Mangaluru: Coffee tycoon Siddhartha goes missing from Netravati Bridge; massive search underway

coastaldigest.com web desk
July 30, 2019

Mangaluru, Jul 30: VG Siddhartha, the son-in-law of former Karnataka chief minister SM Krishna and founder of country's largest coffee chain Cafe Coffee Day, is reportedly missing since Monday night. 

There are reports doing the rounds that the billionaire who faced series of I-T raids last year jumped off the bridge into Netravati River near Tokkottu. Though a search operation is on, the police are not in a position to confirm if he jumped into the river. 

Sources said Siddhartha had arrived at 8pm from Bengaluru in his SUV and had asked the driver to go to the Netravati bridge near Tokkottu.

"Yesterday, he had left Bengaluru saying he was going to Sakleshpur. But on the way, he told the driver to go to Mangaluru. After reaching the Netravati bridge, he got down from the car. Siddhartha asked his driver to drive a little further and stop. He will come walking. However, he didn't return. The dog squad used to locate him too stopped at the middle of the bridge," Mangaluru city police commissioner Sandeep Patil said.

The police have summoned helicopters and coast guards to facilitate the search operations. Over 200 personnel, including 25 swimmers, have been pressed into service to locate him, the officer added. 

Siddhartha's companies employ around 30,000 people across India. Siddhartha, son of a coffee plantation owner, dabbled in stock trading before starting Café Coffee Day with one outlet in Bengaluru in 1996, which has now emerged as the largest chain of coffee shops in India. He recently sold his stakes in a software company Mindtree for about Rs 3,000 crore. He was recently in the news for being in talks with Coca-Cola to sell CCD.

Cafe Coffe Day clocked a revenue of Rs 1,777 crore and Rs 1,814 crore in financial years 2018 and 2019, respectively, and eyeing Rs 2,250 crore by March 2020. As of March 2019, CCD runs 1,752 cafes across India.

Shares of Coffee Day Enterprises shed 19.99% in the early trade on July 30 after Cafe Coffee Day founder VG Siddhartha was reported missing since the night of July 29. CCD stock opened at a loss of 19.99% or 38.50 points to Rs 154.05 on BSE, also the stock's all time and new 52 week low. There are only sellers in the stock and no buyers standing.

Also Read:

Siddhartha was eager to sell his Cafe Coffee Day stake to Coca-Cola?

Cops grill Siddhartha’s car driver at undisclosed location

Karnataka BJP MPs meet Amit Shah; seek help to trace ‘missing’ Siddhartha

‘Utterly fishy. Unbelievable. Siddhartha called me on July 28. He wanted to meet me’: D K Shivakmuar

'I have failed as an entrepreneur… I gave up': V G Siddhartha’s alleged letter goes viral

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Mahesh Bhandary
 - 
Tuesday, 30 Jul 2019

He was a inspiration to many, but given a wrong message behind his suicide.

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coastaldigest.com news network
June 2,2020

Kasaragod, June 2: As Kerala commenced fresh academic year with online classes from Monday, a ninth-standard student at Malappuram district in North Kerala ended life allegedly owing to lack of online study facilities like television connection and a smartphone at her house.

Devika, daughter of Balakrishnan, hailing from a Dalit community at Valancherry, about 25 kilometres from Malappuram town, ended her life.

Balakrishnan told the media that he could not recharge the television connection owing to financial crunches. He was working as a daily wage worker and owing to COVID-19 and lockdown, he was not having much work these days. 

The family also did not have a smartphone or computer. The family members alleged that Devika was quite upset as she could not attend the virtual class that began on Monday. She was a student of a nearby government school.

Local police said that Devika, who was the eldest among four children of Balakrishnan, was suspected to have self-immolated using kerosene at a premise close to her house on Monday evening. The cause and provocations were still being probed only. No suicide notes were recovered yet.

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News Network
March 4,2020

Bengaluru, Mar 4: CM BS Yediyurappa may reconsider plans to hike taxes and curtail populist schemes in his budget on Thursday as the Centre released part of GST compensation it owes the state. Officials said the Centre released the first instalment of the bimonthly compensation for October-November amounting to Rs 2,013 crore.

"This is welcome relief as the government has been scrambling to mobilise funds," said BT Manohar, member of GST consultative committee, government of Karnataka. The second instalment of Rs 1,523 crore is also expected to be released soon.

The CM, in his seventh budget, is expected keep the focus firmly on farmers and give top priority to irrigation, agriculture and welfare schemes.

The irrigation sector is expected to land the lion's share with an allocation of at least Rs 25,000 crore, followed by agriculture. Former CM Kumaraswamy had allocated over Rs 17,000 crore for water resources.

The bulk of funds is likely to go to the Upper Krishna (UKP) and Upper Bhadra projects, as it will help backward Kalyana Karnataka and central Karnataka regions. The two are also significant political blocs. The government will also seek assistance from the Centre for the UKP project in the erstwhile Hyderabad-Karnataka region, which enjoys special status under the Constitution owing to its backwardness. P4

Yediyurappa is also expected to spell out populist schemes for the poor.

Former CM HD Kumaraswamy had allocated Rs 17,212 crore in the previous budget for water resources and Yediyurappa is likely to go well beyond that figure. "Priority will be given to irrigation and farmers," Yediyurappa had said recently. "I am making efforts to present a budget within the financial constraints."

he amounts are released once every two months, but the Centre had fallen behind on payments. PX

"There are indications that another payment will be made."

The state's optimism stems from the fact that the Centre's GST collection crossed the Rs 1 lakh crore-mark for four successive months till February.

However, the CM could still hike tax rates marginally. At a pre-budget meet on resource mobilisation where Yediyurappa is learnt to have expressed willingness to borrow funds, officials from the finance department advocated raising tax rates instead.

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News Network
August 3,2020

Bengaluru, Aug 3: Karnataka Pradesh Congress Committee working president Satish Jarakiholi on Sunday said that as per the party sources, state chief minister BS Yediyurappa has got only six months' time and there are different teams working against Yediyurappa in their party.

The BJP high command has decided to bring down Yediyurappa, Jarakhioli said. He added, "Yediyurappa had asked BJP high command to appoint him Chief Minister for six months and due to corona, his period has been extended. But now their own party sources have revealed that he has got only another six months."

While addressing the issue of different statements by BJP leaders and ministership aspirants after five MLCs were nominated, Jarakiholi said "Yediyurappa followers are not actual followers. BJP high command has already decided to bring down Yediyurappa as per their own party sources."

While speaking to reporters in Bengaluru, he said there are teams formed in the names of deputy CMs and there are many who are working in their party against Yediyurappa.

He also said that it's up to their party what they think about Yediyurappa's tenure, whether they keep him as CM or remove him. Being in Opposition, now Congress is only working on strengthening the party, he said.

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