VG Siddhartha was found dead on Wednesday morning.
VG Siddhartha, the founder of Cafe Coffee Day whose body was found 36 hours after he went missing from a bridge near Mangaluru in Karnataka, took place at one of his coffee estates at his village in Chikkamagaluru district this evening. Hundreds of people, including Karnataka Chief Minister BS Yediyurappa, senior Congress leader DK Shivakumar and other senior politicians, attended the funeral. VG Siddhartha's body was then taken to the Coffee Day Global Enterprises office in Chikkamgaluru on way to the village that is 150 kilometres from Mangaluru. VG Siddhartha was found dead on Wednesday morning after a massive search operation involving multiple agencies since Monday evening, when Mr Siddhartha went missing. The body had washed ashore the Netravati river near Ullal in Mangaluru and was found by fishermen at around 6:30 in the morning.
Here are the highlights on this big story:
SV Ranganath is new Coffee Day Enterprises interim chairman - Coffee Day Enterprises Ltd named SV Ranganath as interim chairman.
- Mr Ranganath is currently a non-executive independent director.
- The company has also set up a committee that will be vested with the powers of the chief executive and explore opportunities to deleverage the Coffee Day Group.
I am saddened by his death: Union Minister DV Sadananda Gowda- "Siddhartha could not have taken his own life. But, a few doubts have surfaced," Union Minister DV Sadananda Gowda told ANI.
- "He was a selfless person and never used to meddle in anyone's business. I am saddened by his death," Mr Gowda added.
- Former Karnataka chief minister SM Krishna and other political leaders leave for the last rites to be held at Chikmagalur.
- Rithesh, the fisherman who spotted the body of VG Siddhartha today in Mangaluru and informed the police said, "I saw a body floating while I was fishing, informed the police. I participated in the rescue operations with the district administration yesterday as well."
It is very unfortunate and depressing, tweets BJP's P Murlidhar Rao- National General-Secretary of BJP, P Murlidhar Rao tweeted, "Shocked by the heart-wrenching news of suicide by CCD founder #VGSiddhartha. It is very unfortunate and depressing. My thoughts and prayers are with the aggrieved family members. Om Shanti!"
Coffee Day Enterprises shares plunged 20 per cent - Coffee Day Enterprises shares plunged 20 per cent on Wednesday. Wednesday's trading session marked a second straight day of sharp losses in the Coffee Day stock.
- Mr Siddhartha was the owner of cafe chain Cafe Coffee Day and also one of the promoters of SICAL Logistics. He owned a 32.75 per cent stake in Coffee Day Enterprises.
- Mr Siddhartha was recently in the news after he sold about 20 per cent of his stake in tech company Mindtree to engineering and construction company Larsen & Toubro.
My deepest condolences, says Kiran Mazumdar Shaw- Kiran Mazumdar Shaw, Chairperson and Managing Director of Biocon, tweeted, "Cafe Coffee Day Owner's Body Found By River 2 Days After He Went Missing - My deepest condolences to VG Siddhartha's widow Malavika and his sons and to Shri & Smt SM Krishna and family. RIP."
Siddhartha's body to be taken to Chikkamagaluru: Congress's TD Rajegowda - Congress legislator and Siddhartha's friend T D Rajegowda said his body will be taken to his native place in Chikkamagaluru district in Karnataka.
Karnataka Chief Minister expresses heartfelt condolences- Karnataka Chief Minister BS Yediyurappa has expressed shock and heartfelt condolences on the death of #VGSiddharth, founder of #cafecoffeday & son-in-law of former Chief Minister SM Krishna.
- "My heart goes with the bereaved family and may God rest his soul in peace," he said in a message
Saddened by VG Siddhartha's untimely death: Milind Deora- Congress leader Milind Deora tweeted, "Saddened by #VGSiddhartha's untimely death. My condolences to team @CafeCoffeeDay & Siddharth's family. Siddharth's letter must be investigated. Risk & failure are an integral part of the entrepreneurial story. Suicide isn't. Hope govt reflects on its anti-business policies!"
Cafe Coffee Day will live with us forever: G Parameshwara- "The news is unthinkable. My deepest condolences to Shri SM Krishna and other family members that #VGSiddhartha has left behind. This is a huge loss to our entrepreneurial fraternity! His dream #CafeCoffeeDay will live with us forever," said G Parameshwara.
Entrepreneurs must not allow business failure to destroy their self-esteem: Anand Mahindra- "I did not know him & have no knowledge of his financial circumstances. I only know that entrepreneurs must not allow business failure to destroy their self-esteem. That will bring about the death of entrepreneurship," tweeted Anand Mahindra.
Sad to know about the unfortunate death VG Siddhartha: Siddaramaiah - "Very sad to know about the unfortunate death of Shri. V G Siddhartha. His contribution to Karnataka & India through his entrepreneurship shall be an example & always be remembered. My deepest condolences to Shri. S M Krishna and family members & well-wishers of Siddhartha," tweeted K Siddaramaiah.
VGSiddhartha case is very unfortunate, tweets Karnataka Congress- Karnataka Congress tweeted, "#VGSiddhartha case is very unfortunate. Result of harassment by IT officials & decline of India's entrepreneurial position turning virulent by the day, with Tax Terror & collapse of economy Companies which flourished under UPA have been shut down with many people being jobless."
Tragic end to the coffee King, tweets Shobha Karandlaje- BJP politician Shobha Karandlaje tweeted, "A tragic end to the coffee King #VGsiddartha is really disappointing. My heart goes out to the family, friends & his well-wishers. He'll forever live in the heart & minds of thousands. Indeed a great loss to country! #OmShanthi
- Friends and relatives have confirmed that the body is of VG Siddhartha, says Mangalore legislator UT Khader.
Further investigation to continue: Mangaluru Police Commissioner- "We are taking the body to Wenlock Hospital. We will continue further investigation," said Mangaluru Police Commissioner.
Found the body early morning: Mangaluru Police Commissioner- "We found the body early morning today. It needs to be identified. We have already informed the family members," Mangaluru Police Commissioner Sandeep Patil said.