An entity linked to the deceased founder of India`s Coffee Day Enterprises Ltd owed the coffee chain 35.35 billion rupees ($472.5 million), an investigation report released by the company showed on Friday.

Coffee Day founder V.G. Siddhartha was found dead in a river in southern India last July in an apparent suicide amid speculation that he was under intense financial strain.

The Bengaluru-headquartered company had then appointed an investigator to scrutinize its accounts and the circumstances leading to the statements made in a letter purportedly written by Siddhartha.

Mysore Amalgamated Coffee Estates Ltd, an entity linked separately to Siddhartha and involved in a business relationship with Coffee Day, owed Coffee Day $472 million as of July 31, 2019 - the day Siddhartha`s deceased body was found by authorities - the synopsis of the investigation report released by Coffee Day to stock exchanges showed on Friday.

About $360 million of that amount still needed to be addressed, the report said.

A significant portion of the amount may have been spent to buy back shares from private equity investors, repay loans and funding investments outside the scope of the investigation, the report said. As a result, the amounts may not be precise, it added.

Coffee Day, which also exports coffee, sells coffee-vending machines and houses a logistics business called Sical, currently had a debt of 32 billion rupees ($427.7 million), it said.

It is India`s largest coffee chain with more than 1,000 cafes that brew cappuccinos and lattes for India`s booming moneyed class, and competes with the likes of Starbucks Corp, Barista and Coca-Cola Co-owned Costa Coffee.

The company, whose revenue has taken a hit in the wake of the COVID-19 pandemic, is in the process of selling off more assets to raise cash and cut debt, it added.

An entity linked to the deceased founder of India`s Coffee Day Enterprises Ltd owed the coffee chain 35.35 billion rupees ($472.5 million), an investigation report released by the company showed on Friday.

An entity linked to the deceased founder of India`s Coffee Day Enterprises Ltd owed the coffee chain 35.35 billion rupees ($472.5 million), an investigation report released by the company showed on Friday. Coffee Day founder V.G. Siddhartha was found dead in a river in southern India last July in an apparent suicide amid speculation that he was under intense financial strain. The Bengaluru-headquartered company had then appointed an investigator to scrutinize its accounts and the circumstances leading to the statements made in a letter purportedly written by Siddhartha. Mysore Amalgamated Coffee Estates Ltd, an entity linked separately to Siddhartha and involved in a business relationship with Coffee Day, owed Coffee Day $472 million as of July 31, 2019 - the day Siddhartha`s deceased body was found by authorities - the synopsis of the investigation report released by Coffee Day to stock exchanges showed on Friday. About $360 million of that amount still needed to be addressed, the report said. A significant portion of the amount may have been spent to buy back shares from private equity investors, repay loans and funding investments outside the scope of the investigation, the report said. As a result, the amounts may not be precise, it added. Coffee Day, which also exports coffee, sells coffee-vending machines and houses a logistics business called Sical, currently had a debt of 32 billion rupees ($427.7 million), it said. It is India`s largest coffee chain with more than 1,000 cafes that brew cappuccinos and lattes for India`s booming moneyed class, and competes with the likes of Starbucks Corp, Barista and Coca-Cola Co-owned Costa Coffee. The company, whose revenue has taken a hit in the wake of the COVID-19 pandemic, is in the process of selling off more assets to raise cash and cut debt, it added.

Coffee Day owed $472 million by deceased founder's firm: Report

Condolences pour in for <a href="https://www.wionews.com/india-news/found-vg-siddharthas-body-floating-on-water-shifted-to-hospital-police-239607">Coffee King VG Siddhartha</a> after his body was found on the banks of Netravati River near Hoige Bazaar in Mangaluru by local fisherman on Wednesday.

The <a href="https://www.wionews.com/india-news/ccd-founder-missing-signature-on-note-does-not-tally-with-siddharthas-signature-in-annual-reports-says-i-t-department-239586">58-year-old businessman </a>is the son-in-law of former Karnataka Chief Minister SM Krishna and was missing since Monday evening from Mangaluru.

Former Karnataka chief minister Sidaramaiah called his death "disturbing and mysterious" and asked for an "impartial and fair investigation" into his death.

Siddaramaiah said, "The death of V G Siddhartha is both disturbing and mysterious. The reasons and the invisible hands that ended his life in this tragic way should be unearthed through impartial and fair investigation."

"Our party and I shall always stand with Shri. S M Krishna in their fight for justice. The letter supposed to have written by V G Siddhartha few days before his death has discussed about tax terrorism, which is an ugly face of politically motivated institutions."

"What signals are we sending to the budding entrepreneurs without even an attempt to reform?"

Congress leader Milind Deora tweeted, "Saddened by #VGSiddhartha’s untimely death. My condolences to team @CafeCoffeeDay &amp; Siddharth’s family."

"Siddharth’s letter must be investigated. Risk &amp; failure are an integral part of the entrepreneurial story. Suicide isn’t. Hope govt reflects on its anti-business policies!"

Deputy chief minister of Karnataka Dr. G Parameshwara tweeted, " The news is unthinkable. My deepest condolences to Shri SM Krishna and other family members that #VGSiddhartha has left behind. This is a huge loss to our entrepreneurial fraternity! His dream #CafeCoffeeDay will live with us forever."

Fugitive businessman Vijay Mallya also reacted to the news saying he was devastated with the contents of the letter. Blaming the government agencies and bank, Mallya said, "The Govt Agencies and Banks can drive anyone to despair. See what they are doing to me despite offer of full repayment. Vicious and unrelenting."

"I am indirectly related to VG Siddhartha. Excellent human and brilliant entrepreneur. I am devastated with the contents of his letter. The Govt Agencies and Banks can drive anyone to despair. See what they are doing to me despite offer of full repayment. Vicious and unrelenting.

In Western Countries, Government and Banks help borrowers repay their debts. In my case they are obstructing every possible effort for me to repay my debt whilst competing for my assets. As far as the prima facie criminal case goes wait for the appeal granted.

Condolences pour in for Coffee King VG Siddhartha after his body was found on the banks of Netravati River near Hoige Bazaar in Mangaluru by local fisherman on Wednesday.

Condolences pour in for Coffee King VG Siddhartha after his body was found on the banks of Netravati River near Hoige Bazaar in Mangaluru by local fisherman on Wednesday. The 58-year-old businessman is the son-in-law of former Karnataka Chief Minister SM Krishna and was missing since Monday evening from Mangaluru. Former Karnataka chief minister Sidaramaiah called his death "disturbing and mysterious" and asked for an "impartial and fair investigation" into his death. Siddaramaiah said, "The death of V G Siddhartha is both disturbing and mysterious. The reasons and the invisible hands that ended his life in this tragic way should be unearthed through impartial and fair investigation." "Our party and I shall always stand with Shri. S M Krishna in their fight for justice. The letter supposed to have written by V G Siddhartha few days before his death has discussed about tax terrorism, which is an ugly face of politically motivated institutions." "What signals are we sending to the budding entrepreneurs without even an attempt to reform?" Congress leader Milind Deora tweeted, "Saddened by #VGSiddhartha’s untimely death. My condolences to team @CafeCoffeeDay & Siddharth’s family." "Siddharth’s letter must be investigated. Risk & failure are an integral part of the entrepreneurial story. Suicide isn’t. Hope govt reflects on its anti-business policies!" Deputy chief minister of Karnataka Dr. G Parameshwara tweeted, " The news is unthinkable. My deepest condolences to Shri SM Krishna and other family members that #VGSiddhartha has left behind. This is a huge loss to our entrepreneurial fraternity! His dream #CafeCoffeeDay will live with us forever." Fugitive businessman Vijay Mallya also reacted to the news saying he was devastated with the contents of the letter. Blaming the government agencies and bank, Mallya said, "The Govt Agencies and Banks can drive anyone to despair. See what they are doing to me despite offer of full repayment. Vicious and unrelenting." "I am indirectly related to VG Siddhartha. Excellent human and brilliant entrepreneur. I am devastated with the contents of his letter. The Govt Agencies and Banks can drive anyone to despair. See what they are doing to me despite offer of full repayment. Vicious and unrelenting. In Western Countries, Government and Banks help borrowers repay their debts. In my case they are obstructing every possible effort for me to repay my debt whilst competing for my assets. As far as the prima facie criminal case goes wait for the appeal granted.

Govt Agencies and Banks can drive anyone to despair, tweets Vijay Mallya on VG Siddhartha's death

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Coffee Day owed $472 million by deceased founder's firm: Report

Govt Agencies and Banks can drive anyone to despair, tweets Vijay Mallya on VG Siddhartha's death