VG Siddhartha- India’s Coffee Monarch Death Enigma

Business View
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VG Siddhartha- India’s Coffee Monarch Death Enigma

VG Siddhartha- India’s Coffee Monarch Death Enigma

Written by: Unnati Katiyar

Cafe Coffee Day organizer VG Siddhartha was discovered dead Wednesday in Mangaluru. Known as India’s espresso lord, Siddhartha had fabricated a retail business of 1,600 outlets crosswise over five nations. Not long ago, he sold his stake in Mindtree to L&T to reimburse his obligation.

The body of the 58-year-old coffee aristocrat was discovered gliding in the backwaters of the Netravathi waterway close Mangaluru on the southern state’s west coast at an opportune time Wednesday morning by two anglers during the monstrous inquiry activity propelled on Monday night after his vehicle driver documented a grievance that Siddhartha disappeared from the scaffold over the stream.

Siddhartha is the child in-law of previous Karnataka Chief Minister SM Krishna. Sources close to developments have revealed that the debt level of the entity had drastically reduced after Siddhartha’s controversial stake sale in Mindtree. He was looking to sell stake in most of his businesses to pare his debt.

Earlier this year in March, he had sold his entire 20.32 percent stake in the Bengaluru-headquartered IT services firm to an engineering major, L&T for around Rs 3,200 crore, which had been utilized to pare some debt from Coffee Day Enterprises’ balance sheet.

Underneath IT Scanner

In September 2017, the Income Tax Department previously attacked premises of India’s biggest espresso chain – Cafe Coffee Day (CCD) – proprietor V.G. Siddhartha and they discovered Rs 650 crore covered salary from the reports seized while finishing up the pursuit and hold onto tasks.

He communicated misery over not making “the privilege productive business” and affirmed “badgering” by a senior personal expense official.

Association Minister DV Sadananda Gowda on Wednesday stated that the previous “couldn’t have ended his own life.” “Siddhartha couldn’t have ended his own life. Be that as it may, a couple of questions have surfaced,” Gowda told ANI.

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