Cafe Coffee Day Founder Goes Missing: Here Is All About VG Siddhartha

As per police reports, Siddhartha, the son-in-law of former Karnataka chief minister S M Krishna, was headed for Sakaleshpur but on the way he had asked his driver to go towards Mangaluru.

Shares of Coffee Day Enterprises tanked 20 per cent and hit the lower circuit limit as well as 52-week low of Rs 154.05 apiece on BSE after news surfaced that its founder has gone missing. (Getty Images)

Mangaluru: Cafe Coffee Day founder V G Siddhartha was reported to have gone missing after he left from Bengaluru on Monday night. Earlier, in a letter to the Board of Directors of Coffee Day family, he took the onus of various financial loses and poor decisions on himself. He also expressed regret and sought that only he should be blamed and no one else. It is reported that Siddhartha, the son-in-law of former Karnataka chief minister S M Krishna, was headed for Sakaleshpur but on the way, he had asked his driver to go towards Mangaluru. Shares of Coffee Day Enterprises tanked 20 per cent and hit the lower circuit limit as well as 52-week low of Rs 154.05 apiece on BSE after news surfaced that its founder has gone missing.

Who Is Cafe Coffee Day (CCD) Founder V G Siddhartha ?

• V G Siddarth hails from Chikkamagaluru and is married to the daughter of former chief minister of Karnataka, SM Krishna.
• The missing businessman is married to Krishna's first daughter Malavika and the couple has two sons.
• After completing his post-graduation, Siddarth started working at JM Financial Limited in Mumbai.
• Later, he shifted to Bengaluru and started a company in the name of Sivan Securities. The company was renamed Global Technology Ventures in the year 2000.
• Along with that he also started the Cafe Coffee Day chain. He has been credited with making the Chikkamagaluru coffee popular worldwide.
• Cafe Coffee Day is owned by Coffee Day Global, a subsidiary of Coffee Day Enterprises and is India’s market leader in the organised café space with around 1,750 cafes across the country.

In 2017, shares of Coffee Day Enterprises had tumbled over 8 per cent today after I-T searches at the properties of V G Siddhartha, founder-owner of Cafe Coffee Day (CCD) group, revealed undisclosed assets worth Rs 650 crore. Earlier last month, there were reports that beverage company Coca-Cola was in talks to acquire a significant stake in India’s largest coffee chain Café Coffee Day (CCD). ALSO: 'I Have Failed As Entrepreneur': Missing CCD Founder Wrote To Board Of Directors; Letter Inside More than 200 policemen and divers on about 25 boats were carrying out searches for him. The deputy commissioner said that sniffer dogs have also been pressed into service. In Bengaluru, Chief Minister B S Yediyurappa visited S M Krishna's residence and held discussion with the family members. Senior Congress leader D K Shivakumar also visited Krishna's residence. ALSO WATCH: Cafe Coffee Day founder, SM Krishna’s Son-in-law VG Siddhartha goes missing