The body of Cafe Coffee Day's chairman and managing director, VG Siddhartha, who was not reachable since Monday evening, has been recovered.
The body was found floating near Hoige Bazar (Mangalore) at around 6:30 am.
An update from CCD about the matter stated: "We are taking the help of concerned authorities. Company is professionally managed and led by competent leadership team, which will ensure continuity of business.We will keep you posted as and when we receive further updates."
According to media reports, the chairman and MD left his car near a bridge across the Nethravathi River and did not return. His driver went looking for him an hour later post which he alerted family members.
Siddhartha had written a letter to the board of directors and employees at the company before we went missing. In this letter he apologised to his colleagues for letting them down. The letter also stated, "I fought for a long time but today I gave up as I could not take any more pressure from one of the private equity partners forcing me to buy back shares.”
(Story updated at 9:46 am on 31 July 2019.)
