Published 13:43 IST, July 30th 2019
CCD founder VG Siddhartha goes missing, Coast guard joins search operation and deploys ship off Mangalore Port
As the search operation intensifies to search Cafe Coffee Day founder VG Siddhartha, the coast guard issued a statement on July 30 that the search operations are being undertaken by Air Cushion Vehicle in the Netravati River.
- India News
- 4 min read
As the search operation intensifies to search Cafe Coffee Day founder VG Siddhartha, the coast guard issued a statement on July 30 that the search operations are being undertaken by Air Cushion Vehicle. On Monday evening, Siddhartha went missing from near the bridge at the Netravati river while he was on his way to Mangalore. The coast guard statement also stated that it is providing support to CG diving teams by deploying ships. A total of three diving teams, along with the district disaster relief team, has been deputed to carry out search for Siddhartha. ICGS Rajdoot has been tasked to patrol off the old Mangalore Port and maintaining a sharp lookout very close to harbour mouth, while ICGS Savitribai Phule has been kept on standby.
CCD FOUNDER MISSING
On reaching a bridge over the Netravati river in the Kotepura area in Dakshina Kannada district, he got down from the car and told his driver that he was going for a walk. It was then the driver contacted the police. On Monday evening, Siddhartha left from his Bengaluru residence with his driver enroute to his estate in Sakaleshwar, Karnataka.Midway he reportedly asked his driver to take the route to Mangalore. On arriving at the bridge of the Netravati river, as per his driver, he asked him to go ahead while he would come walking. It was then that he vanished mysteriously and the driver informed the family.
CCD ISSUES STATEMENT AS ITS FOUNDER WENT MISSING:
Amid the ongoing search operation to find missing Cafe Coffee Day founder VG Siddhartha, CCD itself has written a letter to the National Stock Exchange (NSE) underscoring 'continuity of business' and that any update in the matter will be briefed. The statement released on July 30 stated the following:
"This is to inform you that Mr VG Siddhartha Chairman and Managing Director of Cafe Coffee Day Enterprises Limited has gone missing since yesterday evening. We are taking the help of concerned authorities. Company is professionally managed and led by competent leadership which will ensure continuity of business."
LETTER OF VG SIDDHARTHA TO CCD BOARD
Meanwhile, in what is believed to be his last letter, addressed to the company's board, VG Siddhartha emotionally wrote about having failed as an entrepreneur, though he did also allege harassment by I-T authorities. "I hope someday you will understand, forgive and pardon me," he stated in the letter.
"I would like to say I have given 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 have given 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 taken possession 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," the letter stated.
LEADERS VISIT SM KRISHNA'S RESIDENT AS HIS SON-IN-LAW AND CCD FOUNDER GOES MISSING
Cutting across party lines, Karnataka CM BS Yeddyurappa, JD(S) chief HD Kumaraswamy, Congress leaders DK Shivakumar, BL Shankar and others visited former Karnataka CM SM Krishna at his residence in Bengaluru on Tuesday morning. Siddhartha is married to Krishna's eldest daughter Malavika and has two children with her. People gathered at former Karnataka CM, SM Krishna's residence in Bengaluru as the news about his son-in law's disappearance spread. Siddhartha's wife and two sons who live with him in his Sadashivnagar residence in Bengaluru are currently in veteran politician Krishna's residence.
Updated 14:49 IST, July 30th 2019