BREAKING NEWS

Cafe Coffee Day Founder dead; CCD outlets to remain closed today

The body of V.G. Siddhartha, founder of India’s largest coffee chain Cafe Coffee Day, was fished out of the Nethravathi River today morning on the west coast of Karnataka. Siddhartha, who is a successful entrepreneur and the son-in-law of former Karnataka CM and BJP leader S.M. Krishna, had been missing since Monday evening. 
 
In a letter reportedly written by Siddhartha to the board of directors and his CCD family before he went missing, he said he had “failed to create the right profitable business model despite my best efforts”. 
 
He added in the letter that, “I would like to say I gave 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 gave up as I could not take any more pressure from one of the private equity partners forcing me to buy back shares…”
 
The business tycoon's body is said to have been found 5km from a bridge across the Nethravathi River near Mangaluru. According to reports, Siddhartha had gotten off from his car near this bridge on Monday evening but failed to return after an hour. A panicked driver went down looking for him, but could not find him anywhere. He then alerted the family members, who in turn informed the police. 
 
Teams of NDRF, Coast Guard, Home Guard, fire services and coastal police along with local fishermen on Tuesday scoured the waters to find Siddhartha's body.
 
CCD outlets across India shut today
 
Meanwhile, the management of the retail chain has taken a decision to shut all outlets of Cafe Coffee Day (CCD) today Wednesday across the country in memory of its founder-chairman V.G. Siddhartha. Apart from CCD outlets, its offices, including the Coffee Global Enterprises and the Amalgamated Bean Coffee (ABC) will also remain shut across the country.

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