Cafe Coffee Day owner VG Siddhartha goes missing

VG Siddhartha, founder of Cafe Coffee Day, India's largest cafe chain, and son-in-law of former Karnataka chief minister SM Krishna, has been reported missing since Monday evening, according to police sources.

Siddhartha was last sighted near the Netravati river bridge in Dakshina Kannada, near Mangaluru. He was seen talking on his smartphone when he got out of his car at around 6.30 in the evening. When he did not return after a long time, the driver went in search of him but could not find him anywhere. He then informed the family and notified the police.

Dakshina Kannada Police have launched a massive search for Siddhartha. A police squad dog stopped at the middle of the bridge. Police with the help of local fishermen are searching the river.

In a letter reportedly addressed to the Board of Directors and Coffee Day family dated July 27, Siddhartha said, "My intention was not to cheat or mislead anybody. I have failed as an entrepreneur. I hope someday you will understand, forgive and pardon me."

He also takes ownership for all the financial transactions associated with Cafe Coffe Day and Mindtree, and emphasizes that none of his team members, auditors or senior management should be held accountable for the same.

A letter dated July 27 reportedly written by VG Siddhartha addressed to the Board of Directors and Coffee Day family.

The letter also mentioned harassment from the Income Tax department. "There was a lot of harassment from the previous DG income tax in the form of attaching our shares on two separate occassions,” read the letter.

'Coffee King of India'

Siddhartha, known as 'Coffee King of India', is Asia's largest coffee estate owner. SM Krishna, who has been with Congress for many years, had recently joined the BJP.

Karnataka Chief Minister BS Yediyurappa, who reached at SM Krishna's residence, assured the concerned family that police would take all possible steps to find the missing person. Congress leader and former minister DK Sivakumar also visited Krishna's residence.

Siddhartha, a former investment banker and trader, recently sold his 20.32% stake in Mindtree to L&T, just ahead of the latter's hostile acquisition of the former, a Bengaluru-based IT and technology consulting firm. This is reportedly the first hostile take over in the Indian software industry.

L&T, the engineering giant, had purchased the shares of Siddartha and his coffee business in March even as the other promoters of Mindtree had opposed the acquisition bid.

It is said Siddhartha had debts and the stake sell likely helped him to lessen or clear it.

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