Body of VG Siddhartha, founder of Cafe Coffee Day (CCD) and son-in-law of former CM SM Krishna, has been found on the banks of Netravati River near Mangaluru.
Body of VG Siddhartha, founder of Cafe Coffee Day (CCD) and son-in-law of former CM SM Krishna, has been found on the banks of Netravati River near Mangaluru.
Search operations for V G Siddhartha, who was last seen at a bridge near the Nethravati river in Mangaluru on July 29, have been suspended for now and will resume tomorrow, according to aCNN News 18 report.
Axis Bank Tuesday said the Café Coffee Day group, whose founder chairman VG Siddhartha has been missing since Monday night, has repaid some of the loans after he sold his over 20 percent stake in software firm Mindtree to Larsen & Toubro recently. Top bank officials, however, declined to specify to PTI what is the exposure that third largest private sector lender has to the account.
People from all walks of life made a beeline to former Chief Minister and BJP leader S M Krishna's residence to express solidarity with the family, which is in a state of shock after his son-in-law, Cafe Coffee Day founder V G Siddhartha, went missing. According to PTI, senior politicians such as former prime minister H D Deve Gowda, former opposition leader in the Lok Sabha Mallikarjun Kharge, chief minister B S Yediyurappa , former chief ministers H D Kumaraswamy and Siddaramaiah visited Krishna's residence, 'Shambhavi'.
"The trouble is:Private Equity is a very tempting option, but there are so many things that are involved in the agreement that it actually becomes debt,"said Shankar Sharma toCNBC-TV 18.Siddhartha's letter, written before his disappearance, spoke of aprivate equity partner who forcedhim to buy back shares and how he faced trouble from the income tax department.
"We cannot have a heavy-handed approach to corporate debt and loan defaults," said Shankar Sharma to CNBC-TV 18, in light of VG Siddhartha's disappearance. Siddhartha's letter, written before his disappearance, spoke of aprivate equity partner who forcedhim to buy back shares and trouble from income tax that blocked him from sellingMindtreeshares amid the takeover battle that ensued between Mindtree andL&T.
According to aPTIreport, teams of National Disaster Response Force, Coast Guard, Home Guard, fire services and coastal policescoured the waters under a bridge across the swollenNethravathiriver, where VG Siddhartha was reportedly last seen. Local fisherman, along with their boats, have also joined in the frantic search operations. Police said they are also questioning the car driver.
Karnataka Bank has stated it has no exposure to Coffee Day Enterprises, despite the company's global unit having an outstanding loan of Rs 152 crore. "This is to clarify that our bank does not have any exposure to Coffee Day Enterprises Ltd, an entity listed on BSE and National Stock Exchange of India Ltd," Karnataka Bank said."However, Coffee Day Global, one of the unlisted group companiesis enjoying credit facilities with the present outstanding of Rs 152.48 crore,"
Tax officials said that in September 2017 during a series of search and post-search investigations at various premises, Siddhartha had “admitted” to having undisclosed income of Rs 346.46 crore and Rs 118.02 crore that he andCoffee Day Enterprises, one of the many companies company that he founded, had hidden away from reporting to authorities. about the Income Tax department's probe.
"The Board is confident that the professional management of the company and each of the entities in the Coffee Day Group and their respective leadership team, will ensure continuity of all business operations consistent with past behaviour," the board of Coffee Day Enterprisessaid in a statement following an emergency meeting following the disappearance of founder and owner VG Siddhartha.
