Cafe Coffee Day founder VG Siddhartha goes missing near river in Mangaluru

Cafe Coffee Day founder VG Siddhartha goes missing near river in Mangaluru

Coffee Day Enterprises, which owns CCD, also informed the BSE and National Stock Exchange that its owner was missing, The Economic Times reported.

Shivakumar, in a tweet, said he got a call from Siddhartha on July 28, asking if they could meet. I fought for a long time but today gave 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.

The political angle can not be ignored in Siddhartha's disappearance.

V. G. Siddhartha asked his driver to stop his vehicle, before going for a walk near the Southern Indian city of Mangaluru, local police official Jayant Kumar said by phone.

His chauffeur alerted police when Mr Siddhartha did not return.

The driver also said Siddhartha was on a phone call when he got off the vehicle.

The police officer said an intensive search had been launched for the businessman at the family's request. VG Siddhartha (VGS) of CCD is doing the rounds.

I-T department questions the authenticity of the note and alleged that the signature does not tally with VG Siddhartha's signature as available in his annual reports.

Siddhartha owns about 12,000 hectares (30,000 acres) of plantations and his Amalgamated Bean Coffee Trading Company is India's largest exporter of green coffee. Every financial transaction is my responsibility. A person holding citizenship of Singapore was also covered in the search action. "The tax effect along with interest and penalty based on the outcome of the search action runs to hundreds of crores".

CCD serves 1.8 billion cups of coffee a year, across 6 nations, and the company is expected to close the current financial year in March 2020 at Rs 2250 crore revenues.

Siddhartha was recently in the news after he sold about 20 per cent of his stake in tech company Mindtree Ltd to engineering and construction company Larsen & Toubro Ltd.

This clearly establishes a strong political angle as well.

In Bengaluru, Chief Minister BS Yediyurappa visited SM Krishna's residence and held discussion with the family members. The raids were seen as politically motivated.

Several media quoted from a letter Mr Siddhartha sent to company shareholders on Monday which said: "I am very sorry to let down all the people that put their trust in me".

The letter also talks about the harassment he had allegedly faced at the hands of tax officials. At 12.30 pm he asked me to drive towards Sakleshpur.

"The assessees had transferred the Mindtree Ltd shares to M/s L&T Infotech Ltd 28.04.2019 and received around Rs 3200 crores".

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