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Café Coffee Day founder VG Siddhartha goes missing; talks of letting down people, IT harassment in his last letter

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Café Coffee Day founder VG Siddhartha

Café Coffee Day Group founder and former Karnataka Chief Minister, SM Krishna’s son-in-law, VG Siddhartha, has been missing since Monday night and a massive search operation has not been successful  in finding him so far, said reports quoting police today (Tuesday, July 30). 

Siddhartha, 55, reportedly left in his Innova car towards Mangaluru last night. He stopped midway at Ullal bridge across the Nethravati river near Mangaluru where he reportedly got off from his car. When he did not return even after two hours, his driver went looking for him. When he could not find Siddhartha anywhere, the driver alerted the family members who then informed the police.

“Yesterday, he had left Bengaluru saying he is going to Sakleshpur. But on the way, he told the driver to go to Mangaluru. After reaching the Ullal 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.

A letter dated July 27 purportedly written by Siddhartha to the board of directors and his CCD family has emerged in which he said he had “failed to create the right profitable business model despite my best efforts”. He added, “I would like to say I gave 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 gave 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 me to succumbing to the situation.”

Siddhartha also mentions the “harassment” he allegedly faced at the hands of Income Tax officials.  “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 asking position 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,” he said.

Claiming complete responsibility of all the transactions done, in his letter, he left an earnest request to his team urging them to continue running the business with a ‘new management’. 

In the letter, Siddhartha has also taken responsibility for all financial transactions, which, he said, nobody was aware of.  “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 are 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.”

He further wrote: “My intention was never to cheat or mislead anybody. I have failed as an entreprenuer. This is my sincere submission, I hope some day you will understand, forgive and pardon me.”

Also Read: Unnao rape: Murder case against BJP MLA Sengar and others after rape victim’s car crash

Born in to a family of coffee planters in Karnataka’s Chikkamagaluru, VG Siddhartha founded India’s first popular café chain Café Coffee Day with its first outlet opening in Bangalore’s famous Brigade Road in 1996. 

VG Siddhartha was recently in the news for selling his entire stake in midsize IT firm Mindtree to L&T. He was the largest shareholder in Mindtree and exited the company after remaining invested for close to two decades. 

In this regard, the report stated that a complaint against Siddhartha alleging insider trading during his stint at Mindtree was also filed with the Securities and Exchange Board of India (Sebi) by an anonymous person.

The report added that the complaint filed against Siddhartha had alleged that he and his firm Coffee Day group had sold shares that were pledged before various financial institutions.

The police, revenue authorities and expert swimmers are conducting search operations in the river on the assumption that he may have jumped into the river. 

Meanwhile, a spokesperson from CCD head office in Bengaluru said the company is yet to confirm the genuineness of the letter. “We are still in shock and our employees are still hoping for the best. As of now, we are yet to confirm the genuineness of the letter that is being flashed in media. We are here to ensure that business will not be hit in any circumstances,” the spokesperson said.

An intensive search operation has been mounted with over 200 policemen, divers on about 25 boats and local fishermen searching for Siddhartha at the bridge. Sniffer dogs have also been deployed at the site. The Indian Coast Guard also joined the search operation and has deployed a ship off the old Mangalore port. Three diving teams have been pressed by the Coast Guard, PTI reported.

However, due to the rain in coastal Karnataka, the water level in the river has gone up to a serious level and is causing a problem for a speedy search operation, BJP leader Shobha Karandlaje informed Union Home Minister Amit Shah. A group of Karnataka BJP MPs led by Karandlaje met Shah today and sought help from the Centre in tracing the missing CCD founder. 

Karnataka Chief Minister B S Yediyurappa and Congress leader D K Shivakumar visited Krishna at his residence in Bengaluru this morning. Krishna had served as the external affairs minister from 2009 to October 2012 in the UPA-II government and as the 16th chief minister of Karnataka.

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India Metro Rail Network May Overtake US in 2 Years

India’s metro rail network has reached 1,170 km across 26 cities. Union minister Manohar Lal said the country could overtake the US in network length within two years.

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Manohar Lal Khattar

India is on track to become the country with the second-largest metro rail network in the world after China, with Union Minister Manohar Lal saying the country could overtake the United States within the next two years.

India’s metro rail network has now expanded to 1,170 km across 26 cities. The network is only 216 km shorter than the US metro rail network, which stands at 1,386 km, according to figures cited by the minister.

India’s metro network expands rapidly

Speaking after the inauguration of an extended metro service in Indore, Manohar Lal highlighted the pace at which metro connectivity has grown in India.

He said metro services were operational across just 245 km in five cities when Prime Minister Narendra Modi assumed office in 2014. The network has since expanded to 1,170 km across 26 cities.

The minister said India could overtake the US in terms of metro rail network length in the next two years and become the world’s second-largest country in this segment after China.

China currently has around 8,000 km of metro rail lines, according to the figures cited by the minister.

Indore metro extension inaugurated

The minister made the remarks after inaugurating an extended section of the Indore metro. The project was built at a cost of around Rs 2,850 crore.

The Indore metro was earlier operating commercially on a six-km stretch between Gandhi Nagar and Super Corridor-3 stations. Following the extension, the service will operate on a 17-km route between Gandhi Nagar and Malviya Nagar Chauraha.

Madhya Pradesh Chief Minister Mohan Yadav said the metro service would mark a new phase in Indore’s development. He also said the network would eventually be extended to Ujjain and other nearby areas.

India’s metro rail network: Key figures

  • India currently has 1,170 km of operational metro rail network.
  • Metro services are operational across 26 cities.
  • The US has around 1,386 km of metro rail network.
  • India is currently 216 km behind the US.
  • China has around 8,000 km of metro rail lines.
  • India’s operational network stood at 245 km across five cities in 2014.

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PM Modi returns to SRCC after 13 years, revisits 2013 glass full speech

PM Narendra Modi returned to SRCC after 13 years for its centenary celebrations, revisiting themes from his landmark 2013 address.

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PM Narendra Modi

Prime Minister Narendra Modi returned to Delhi University’s Shri Ram College of Commerce (SRCC) on Saturday, 13 years after his previous visit to the institution as Gujarat chief minister. 

His latest visit came as SRCC marked its centenary celebrations. Modi’s 2013 address at the college had attracted significant attention as he spoke about India’s youth, governance and the country’s demographic potential.

In 2013, Modi was Gujarat chief minister and had not yet been named the BJP’s prime ministerial candidate. He returned to the same campus this year as Prime Minister, having completed 12 years as Prime Minister and serving his third consecutive term. 

What PM Modi said at SRCC in 2013

The 2013 lecture was titled Emerging Business Models in the Global Scenario. The address also covered governance and India’s young population.

He described India’s youth as a source of national strength rather than simply a group of new-age voters. He also highlighted India’s demographic advantage and argued that the country needed to make better use of its young population.

One of the notable moments from the speech involved a glass of water.  Modi contrasted the conventional descriptions of a glass as half full or half empty and said he viewed it as full, with half containing water and the other half air.

The speech also included his remarks on technology and young Indians. Referring to an anecdote from a visit to Taiwan, Modi used the phrase “mouse-charmers” to describe Indians using computers and suggested that young Indians had the ability to influence the world through technology.

‘Minimum government, maximum governance’

Modi’s 2013 address also touched on governance. He spoke about the role of government and the need for better governance.

He also spoke about India’s potential in the 21st century. 

Modi returns as PM for SRCC centenary

The September 5 visit coincided with Teachers’ Day and SRCC’s 100th anniversary. The Prime Minister’s Office had announced that Modi would participate in the college’s centenary celebrations and address the gathering. SRCC was established in 1926 by industrialist and philanthropist Sir Shri Ram.

Earlier this year, Modi also met the SRCC governing body at his residence in April in connection with the college’s centenary celebrations and released a commemorative postage stamp marking the occasion. 

The return to SRCC came 13 years after his 2013 appearance at the college, when he addressed students as Gujarat chief minister.

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Supreme Court judge calls police assault on CJP protesters very distressing

Supreme Court judge Justice Ujjal Bhuyan criticised alleged police assaults on CJP protesters and raised concerns over excessive force.

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Supreme Court

Supreme Court judge Justice Ujjal Bhuyan has criticised the assault of protesters by police personnel during the recent CJP demonstrations in Delhi, describing the conduct as “very, very distressing” and a matter of serious concern.

Speaking at the launch of retired IPS officer Yashovardhan Azad’s book Policing the Republic, Justice Bhuyan said the detachment expected from police officers appeared to be diminishing.

He expressed concern over young Indian Police Service officers personally participating in the assault of protesters and demonstrators.

Justice Bhuyan stresses need for responsible policing

Justice Bhuyan said effective policing does not require excessive use of force or infringement of human rights. He emphasised that the police play an important role in maintaining public confidence because citizens generally approach the police when they feel they have been wronged.

He said maintaining the credibility of the police force was therefore of “utmost importance”.

The judge’s remarks come amid continuing scrutiny of the police and paramilitary response to the CJP protests in Delhi.

Supreme Court panel to examine police action

The Supreme Court has constituted a high-level panel to investigate allegations concerning the use of force by Delhi Police during the July 20 student protests at Jantar Mantar and the subsequent Parliament march.

The panel, headed by former Supreme Court judge Justice R Subhash Reddy, will examine complaints relating to lathi charges, tear gas, pellet guns and electronic batons. It will also look into allegations of targeted harassment or molestation of female protesters and review available CCTV and video footage.

The police response during the protests has faced criticism, while Delhi Police has maintained that its personnel were also attacked during the clashes.

Judge raises concern over custodial deaths and torture

Justice Bhuyan also spoke about custodial torture and deaths, describing custodial death as one of the gravest crimes in a society governed by the rule of law.

He stressed that torture and cruel, inhuman or degrading treatment cannot be accepted, regardless of whether such conduct takes place during investigation, interrogation or other circumstances.

The judge further warned that when government functionaries themselves become lawbreakers, it can undermine respect for the law and encourage lawlessness.

He questioned whether citizens lose their fundamental rights simply because they have been arrested by police.

‘Fake encounters’ cannot be part of policing

Justice Bhuyan also addressed allegations of extra-judicial killings, commonly referred to as “fake encounters”. Referring to a 2011 Supreme Court judgment, he said such encounters undermine the rule of law.

He stressed that an “encounter philosophy” cannot become part of legitimate policing and said proven fake encounters involving serving police officers must be treated with the utmost seriousness.

The Supreme Court’s panel will now examine the allegations surrounding the police action during the July 20 protests as scrutiny of the events continues.

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