VG Siddarth was an iconic figure during his lifetime for multiple reasons apart from being a ray of hope and inspiration for many a Coffee grower who was on the brink of disaster due to falling prices of the crop in the international market.
Thanks to his dream concept of Cafe Coffee Day(CCD), many a coffee grower had a big sigh of relief for their produce. It was a period of the early Nineties when the coffee growers of the state were literally on the crossroads.Cafe Coffee Day, within a short span of its launch, not only witnessed a meteoric rise but developed into a global brand in a time frame unheard of till then.
From a typical middle-class coffee grower's family, VG Siddarth plunged into a business venture by borrowing a handful of lakhs from his father.This small amount of seed money was enough for the once small-time coffee grower to develop into a big entrepreneur running a huge business to the tune of a few thousand crores.He also had a unique distinction of owning 1,510 acres of coffee plantations in Chikkamagaluru district and setting up of around 1,500 Cafe Coffee Day outlets across the globe.
Perhaps there is no parallel in recent years of anyone coming close to such distinguished performances. Even providing employment opportunities to more than 50,000 people through CCD and Mindtree software company and other allied industries is a spectacular performance.But what is intriguing is the letter perturbed to be written by him and the accusations made against the Income Tax department officials for taking the extreme step.
The Income Tax department in a press communique has refuted all allegations made against it by the coffee and software industry baron.It has clarified that the department had revoked the provisions for buyback of 20 per cent of shares in Mindtree company to L&T. In the alleged letter said to be written by the coffee magnet, it laments about the hands being tied for not being in a position to make use of the 2,000 crores by way of disposing of 20 per cent stake in the Mindtree software company.
It's already more than 18 hours that the CCD MD is found missing but so far there have been no clues nor proper indications about his fate or whereabouts.Back in Bengaluru, the house of SM Krishna, VG Siddarth's father in law had a stream of visitors from all hues and parties to console him at such troubling times.
The incessant rains and adverse wind conditions have made the rescue operations a challenging one while the Mangaluru district authorities have stalled the measures for the day. However, lighting arrangements are being made to carry out the efforts during the dark hours.Whether such artificial light will suffice to track the missing businessman or not, a dark cloud has already engulfed the giant chain of coffee outlets. The share value of the company has collapsed by 20 per cent!
-Manohar Yadavatti
Thanks to his dream concept of Cafe Coffee Day(CCD), many a coffee grower had a big sigh of relief for their produce. It was a period of the early Nineties when the coffee growers of the state were literally on the crossroads.Cafe Coffee Day, within a short span of its launch, not only witnessed a meteoric rise but developed into a global brand in a time frame unheard of till then.
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| ImageSource:indiatoday.in |
Perhaps there is no parallel in recent years of anyone coming close to such distinguished performances. Even providing employment opportunities to more than 50,000 people through CCD and Mindtree software company and other allied industries is a spectacular performance.But what is intriguing is the letter perturbed to be written by him and the accusations made against the Income Tax department officials for taking the extreme step.
The Income Tax department in a press communique has refuted all allegations made against it by the coffee and software industry baron.It has clarified that the department had revoked the provisions for buyback of 20 per cent of shares in Mindtree company to L&T. In the alleged letter said to be written by the coffee magnet, it laments about the hands being tied for not being in a position to make use of the 2,000 crores by way of disposing of 20 per cent stake in the Mindtree software company.
It's already more than 18 hours that the CCD MD is found missing but so far there have been no clues nor proper indications about his fate or whereabouts.Back in Bengaluru, the house of SM Krishna, VG Siddarth's father in law had a stream of visitors from all hues and parties to console him at such troubling times.
The incessant rains and adverse wind conditions have made the rescue operations a challenging one while the Mangaluru district authorities have stalled the measures for the day. However, lighting arrangements are being made to carry out the efforts during the dark hours.Whether such artificial light will suffice to track the missing businessman or not, a dark cloud has already engulfed the giant chain of coffee outlets. The share value of the company has collapsed by 20 per cent!
-Manohar Yadavatti
Very consise narration of CCD MD with all details.
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