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Home / World / VG Siddhartha: The body of the tycoon of Cafe Coffee Day was found

VG Siddhartha: The body of the tycoon of Cafe Coffee Day was found



  VG Siddhartha in a Cafe Coffee Day Business

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AFP

Caption

Cafe Coffee Day is India's largest coffee shop franchise chain

The body of the founder and owner of the largest Indian coffee chain, Cafe Coffee Day, was found on the edge of the southern city of Mangalore near a river, the police said.

VG Siddhartha has been missing on Monday leaving his car and driver.

On Tuesday, police reported that fishermen had found a body by the river.

The identity was confirmed by members of Mr. Siddhartha's family after the body was taken to the hospital.

] Mr. Siddhartha's company, Coffee Day Enterprises Limited, held a board meeting on Monday to discuss his absence. In a statement, it called for "the support and strength of all our stakeholders."

A statement to the stock market said the company was "professionally managed and managed by a competent business team," which would ensure "continuity" of the business.

It also became a widely circulated letter from Mr. Siddhartha in which he said he was in debt and "in spite of my efforts did not create the right profitable business model." The police checked the authenticity of the letter on Tuesday.

"I am solely responsible for all errors. Any financial transaction is my responsibility, "it said.

" I never intended to cheat or mislead anyone, I failed as an entrepreneur. "

Cafe Coffee Day in India

Cafe Coffee Day is India's largest coffee franchise chain, with some 1

,750 cafes across the country and several international outlets including Malaysia, Nepal and Egypt.

However, local media reports say expansion is taking place in the face of rising demand Mr Siddhartha was involved in the company with 33%, however, over his family and holding companies controlled closer to 50%.

The local newspaper Economic Times reported that he was involved with Coca-Cola was in talks to sell the company for $ 1.45 billion, although this has not been officially confirmed by any party.

Mr. Siddhartha's letter said that the chain is struggling with financial problems due to debt, taxes and share buybacks.

The company's shares have fallen by around 20% since its disappearance.


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