Coffee king Siddhartha’s death exposes India’s mounting debt crisis

Siddhartha’s death marks a tragic turn for an admired member of India’s business elite and an executive closely connected to the highest echelons of the political sphere

Even before the body of coffee-chain tycoon V.G. Siddhartha was recovered from a river in southern India this week, the financial strains that appear to have led him to take his own life were beginning to emerge.

A letter purportedly written and signed by VG Siddhartha and sent to senior management of Coffee Day Enterprises Ltd. laid out in stark words his struggles with a “serious liquidity crunch” that in turn had led to “tremendous pressure” from lenders and an unnamed private-equity investor.

“I would like to say I gave it my all,” Siddhartha wrote. “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.” He sent the note to the board on July 27. Two days later, the executive was reported missing after telling his driver he’d go for a stroll.

Siddhartha’s death marks a tragic turn for an admired member of India’s business elite and an executive closely connected to the highest echelons of the political sphere….

CCD crisis: I-T officer draws flak for tax terrorism day before retirement

The officer, from the 1983 batch Indian Revenue Service, will retire on Wednesday as Bengaluru’s I-T chief commissioner

The man under the spotlight of expense psychological warfare banter — B R Balakrishnan, boss chief of annual assessment (I-T), Bengaluru — was amidst goodbye calls and farewells when a letter composed by missing Café Coffee Day chain author V G Siddhartha became famous online on Tuesday. The letter, routed to the board individuals and staff, had claimed badgering by the “past DG of I-T”, without naming him. A similar official, from the 1983 bunch Indian Revenue Service, will resign on Wednesday (July 31) as Bengaluru’s I-T boss chief.

Balakrishnan would not respond to the India Inc analysis of developing episodes of assessment fear mongering following VG Siddhartha‘s letter. Showing up determined, he revealed to Business Standard, ”I just put stock in carrying out my responsibility well.”

As of late, Balakrishnan was gotten in a political contention over a progression of attacks completed by his group. At that point alliance legislature of Karnataka driven by H D Kumaraswamy had grumbled to the Election Commission against this I-T official for “picketing outside its office”. Kumaraswamy and different priests had asserted “particular assaults” on supporters of JD(S) and Congress in front of races.

Preceding joining as DG (Investigation), Balakrishnan had worked in the Investigation Wing of the IT division in Chennai and Mumbai. In 2017, a test driven by Balakrishnan had uncovered the ‘gutkha trick’ where fixes were paid to Tamil Nadu priests…Read More

Cafe Coffee Day founder V G Siddhartha’s body found from river: Report

Siddhartha, the founder of India’s largest coffee chain, went missing on Monday night en route to the coastal Karnataka city of Mangaluru

Companies News: The assortment of Cafe Coffee Day originator V G Siddhartha has been found from the Nethravathi waterway, as indicated by TV covers Wednesday. Siddhartha’s body was found on the banks of the waterway close to the Hoige Bazaar in Mangaluru, as per news office ANI. Siddhartha, the originator of India’s biggest espresso chain, disappeared on Monday night on the way to the beach front Karnataka city of Mangaluru, with a letter purportedly composed by him indicating he was under “huge weight” from loan specialists and one of the private value accomplices (PEs). The letter additionally claimed “a great deal of provocation” from duty experts.

A monstrous pursuit task including groups of the National Disaster Response Force, Coast Guard, Home Guard, fire administrations and seaside police had proceeded all through Tuesday. Search groups had scoured the waters under an extension over the Nethravathi stream close Mangaluru where the 60-year-old agent was supposedly last observed.

The child of an espresso estate proprietor, VG Siddhartha had made the Indian adversary to Starbucks. Originating from a family that has a 140-year history of developing espresso, he at first fiddled with stock exchanging, before setting his foot in the espresso business. In the wake of being roused by a talk with the proprietors of German espresso chain Tchibo, Siddhartha chose to open his very own chain of bistros in India. With the slogan ‘A great deal can occur over some espresso’, he opened Cafe Coffee Day’s first outlet on Bangalore’s upscale Brigade Road in 1994…

(Read More : VG Siddhartha)