Cafe Coffee Day owner VG Siddhartha had gone missing from the Netravati river bridge near Ullal in Mangaluru on July 29 evening and two days later, his body was found floating in the river.
In a letter to the board before he went missing, Siddhartha had said that he was under pressure from a private equity partner who was forcing him to buy back shares
Earlier, on August 6, Coffee Day Enterprises had said that it is aware of reports questioning the authenticity of the signature on the purported letter written by Siddhartha and is cooperating with regulatory authorities in this regard.
According to TCFS, it had a maximum exposure of Rs 165 crore to Café Coffee Day (CCD) group in FY2017-18, and that the entire amount had been repaid by March 2019.
The board appointed S V Ranganath as the interim chairman and expressed its condolences to Siddhartha's family and resolved to lend its support and expressed full confidence in the company's management team.
Liquor baron and founder of the now grounded Kingfisher Airlines Vijay Mallya on Wednesday drew parallels between his story and that of the Cafe Coffee Day founder VG Siddhartha
Siddhartha had gone missing mysteriously since Monday night en route to the coastal Mangaluru city in Karnataka.
The frantic efforts to locate Siddhartha are on even as teams of National Disaster Response Force, Coast Guard, Home Guard, fire services and coastal police have been pressed into the massive search operation.
In an unverified letter, Siddhartha, who went missing on his way to Mangaluru from Bengaluru in Karnataka, said there was a lot of harassment from the previous DG of the Income Tax Department.
Siddhartha, the son-in-law of former Karnataka chief minister S M Krishna, was reported to have gone missing after he left from Bengaluru on Monday night, police said.
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.
'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', VG Siddhartha wrote in the letter.
V G Siddhartha, Café Coffee Day founder and son-in-law of former Karnataka chief minister S M Krishna, has gone missing after he left from Bengaluru on Monday night. Follow updates here
Cafe Coffee Day founder V G Siddhartha, who went missing two days ago, was found by local fishermen and patrolling policemen on the banks of the Nethravathi river near Mangaluru.
A health worker checks body temperature of a passenger as a precaution against the coronavirus, at Dadar Railway Station in Mumbai.PTI Photo/Kunal Patil
A health worker checks body temperature of passengers as a precaution against the coronavirus, at Dadar Railway Station in Mumbai.PTI Photo/Kunal Patil
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