into "Ease of Ending Business". The #VGSiddhartha tragedy reflects the worst of a broader, deeply worrying trend (sic)."

. Congress MP Manish Tewari drew the attention of the House to the purported letter by the deceased businessman alleging that he had been harassed by the tax authorities.

. R Ram Mohan, CFO, CCD: "Cafe Coffee Day Board meeting concluded, all saturated formalities getting completed. Working to continue with Co, will come out with action plan. Completely grief stricken, not able to talk anything on letter. I also saw the letter like everyone through WhatsApp."

. Rithesh, the fisherman who spotted the body of V G Siddhartha in Mangaluru and informed the police: "I saw a body floating while I was fishing, informed the police. I participated in the rescue operations with the district administration yesterday as well." (ANI)

. All coffee curing units in Mudigere taluk have declared holiday. Following the death of Siddhartha, coffee estates in Gowthahalli and neighbouring Cheekanahalli have declared holiday for labourers. Holiday was declared for schools in these villages. Autorickshaws also did not enter the road as a mark of a voluntary bandh

. Following the death of Siddhartha, a voluntary bandh has been decided in Mudigere Talukin Chikkamagaluru district.

. The ambulance with Siddhartha's body will be taken first to Coffee Day global unitin Chikkamagaluru and later for the final rites at Chattanahalli estate in Mudigere Taluk, former parliament secretary to CM Ivan D'Souza said.

. Preparations are being made for public to pay homage to V G Siddhartha at Coffee Day Global unit at K M Road in Chikkamagaluru. SP Harish Pandey and other top police personnel visited and inspected the area.

. Siddaramaiah: "The death of V G Siddhartha is both disturbing &mysterious. The reasons & the invisible hands that ended his life in this tragic way should be unearthed through impartial &fair investigation. Our party & I shall always stand with Shri. S M Krishna in their fight for justice. The letter supposed to have written by V G Siddhartha few days before his death has discussed about tax terrorism, which is an ugly face of politically motivated institutions. What signals are we sending to the budding entrepreneurs without even an attempt to reform? (sic).

. Priyank Kharge: "Woke up to the grim news of #VGSiddhartha. I still find it difficult to believe that he could take the extreme step. He has inspired many entrepreneurs, people of the region looked up to him. He was a very courteous & unassuming man. Deepest sympathies to his family (sic)."

. Manish Tewari: "My profound Condolences to #VGSiddhartha‘s entire family. Very Very tragic what happened. Allegedly Harassed & hounded to commit Suicide by among others a yet unnamed DG of the Income Tax going by the document in the public space. May his soul rest in peace (sic)."

. Drawing similarities between him and India’s coffee king VG Siddhartha, liquor baron Vijay Mallya said, “government agencies and banks can drive anyone to despair.”

“See what they are doing to me despite offer of full repayment. Vicious and unrelenting,” Mallya tweeted, hours before the Café Coffee Day founder’s body was recovered along Netravati river on Wednesday.

. V G Siddhartha, whose body has been fished out of the Netravati river today morning, after he went missing on Monday night, has invariably touched every urban Indian’s life. However, not many knew him as the owner of the popular brand, especially especially outside Karnataka.

Café Coffee Day, the retail chain that he owns through Coffee Day Enterprise, has a presence in every town of India – small, large and metropolitan. Estimated to be selling close to 2 billion cups of coffee every year,the retail chain, seen as India’s own rival to Starbucks, the company’s cafe network stands at 1,751 stores spread across 243 cities in India.

. Anand Mahindra: "I did not know him & have no knowledge of his financial circumstances. I only know that entrepreneurs must not allow business failure to destroy their self-esteem. That will bring about the death of entrepreneurship."

. Mallikarjun Kharge: "My deepest sympathies with Sri.Krishna & his family on the demise of Sri. Siddhartha. He was one of the bravest entrepreneurs I have seen who redefined coffee business, helped build & change lives. May the family have the strength to overcome this grief (sic)."

. The corpse of V G Siddhartha, founder-chairman of the chain of Cafe Coffee Day outlets, was traced on Wednesday morning. The cause of death is not yet confirmed.

. The corpse was discovered by fishermen in the morning. It was later shifted to the Wenlock mortuary for a post-mortem.

. The corpse of V G Siddartha, founder-owner of the chain of Cafe Coffee Day outlets and son-in-law of former chief minister S M Krisha, was traced on Wednesday morning.

. Sringeri MLA Raje Gowda said coffee czar V G Siddhartha suffered from the harassment meted out by the officials of the Income Tax Department. Read more

. It was like any other normal day at the Cafe Coffee Day (CCD) outlet on Vittal Mallya Road near Cubbon Park on Tuesday. Read more

. Soon after Siddhartha’s alleged letter to his board of directors of the Cafe Coffee Day (CCD) went viral on social media on Tuesday, the income tax department came out with a statement that the authenticity of the note was not known and that the signature did not tally with that on his annual reports. Read more

. Two leading foreign PEs --KKR and Standard Chartered PE which together own close to 12 percent in Caf Coffee Day--said they are "saddened" by the sudden disappearance of VG Siddhartha, the founder-chairman of the country's largest coffee chain, and that they enjoyed a "great relationship" with him. Read more

. Axis Bank Tuesday said the Cafe Coffee Day group, whose founder-chairman VG Siddhartha has been missing since Monday night, has repaid some of the loans after he sold his over 20 percent in software firm Mindtree to Larsen & Toubro recently. Read more

. As mystery shrouds Cafe Coffee Day founder V G Siddhartha's disappearance, Mangaluru Police Commissioner Sandeep Patil Tuesday said a police team has left for Bengaluru to conduct an inquiry and question office staff and relatives. Read more

. V G Siddhartha, who took the brand of coffee to the global level, was known for his philanthropic activities in Mudigere taluk. Read more

. The Coffee Day Enterprises chairman and founder V G Siddhartha, before disappearing had purportedly written a letter to the board alleging harassment by various people. Read more

. Following planned for today’s night 30 Jul 2019 towards ICG search efforts:-

(a) ICGS Savitribai Phule, Fast Patrol Vessel will be at night patrol off old Mangalore Port and will maintain sharp vigil close to harbour mouth.

(b) 75 ACV Sqn kept on standby to augment the ICG search teams. Hovercraft will be tasked with day light break for search mission.

(c) ICG Diving Teams standby at DHQ-3 for immediate deployments to undertake any search.

(d) ICGS Kasturba Gandhi also kept standby for deploying off old Mangalore port at short notice.

. The city police have formed four teams to search of Siddartha, who went missing since Monday night, said City Police Commissioner Sandeep Patil. The incident is being probed from all angles. Based on the complaint given by driver Basavaraj, the investigation is being carried out. Footages of Cctv camera installed three kilometres away from the site is also being verified. DC Sasikanth Senthil said due to high tide, the search operation was suspended in the night. It is not possible to carry out search operation using boats in high tide in the sea and at the estuary. Even divers are not able to carry out search operation

. Mangaluru Police Commissioner S Patil: Y'day I met the family of MrV G Siddhartha at his house, spoke to them about him. One team has gone to Bengaluru for further inquiry. The rescue operation has been going on since last night and will continue until we get concrete results - ANI

. The Coffee Day Enterprises, whose founder and chairman VG Siddhartha has disappeared, has assured the continuity in business.

. Karnataka Bank on Tuesday said it has no exposure to Coffee Day Enterprises, though the company's global unit has an outstanding loan of Rs 152 crore.

. Son of a coffee plantation owner, V G Siddhartha created the Indian rival of Starbucks but his sudden disappearance and a letter by him alluding to pressures from a PE investor to buy back shares have left many questions unanswered.

. The Bombay Stock Exchangehas sought a clarification from Coffee Day Enterprises Ltd with regard to non-disclosure of material information related to V G Siddhartha, Chairman and Managing Director of Coffee Day Enterprises, who is reportedly missing.

. Income Tax Department officials on Tuesday clarified that they never harassed Coffee Day Enterprises promoter V G Siddhartha. Instead, the department had enabled him to sell his shares in Mindtree as per his wish, a senior officer of Income Tax told DH.

. Senior Congress leader D K Shivakumar said on Tuesday he found the disappearance of Cafe Coffee Day founder V GSiddhartha"utterly fishy" and sought an investigation into it.

. The investors of Coffee Day Enterprises have lost Rs 813.3 crore during the day’s trade, as its founder, V G Siddhartha has gone missing in Mangaluru and is suspected to have committed suicide.

. The Income Tax Department has acted as per law in its probe against Café Coffee Day (CCD) promoter V GSiddhartha, official sources said on Tuesday, after a letter purportedly written by him accused tax authorities of harassment.

. KKR in a statement Tuesday said it had invested in the popular coffee chain nine years ago and part-exited the investment last year.

The fund statement added that it continues to hold about 6 percent in the company now down from 10.3 percent earlier.

. Karnataka BJP leaders on Tuesday sought the help of the Centre to search businessman V G Siddhartha, who went missing since Monday evening from Mangaluru.

. "This is to inform you that, Mr. V G Siddhartha, Chairman and Managing Director of Coffee Day Enterprises Limited has 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.

We will keep you posted as and when we receive further updates." - Coffee Day Enterprisesstatement to stock exchanges

. CLP leader Siddaramaiah & Former Assembly Speaker, KR Ramesh Kumar meet Former Union Min SM Krishna at his residence in Bengaluru.

. Coffee Day Enterprises missing founder-owner VG Siddhartha was in talks with global soft drinks giant Coca-Cola to sell his stake in the coffee chain.

. City police commissioner Sandeep patil said one team led by PSI CCB Mangaluru has been sent to Bangaluru for enquiry. They will talk to relatives of Siddhartha and find out details. The team will also visit his office and see if any information can be received.

. Former PM HD Deve Gowda meets Former Union Minister SM Krishna at his residence. Photo: ANI

. Growing debt might have been causing problems to Siddhartha over the year, sources say. Several people close to him suggest that his sale of shares in IT company Mindtree was part of his debt offloading process. “This entire amount was pledged with banks. It helped him reduce his exposure,” a person close to him said.

. "He seems to have undergone huge stress from PEs and I-T. These two have to be investigated. Govt should look at ways of relieving the stress of businesses," Biocon CMD, Kiran Mazumdar Shaw, told News18

. Siddhartha was last seen near Ullal bridge over the Netravati river. He is suspected to have committed suicide by jumping into the river.

. Ambiguity has gripped the ongoing board meeting of the Coffee Day Enterprises, as its founder VG Siddhartha has gone missing since Monday night, and there is suspicion that he has committed suicide.

. Following ICG assets are deployed for the search efforts, says Coast Guard commander S S Dasila-

(a) ICGS Rajdoot tasked to patrol off old Mangalore Port and maintaining sharp lookout very close to harbour mouth.

(b) ACV (H-198) undertaking search in Nethrvathi River and providing support to cg diving teams.

(c) Three CG Diving Teams along with District Disaster Relief Team has been deputed to carry out search for missing person.

(d) ICGS Savitribai Phule kept standby for deploying off old Mangalore port at short notice.

. Coffee Day Enterprises, the parent company of CCD released a statement to the National Stock Exchange regarding their founder's absence. This is what it said-

"Dear Sir/s,

RE: Update regarding VG Siddhartha, Chairman and Managing Director

This is to inform you that, Mr. V G Siddhartha, Chairman and Managing Director of Coffee Day Enterprises Limited has not (been) 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. We will keep you posted as and when we receive further updates.

Thanking you,

For Coffee Day Enterprises Limited "

. The shares of the Bengaluru-based retail café outlet Coffee Day Enterprises have tanked by the lower circuit of 20% on the Bombay Stock Exchange

. The founder of Cafe Coffee Day (CCD)has been missing since Monday evening as his enterprise battles deep financial crisis

. V G Siddhartha, founder-owner of Cafe Coffee Day outlets and son-in-lawof former Chief Minister S M Krishna, who went missing was suspected to have committed suicide by jumping into Netravati River in Ullal on Monday midnight

VG Siddhartha news updates | CCD founder's last rites held in Chattanahalli Estate

Coffee land mourns its famed son

Did Siddhartha die of drowning or cardiac arrest?

Duo went to collect fishing net, found body floating

3-hour autopsy by 2 specialists at Wenlock hospital

Coffee czar’s monumental effort in shaping Kavishaila

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