The body of VG Siddhartha, founder of Cafe Coffee Day, has been found now. He was missing for the last two days. His body was recovered in Hoige Bazaar in Mangaluru near Netravati River after 36 hours of the search operation. A suicide letter dated July 27 was found in which he had mentioned about the problems he and his company is facing. In this letter, he also mentioned the huge losses and debts the company was facing. Also, the matter of pressure from the former DG of the Income Tax Department was also stated. VG Siddhartha recently came to the news when he sold his IT company ‘MindTree’ to the engineering company Larsen & Toubro (L & T).
Subsequently, shares of Siddhartha listed company ‘Coffee Day Enterprises’ fell up to 20 percent. Earlier on Tuesday, news of Siddhartha’s disappearance came to light. Even after the news came, the company’s stock was down 20% in the last trading day. In these two days, investors of Coffee Day Enterprises have lost around Rs. 2800 crores. In just two days, the company’s market cap has declined by 2839 crores. On 29 July, the company’s market cap was Rs 5442.55 crore, which got down to Rs 2603.68 crore on 31 July. In the letter, he described himself as a failed entrepreneur. In his letter, Siddharth has written that due to this, there was a crisis of money deficit in front of him.
In the memory of VG Siddhartha today, total 1,750 cafe coffee day retail outlets will be closed today in about 240 cities across the country. According to the company, Siddhartha, the founder of CDD, has died and in his honor, the CCD offices including the Coffee Global Enterprises and Amalgamated Bean Coffee (ABC) will also be closed all over the country and in three districts of Chikmagalur, Hassan and Kodagu in Karnataka, all the workers working in coffee gardens are given a leave of one day from work.
The first café coffee day was opened on the brigade road in Bangalore in 1996. Siddhartha’s company exports 28 thousand tonnes of coffee every year and also sells 2 thousand tonnes in the country. Siddhartha also started the hospitality chain in addition to the CCD, under which a 7-star resort is operated.