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CCD owner VG Siddhartha found dead body in the river



The police in the coastal town of Mangalore confirmed Wednesday that they were missing the body of V.G. Siddhartha, founder and chairman of the largest Indian coffee chain, Café Coffee Day.

In a letter allegedly written and signed by Siddhartha, published by the parent company of the Coffee Day Enterprises chain on Tuesday night, the coffeetycoon said he was "under tremendous pressure from lenders who led him to" the situation inferior ". The letter was from July 27th.

"I want to say that I gave everything," the letter says. "I am very sorry that I have disappointed all the people who gave me their trust."

Siddhartha has been "unreachable" since Monday night, a statement by Coffee Day Enterprises said Tuesday. It is believed that he has disappeared from a bridge over the river Netravati, where he got out of his car to take a walk. Sandeep Patil, police commissioner for Mangalore, told CNN Business.
Siddhartha founded the Coffee Day in 1
993 and three years later opened the first Café Coffee Day in the southern Indian city of Bangalore. The company has since developed into India's largest coffee chain and has more than 1,700 branches in 245 Indian cities since last year. By comparison, Starbucks ( SBUX ) has currently 146 outlets in India.
  Café Coffee Day has more than 1,700 retail outlets throughout India.

In the letter, Siddhartha called on Coffee Day to continue the business with new management.

"I am solely responsible for all errors, and every financial transaction is my responsibility," he wrote.

The shares in Coffee Day Enterprises fell on Wednesday for a second consecutive day by the maximum daily limit of 20% and reached a new all-time low.

Siddhartha owned 33% of Coffee Day Enterprises last month, while his wife and family businesses owned another 21%, according to a recent filing. The company went public in 2015.
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Coffee Day also has retail outlets in Austria, the Czech Republic, Egypt, Malaysia and Nepal and exports coffee to various markets, including North America, Europe and the Middle East.

Siddhartha listed the coffee chain as well as various other assets – including interests in several technology companies and the logistics company Sical – which he said "can help everyone get paid back."

"I never intended to cheat or mislead anyone as an entrepreneur," he added. "I hope that someday you will understand, forgive and forgive me."


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