VG Siddhartha dead: What Rajiv Bajaj, Sachin Bansal, Kiran Mazumdar Shaw said about CCD founder

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July 31, 2019 12:33 PM

Following the unfortunate demise of founder VG Siddhartha, top business leaders including Rahul Bajaj, Sachin Bansal, Kiran Mazumdar Shaw paid tributes to the founder of Cafe Coffee Day.

Cafe Coffee Day founder V G Siddhartha (File)

Following the demise of Cafe Coffee Day (CCD) founder VG Siddhartha, top business leaders including Rajiv Bajaj, Sachin Bansal, Kiran Mazumdar Shaw expressed their shock and grief and paid tributes. “Cafe Coffee Day Owner’s Body Found By River 2 Days After He Went Missing – My deepest condolences to ⁦VG Siddhartha’s widow Malavika and his sons and to Shri & Smt SM Krishna and family. RIP,” Kiran Mazumdar Shaw, Chairperson and Managing Director of Biocon said on twitter. Notably, VG Siddhartha’s body was found from the Nethravathi river in Mangalore, this morning, 36 hours after he went missing. 

Also read: Share Market Today Live: Sensex down 200 points, Nifty near 11,000; Axis Bank, Tech Mahindra top losers

Rajiv Bajaj, MD of Bajaj Auto, recalled that V G Siddhartha was a soft spoken, gentle mannered and warm-hearted & uncommonly humble co awardee at a Forbes October 2011 event. “Hearing of his helpless pain enveloped me in a deep sadness yesterday. No well intentioned man & his family deserve today’s crushing confirmation. May God bless his kind soul, give every strength to his folks, and help the world mend its ways,” Rajiv Bajaj said. 

Paytm’s Vijay Shekhar Sharma paid his tributes by tweeting, “One more starry-eyed messiah meets a violent farewell. Saddened beyond words.” Flipkart founder Sachin Bansal said that he was always amazed by VG Siddhartha’s energy and positivity. Bansal noted that Siddhartha’s was an inspiring entrepreneur and investor.

“Very sad day , salute his entrepreneurship ..some of us were daydreaming that he may not have jumped off the bridge …wish he had stayed alive to fight . My heart goes out to his family. May his soul RIP,” CP Gurnani, CEO at Tech Mahindra said in a tweet. 

Earlier, In a letter admitting to wrong business decisions and concealing information, VG Siddhartha said that he faced harassment from previous DG of income tax pertaining to blocking the Mindtree deal. VG Siddhartha is the son-in-law of former CM of Karnataka SM Krishna. The leading coffee chain founder said that he faced turbulence in business, talking about the enormous pressure that he encountered from lenders that made him “succumb to the situation.”

According to the letter, one of the private equity partners of the company forced VG Siddhartha to buy back shares, which, he said, he partially completed six months ago after taking a large loan from a friend. Meanwhile, Cofee Day Enterprises has confirmed the authenticity of the letter, saying that the founder had written it to the board on 27th July.

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