VG Siddhartha, who was the founder of India’s largest Coffee chain, Café Coffee Day (CCD), and the son-in-law of the former Chief Minister of Karnataka, SV Krishna, was found dead on Wednesday. The billionaire coffee tycoon went missing on Monday evening after which various agencies were appointed for a search operation.
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
The body which was washed off on the shores of Netravati river near Ullal in Mangaluru was found by a fisherman at 6:30 in the morning. “I saw a body floating while I was fishing and then, I informed the police. I participated in the rescue operations with the district administration yesterday as well,” fisherman Rithesh told reporters.
Hours before his disappearance, he wrote a letter to the board of directors in which he mentioned about the pressure he was going through and then called a personal staff at Café Coffee Day headquarters in Bengaluru to inform them about the letter. “He told one staff member to look after the interests of the firm after clearing an outstanding loan. He seemed emotional. This was a bit out of character for the businessman,” sources said. The letter which he wrote signifies that due to tremendous pressure and harassment from the IT officials, he might have committed sucide.
Siddhartha’s eldest son, Amartya Hegde lit the funeral pyre after the last rites were performed at Chatanahalli village in Hassan district. His mother Malvika Hegde and Father-in-law struggled with their emotions while thousands of people paid their tribute to the ‘Coffee King’. Karnataka Chief Minister BS Yediyurappa was among the first to pay homage to Siddhartha. After the funeral, Yediyurappa took to twitter to express his condolence. He wrote, “In the moment of grief I paid my tribute to one of the pioneers in the coffee retail industry, the founder of Café Coffee Day & Former CM Sri S M Krishna’s son in law, Sri. VG Siddartha. My heart goes out to his family. He will always be remembered.”
Leaders and industrialists around the corner took to twitter to offer their condolences. Former liquor tycoon Vijay Mallya wrote, “I am indirectly related to VG Siddhartha. Excellent human and brilliant entrepreneur. I am devastated with the contents of his letter.”
“In Western Countries, Government and Banks help borrowers repay their debts. In my case they are obstructing every possible effort for me to repay my debt whilst competing for my assets. As far as the prima facie criminal case goes wait for the appeal granted.” he further added.
Former Chief Minister of Karnataka and Congress leader Siddaramiah took to his twitter handle and wrote, “Very sad to know about the unfortunate death of Shri. V G Siddhartha. His contribution to Karnataka & India through his entrepreneurship shall be an example & always be remembered. My deepest condolences to Shri. S M Krishna and family members & well-wishers of Siddhartha.”
Café Coffee Day was in a debt of Rs. 4,500 crores and there was a pressure from private equity partners to buy back it’s holding in coffee café enterprises due to which Siddhartha took his life but sucide is not the solution. Siddhartha’s assets were more than his liabilities. He could have easily paid his debt and started everything on a fresh note.
Anand Mahindra took to twitter and condemned this act. He wrote, “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,”
Success and failures are part of life and both should be accepted with grace. If you are suffering from stress, anxiety or depression, one must talk about it with their dear one’s and not take decisions like Siddhartha as such decisions can destroy lives of many.