VG Siddhartha, founder of Cafe Coffee Day had gone missing from nearby Netravati River in Mangalore in suspicious circumstances since 29 July. Till now there is no clue of him. Right now the search operation is underway for him n the river as the local police are speculating that he has jumped into the river. Three Diver teams have been set up for search and rescue operation in the river Netravati.
Now a letter has come out written by VG Siddhartha after his disappearance. In this letter written three days ago, Siddhartha has mentioned his career problems. The letter talks about losses and heavy debt which the company is facing right now. Apart from this, he has also mentioned the pressure created by former DG of the Income Tax Department. Based on his car driver’s statement, the police believe that he might have probably committed suicide.
On March 18, Siddhartha had sold a total of 20 percent shares of Mumbai’s Larsen and Toubro (L & T) and in Software Company MindTree Ltd for Rs 3,300 crore at the rate of Rs 980 per share on the face value of 10 rupees. Significantly, the officials of Income Tax Department raided Siddhartha’s office earlier on September 2017. The news of Siddharth’s disappearance has also affected the shares of the company (Coffee Day Enterprises). As soon as the market opened, shares of Coffee Day touched the lower line of 20%. The stock of Coffee Day in BSE is trading at 52 weeks minimum price of Rs 154.
Cafe Coffee Day founder VG Siddhartha started his business journey with 5 lakh rupees. VJ Siddhartha, India’s coffee king, is the owner of property worth over $ 1 billion. His business journey has been quite inspirational. His family has been connected to a coffee plantation for nearly 130 years. His family has more than 10,000 acres of coffee gardens at Chikmagalur as well. Since 1993, Siddhartha has made a deal in the family business and his company started exporting the coffee in various parts of the world. Within two years his company became the largest coffee exporter in the country. The company has 1,750 cafes today. Apart from India, there are also company outlets in Austria, Karachi, Dubai, and the Czech Republic. These employ more than 5000 people. The total number of employees worldwide are 19000+ with a global revenue of US$630 million(2017-2018).