VG Siddhartha's Death: CCD Appoints S V Ranganath As Interim Chairman, Here's The Tragic Timeline Of Events

General News

After the tragic death of the Cafe Coffee Day(CCD) Founder V G Siddhartha, the CCD board on Wednesday has issued a statement to the National Stock Exchange of India (NSE)announcing the appointment of S V Ranganath as its interim chairman, Nitin Bagmane as interim chief operating officer (CEO) and the constitution of an executive committee

Written By Suchitra Karthikeyan | Mumbai | Updated On:

After the tragic death of the Cafe Coffee Day(CCD) Founder V G Siddhartha, the CCD board on Wednesday has issued a statement to the National Stock Exchange of India (NSE)announcing the appointment of S V Ranganath as its interim chairman, Nitin Bagmane as interim chief operating officer (CEO) and the constitution of an executive committee which will decide how to explore opportunities to deleverage i.e 'reduce its debt by sale of assets' the Coffee Day Group.

Here is the announcement by the Board:

VG Siddhartha's Death: Karnataka Congress Leaders Siddaramaiah & DK Shivakumar Offer Condolences, Call It Mysterious

Here is a timeline of events from the time Siddhartha went missing to his body's recovery:

MONDAY:

  • Cafe Coffee Day Founder VG Siddhartha, the son-in-law of former Karnataka Chief Minister SM Krishna, was last seen near the Netravati river in Mangaluru on Monday evening. As per reports, Siddhartha left his Bengaluru residence with his driver at 11 am on Monday and en route to his estate in Sakaleshpur but then changed course to Mangaluru.
  • On nearing a bridge where the Netravati river joins the sea, Siddhartha had the car stopped and instructed his driver to park the car ahead and said he will join him after a short walk. After an hour of wait, on not receiving any response from Siddhartha, he informed his family.

TUESDAY:

  • Search operation for Siddhartha began early in the morning with dog squads, boat services of the Coastal guard and police investigation of witnesses. Soon, a National Disaster Response Force (NDRF) team was deployed to assist search operations in Mangaluru's Netravati River.
  • Senior Karnataka politicians including CM BS Yediyurappa, Congress leaders DK Shivakumar, BL Shankar, Siddaramaiah visited senior BJP leader SM Krishna at his residence in Bengaluru. Siddhartha's wife and two sons who live with him in his Sadashivnagar residence in Bengaluru. 
  • In a massive revelation, Siddhartha's last letter to his board was found in which he had emotionally explained about having failed as an entrepreneur and in his goal of creating a profitable business model, though he did also allege harassment by I-T authorities. "I hope someday you will understand, forgive and pardon me," he said, also making references to the recent sale of his Mindtree stake. 
  • NSE and BSE question CCD board about the order of business under present circumstances, Following this, CCD itself has written a letter to the National Stock Exchange (NSE) underscoring 'continuity of business' and that any update in the matter will be briefed. 
  • Republic TV then discovered that the signature on the note circulated before VG Siddhartha disappeared does not tally with his signature available in his annual reports submitted before the Income Tax Department, as per IT department sources.

WEDNESDAY:

  • In the morning, Siddhartha's body was found on the banks of Netravati River near Hoige Bazaar in Mangaluru. Condolences from major Indian businesspersons, politicians begin to pour in as his family reels under the tragic loss.
  • Congress leader Siddaramaiah calls for investigation into Siddhartha's death, speculating that the circumstance under which Siddhartha went missing were mysterious. He further slammed the 'tax terrorism' policies which seemed to have driven the entrepreneur to his death.
  • CCD releases state announcing executive appointments done by the board, after confirmation of Siddhartha's death. 
  • Executive committee to explore opportunities to deleverage i.e 'reduce its debt by sale of assets' the Coffee Day Group.
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