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Missing Cafe Coffee Day founder VG Siddhartha no more; dead body found

VG Siddhartha, Founder, Cafe Coffee Day

VG Siddhartha (60), the founder of the popular Cafe Coffee Day chain, who had gone missing from a river bridge near Mangaluru on Monday, is no more. Siddharthas dead body was found by local fishermen in the Netharavathi River on Wednesday at around 6 am.

Siddharthas body was sent for post-mortem at the government-run Wenlock Hospital on the directions of Mangaluru Commissioner of Police Sandeep Patil, who reached the spot as soon as the body was found.

Patil told reporters, The body was found in Hoige Bazaar at 6am. We have also informed the matter to his family. The body has been sent to Wenlock Hospital for taking up formalities. We will continue the investigation.

Siddhartha had arrived in Mangaluru from Bengaluru at 6 pm on Monday in his SUV. He had asked his driver Basavaraj Patil to drive towards the Netharavathi Bridge, where he was last seen by his driver. Following a complaint by the driver, a massive search operation was launched to search for Siddhartha.

It is being suspected that Siddhartha committed suicide. He reportedly wrote a letter to CCD family saying that it was difficult for him to continue under the prevailing conditions and that the pressure had become too much for him. The letters authenticity is however under suspicion.

The letter read:

After 37 years, with strong commitment to hard work, having directly created 30,000 jobs in technology company where I have been a large shareholder since its founding. I have failed to create the right profitable business model despite my best efforts.

I would like to say I have given it my all. 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 have given up as I could not take any more pressure from one of the private equity partners forcing me to buy back shares. A transaction I had partially completed six months ago by borrowing a large sum of money from a friend. Tremendous pressure from other lenders lead to me succumbing to the situation. There was a lot of harassment from the previous DG income tax in the form of attaching our shares on two separate occasions to block our Mindtree deal and then taken possession of our Coffee Day shares, although the revised returns have been filed by us. This was very unfair and has led to a serious liquidity crunch.

I sincerely request each of you to be strong and to continue running these businesses with a new management. I am solely responsible for all mistakes. Every financial transaction is my responsibility. My team, auditors and senior management and totally unaware of all my transactions. The law should hold me and only me accountable, as I have withheld this information from everybody including my family.

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 tentative value of each asset. As seen below our assets outweigh our liabilities and can help repay everybody.

Regards,
V.G. Siddhartha

VG Siddhartha, the founder of Cafe Coffee Day, was a renowned businessman and the son-in-law of former Karnataka CM SM Krishna.

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Nagpur News

The Kale Foundation Trust takes up the initiative for beautification of Raja Rani square in Nagpur

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Avani Arya | Nagpur

The Kale Foundation Trust, motivated by social worker Anasuya Kale Chhabrani has taken the initiative for beautification of Raja Rani square which was initiated with installation of a sculpture of Raja Rani at the prominent Chowk in Civil Lines on 2nd October 2022, occasion of Gandhi Jayanti. 
Completion of the beautification is expected to be done approximately by the end of this month.
Installation and inauguration of the Sculpture was done by the Honourable Municipal Commissioner and Administrator N.M.C Shri Radhakrishnan B (I.A.S).
On the occasion also present from N.M.C Garden Superintendent Shri Amol Chaurpagar.

Prominently present on the occasion were the Kale Foundation Trust Jt. Mng Trustees Shri Vilas Kale, Shri Praffula Kale and Trustees Shri Ashish Kale, Shri Jatin Kale.
Members of the Kale family were also present to grace the occasion.

Also present on the occasion were corporators Smt Pragati Patil,
Shri Kishor Jhichkar and Shri Nishant Gandhi.
Sculpture artists Shri Nana Misal and Shri Mautik Kate.

Trustee Shri Jatin Kale said, “Purshottam Balkrishna Kale and Anasuya Kale formed the Kale foundation trust in 1950 with aim to serve society and hoping that the family and future generations would carry their work forward.
With an objective of providing financial support for education, medical, help to the destitute and poor.
To promote educational institutions, hostels for students and aid to genuinely needy women. Smt. Anasuyabai Kale was a freedom fighter and also the first Member of parliament of Nagpur (1952). She was a two term Member of Parliament and is the only lady member of parliament from Nagpur constituency.”

Also Read: If you’re happy the way things are running in Congress, vote for Mallikarjun Kharge: Shashi Tharoor

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Nagpur News

‘Maharashtra State Under-13 Open and Girls FIDE Rating Selection Chess Championship’ ends today

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Radhika Dhawad | Nagpur

There were no major upsets on first day after as seeded players sailed through in the first two rounds of Maharashtra State Under 13 Open & Girls FIDE Rating Selection Chess Championship 2022 organised by Chess Association Nagpur in association with G.H. Raisoni Sports and Cultural Foundation and Kalpana Prakash Welfare Foundation which coomenced at G H Raisoni Institute of Engineering & Technology College, Shraddha park ,Near MIDC Police Station, Hingna- Wadi Link Road Nagpur.

The Championship was inaugurated by Chief Guest and Arjuna & Dronacharya Awardee Sports Icon of Nagpur City Shri Vijay Munishwar jointly with Guest of Honour Shri Hemant Gandhi, Hon Secretary, Vidarbha Cricket Association by playing moves on Chess Board with each other at the Inauguration Function held on 2nd October 2022. Dr. Mrunal Naik, Project Head, Raisoni Group and Shri Amit Gandhare, PRO, Raisoni Group were prominently present on the occasion. Adv. Nishant Gandhi, President, Chess Association, Nagpur welcomed the Chief Guest Shri Munishwar whereas Guest of Honour Shri Hemant Gandhi was welcomed by Shri Bhushan Shriwas, Secretary, Chess Association Nagpur & Kalpana Prakash Welfare Foundation. The programme was compered by Shri S.S.Soman who introduced the guests and also proposed vote of thanks. Girish Vyas, ex-MLC and Vice President, Maharashtra Chess Association also visited the tournament venue and extended his good wishes to players.

The Championship is being held from 2nd to 4th October 2022 under the Aegis of Maharashtra Chess Association and All India Chess Federation and is a FIDE Rating Chess Championship. The Championship has attracted 155 participants (85 FIDE Rated) in Open Group and 65 participants (27 FIDE Rated) in Girls Group from all over the Districts of Maharashtra. Total Prizes amounting to Rs. 25000/- are at stake beside attractive Trophies and Medals. Being a FIDE Rating event there is Golden Opportunity for unrated players to become International Rated players. Overwhelmed with the huge response, the organisers have decided to give additional 3 trophies each for Best Under-11, Best Under-9 and Best Under-7 players who finish beyond main prize list in both the groups.

An Organising Committee headed by Adv. Nishant Gandhi, Organising Secretary Shri Bhushan Shriwas, MCA Tournament Committee Member Shri S.S.Soman and Organising Committee Members Shri Prayas Ambade, Shri Prathamesh Machave alongwith the Officials of Chess Association Nagpur, G.H.Raisoni Sports and Cultural Foundation and Kalpana Prakash Welfare Foundation are working for successful organization of event. Dr. Mrunal Naik, Project Head, Raisoni Group, Dr. Vivek Kapoor, Director, Raisoni Group and Shri Amit Gandhare, PRO, Raisoni Group have extended their co-operation for the event.

IA Ajinkya Pingale will be the Chief Arbiter assisted by Deputy Arbiter IA Deepak Chavan, SNA Amit Tembhurne, SNA Swati Kumbhalkar, SNA Uday Vagere, Sagar Sakhare, Shyam Agrawal, Prayas Ambade, Prathmesh Machave and Deep Jure.

Also read: If you’re happy the way things are running in Congress, vote for Mallikarjun Kharge: Shashi Tharoor

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Politics

If you’re happy the way things are running in Congress, vote for Mallikarjun Kharge: Shashi Tharoor

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Radhika Dhawad | New Delhi

 

Congress MP Shashi Tharoor on Rahul Gandhi, Bharat Jodo yatra, the upcoming elections for Congress President and much more.

Congress MP Shashi Tharoor in an interaction at Dialogue @ Nation Next, speaks about Congress MP Rahul Gandhi and his Bharat Jodo yatra, the upcoming elections for Congress President against senior leader Mallikarjun Kharge and much more.

Watch the full interview here: 

 

Also Read: Bombay High Court grants bail to Anil Deshmukh in money laundering case

 

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