Founder of India’s largest coffee chain Cafe Coffee Day (CCD) V G Siddhartha, is missing since Monday evening and after an alleged suicide letter has sent shock waves across the business world and share market in India.
“Siddhartha is suspected to have jumped into the Nethravathi river near Mangaluru from the bridge though his body has not been traced so far despite massive search operation,” Mangaluru Police Commissioner Sandeep Patil told reporters, the IANS report added.
- The company issues an update acknowledging that Siddhartha is missing. “We are taking the help of concerned authorities. Company is professionally managed and led by a competent leadership team, which will ensure continuity of business,” it informed BSE.
- He was going somewhere and when his car reaches near the bridge over the Nethravathi River near Mangaluru, 375 km from Bengaluru. He asks his driver to park the car ahead.
- He didn’t return for 1 hour which panicked his driver who searched for his boss but can’t find him anywhere.
- The driver alerts Siddhartha’s family members who in turn inform the police.
- Dakshin Kannada Police confirms in the morning about his absence and launches a massive search operation for him. According to his driver, Siddhartha was talking to someone on his mobile phone when he got off from the car near Kotekar.
- Mr. Siddhartha’s driver Basavaraj Patil files a complaint with Kankanady police in Mangaluru around 12.30 a.m. on July 30 that he was missing.
- The news of the disappearance of the founder of CCD resulted in a dip in the share prices. It hit a lower circuit limit on Tuesday’s trade losing 800 crores in one day.
- A letter written by Siddhartha was found which addressed to the board of directors of CCD. This is an alleged suicide note.
- The body of V.G. Siddhartha was found dead on by the fisherman in Hoige Bazaar, by the seashore, at around 6 am Wednesday.
Here is an extract from the letter
My intention was never to cheat or mislead anybody. I have failed as an entrepreneur. This is my sincere submission. I hope someday you will understand, forgive and pardon me.
I have enclosed a list of our assets and a tentative value of each asset. As seen below our assets outweigh our liabilities and can help repay everybody.
Death of pioneer of one the biggest brand is sad and very unfortunate for this ecosystem.
This letter and this incident leave a big question about the future of entrepreneurship in India. Does the failure of an entrepreneur come at such a high cost?