After Siddhartha's death, CCD appoints SV Ranganath as interim chairman
Hours after the body of VG Siddhartha, the founder of Cafe Coffee Day was found from Netravati river on Wednesday, the celebrated coffee chain appointed SV Ranganath as its interim chairman. Siddhartha had gone missing on Monday evening, while he was on his way to Mangaluru. After a massive search operation, his body was spotted. The last rites will be performed at Belur Taluk.
Siddhartha, who laid the foundation for the country's largest coffee chain, mysteriously disappeared en route Mangaluru. He asked his driver Basavaraj Patil to stop the car while they were crossing NH-66. He got down and didn't return for almost an hour, prompting Patil to raise an alarm. Police launched a search operation and after nearly 36 hours, his body was found by fishermen.
"I saw a body floating while I was fishing and then, I informed the police. I participated in the rescue operations with the district administration yesterday as well," fisherman Rithesh told media.
Subsequently, Siddhartha's body was shifted to Wenlock Hospital, for post-mortem. "The next process will go as per law and family members have been informed," Mangaluru police commissioner (city) Sandeep Patil said earlier in the day. About the last rites, Siddhartha's aide MLA TD Rajegowda said, "The family members have all decided that cremation will take place at his father's estate in Belur Taluk."
Karnataka: Former Chief Minister of Karnataka SM Krishna leaves from his residence in Bengaluru for Belur Taluk where last rites ceremony of his son-in-law VG Siddhartha, founder of Café Coffee Day will take place. #VGSiddhartha's body was found in Mangaluru, early morning today. pic.twitter.com/n2gfYML0Yy
— ANI (@ANI) July 31, 2019
To note, Siddhartha was married to former Karnataka Chief Minister SM Krishna's daughter Malavika Hegde. They have two children. As soon as the news of his death surfaced, politicians across party lines expressed condolences. "I am deeply shocked and hurt by the demise of former chief minister SM Krishna's son-in-law and Cafe Coffee Day founder Siddhartha," Chief Minister BS Yediyurappa tweeted.
The unprecedented turn of events immensely hurt CCD. On Wednesday, shares of Coffee Day Enterprises Ltd further dipped 20% to hit its lowest trading permissible limit. Thereafter, the board of directors met to put Ranganath at the helm of affairs for now. Meanwhile, Nitin Bagmane was appointed as the interim COO. The next board of directors' meeting is on August 8.
