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Volume IconV G Siddhartha: A lot happened over coffee for the CCD founder

Siddhartha reportedly had been witnessing rising debts, especially in the last few years

ImageBS Web Team New Delhi
V G Siddhartha

Siddhartha is in talks with PE investors and technology firms to sell his 21 per cent in Mindtree, triggering concerns of management change or a hostile takeover

The body of Cafe Coffee Day founder V G Siddhartha, who had gone missing, was found on Wednesday in the Netravati river in Dakshina Kannada district of Karnataka after 36 hours of intense search, officials said.

Two days prior to his disappearance, the coffee baron had left behind a note to his employees that revealed he was in deep debt.

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The mountain of debt was impairing his business as working capital requirements could not be met. It led him to sale his stakes in IT firm Mindtree that gave him some room to manoeuvre.

"I have failed to create the right profitable business model despite my best efforts. 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...," his note read.

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First Published: Jul 31 2019 | 11:11 AM IST

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