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CCD names interim chairman after VG Siddhartha's death

Wednesday, July 31, 2019 • Tamil Comments

The body of V. G. Siddhartha, the founder of India's largest coffee chain Cafe Coffee Day, who went missing from a bridge near Karnataka's Mangalore on July 29 at approximately 6.30 pm, was found on the banks of Netravati River near Hoige Bazaar. He was also the son-in-law of former Karnataka Chief Minister SM Krishna.

Upon learning the news of his demise, the Coffee Day enterprises decided to promote board member SV Ranganath as the interim chairman and Nitin Bagman as the chief operating officer. Ranganath was a non-executive independent director at the company and Bagamane is director on the board of a company subsidiary, Tanglin Developments Ltd, according to a report.

Right before he went missing, the businessman had apparently written a letter to board members and employees, which has been accessed by a famous news agency. "I have failed to create the right profitable business model despite my best efforts. I would like to say I gave it my all. I am very sorry to let down all the people that put their trust in me. I fought for a long time but today I gave up as I could not take any more pressure from one of the private equity partners forcing me to buy back shares, a transaction I had partially completed six months ago by borrowing a large sum of money from a friend," his note read.

Taking responsibility for every financial transaction of the company, Siddhartha stated that the law should hold only him accountable as he had withheld the information from everyone, including his family. Further adding that his intention was to never cheat anybody, but that he had simply failed as an entrepreneur, he had apologized to everyone in the note.

Although officials believe that Siddhartha threw himself off the bridge, the investigation is still in progress.

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