VG Siddhartha death news LIVE: CCD appoints SV Ranganath as interim chairman of board

The body of Cafe Coffee Day owner VG Siddhartha, who was reported missing from Mangaluru on late Monday evening, was found at around 6.30 am on Wednesday morning. It was recovered by a group of fishermen from Netravati River near the Hoige Bazaar.

"A body has been found and it appears to be of Cafe Coffee Day owner VG Siddhartha," said Deputy Commissioner of Dakshina Kannada Sasikanth Senthil.

Police have informed Siddhartha's family members and sent the body for post-mortem.

A board meeting was called by the CCD on Wednesday, July 31, in which SV Ranganath was appointed as the interim chairman of the board. The board also appointed Cyril Amarchand Mangaldas as its legal counsel.

Former Karnataka chief minister SM Krishna, the father-in-law of VG Siddhartha, has left his residence in Bengaluru to attend the last rites of the CCD founder.

Anand Mahindra, one of the biggest names of India Inc., has expressed shock over Cafe Coffee Day founder VG Siddhartha's death.

"I did not know him & have no knowledge of his financial circumstances. I only know that entrepreneurs must not allow business failure to destroy their self-esteem. That will bring about the death of entrepreneurship," tweeted Anand Mahindra.

Cafe Coffee Day founder VG Siddhartha's last rights will be held in Chikkamagaluru in the state of Karnataka. The CCD owner's mortal remains will be kept for the public to pay their final respects between 2 pm to 4.30 pm on Wednesday. Newly-elected Karnataka CM BS Yediyurappa will arrive in Chikkamagaluru by 1.30pm. Several leaders will attend the funeral.

The shares of Cafe Coffee Day enterprises plunged 20 percent for the second straight day after its founder VG Siddhartha's body was recovered from Netravathi river today morning. He went missing on Monday evening.

Rithesh, the fisherman who spotted the body of VG Siddhartha, said that he saw a body floating while he was fishing and then he had informed the police. "I participated in the rescue operations with the district administration yesterday as well," the fisherman said.

Taking to Twitter, Congress leader Manish Tewari said, "My profound Condolences to #VGSiddhartha 's entire family. Very Very tragic what happened. Allegedly Harassed & hounded to commit Suicide by among others a yet unnamed DG of the Income Tax going by the document in the public space. May his soul rest in peace."

Karti Chidambaram, Congress leader P Chidambaram's son, said, "Forget about dealing with markets/ suppliers/ customers/ investors/ employees/ stake holders. Managing the systematic harassment by the State and it's pliant agencies is the biggest challenge. IT, ED, CBI, ROC etc are the biggest impediments for ease of business."

Sringeri MLA TD Rajegowda said that Siddhartha was a little upset regarding the Income Tax torture. He wanted to sell 2-3 properties to settle all the debts because he was having more assets than liabilities.

To mourn the loss of founder VG Siddhartha, all outlets of Cafe Coffee Day (CCD) across India will remain closed on Wednesday, July 31. The recent development comes after the dead body of Siddhartha was recovered from Netravathi river in Mangaluru today morning at around 6:30 am.

Taking to Twitter, Karnataka CM Siddaramaiah said, "Very sad to know about the unfortunate death of Shri. V G Siddhartha. His contribution to Karnataka & India through his entrepreneurship shall be an example & always be remembered. My deepest condolences to Shri. S M Krishna and family members & well-wishers of Siddhartha."

Karnataka BJP leader Shobha Karandlaje expresses grief at the tragic death of Cafe Coffee Day founder VG Siddhartha.

The body of VG Siddhartha washed ashore near Ullal and was fished out by local fishermen from the Netravati River on Wednesday morning at around 6:30 am. His family has already been intimated about the recovery of the body. Siddhartha's body is being shifted to a hospital for postmortem. After the autopsy, his body will be handed over to the family.

The postmortem procedure is going to take a couple of hours for the doctors at the Wenlock Hospital to complete.

Taking to Twitter, fugitive liquor baron Vijay Mallya drew parallels with the case of 'Coffee King' VG Siddhartha, saying that he is being harassed in the same manner as the Cafe Coffee Day founder.