A letter written by V G Siddhartha, founder-owner of the popular coffee chain, Cafe Coffee Day who has been reported missing surfaced on Tuesday in which he has apologised to people who put their trust
Founder-owner of popular coffee chain Cafe Coffee Day, VG Siddhartha has gone missing from Mangaluru. Pic courtesy/Twitter/Sonu Bhat
Karnataka: Cafe Coffee Day founder V G Siddhartha was reported to have gone missing after he left from Bengaluru on Monday night. A letter written by V G Siddhartha has surfaced the internet on Tuesday in which he has apologised to people who "put their trust" in him and stated he failed to create the right profitable business model despite his best efforts.
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Founder & owner, Cafe Coffee Day (CCD), #VGSiddhartha's letter to employees and board of directors of CCD, states, "Every financial transaction is my responsibility...the law should hold me & only me accountable."; He has gone missing from Mangaluru, search operation underway. pic.twitter.com/0GJc5vmvYt
— ANI (@ANI) July 30, 2019
"After 37 years, with strong commitment to hard work, having directly created 30,000 jobs in our companies and their subsidiaries, as well as another 20,000 jobs in technology companies where I have been a large shareholder since its founding. I have failed to create the right profitable business model despite my best efforts. I would like to say I gave it my all. I am very sorry to let down all the people that put their trust in me," V G Siddhartha's letter to the stakeholders read.
Mangaluru Police Commissioner,S Patil on VG Siddhartha (in file pic) missing case:I visited SM Krishna's (former Karnataka CM & father-in-law of VG Siddhartha) house last night. I spoke to Siddhartha's wife&other relatives and gathered some information.I'm currently in Bengaluru. pic.twitter.com/lllHbewOBX
— ANI (@ANI) July 30, 2019
The letter is addressed to the 'Board of Directors and Coffee Day family and in his letter, he stated that he was under "tremendous pressure" from one of the private equity partners". The 58-year-old businessman who is also the son-in-law of former Karnataka chief minister and former external affairs minister S M Krishna has been untraceable since last evening after he was last seen on Monday evening the Netravati Bridge where he had gone for a stroll, a senior Karnataka police officer stated on Tuesday.
Also Read: CCD founder VG Siddhartha was last seen on Netravati Bridge before going missing, says police
Mangaluru Police Commissioner, Sandeep Patil on VG Siddhartha missing case: Boat service and help of local fishermen being taken to conduct search operation in the Netravati river. We are checking with whom all he spoke last. https://t.co/1xZtVsPHAi
— ANI (@ANI) July 30, 2019
In his letter, V G Siddhartha wrote: "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, a transaction I had partially completed six months ago by borrowing a large sum of money from a friend. Tremendous pressure from other lenders led to me succumbing to the situation."
He also alleges that he was the recipient of "harassment" from the previous Directorate General, Income Tax which led to him facing a "liquidity crunch". "There was a lot of harassment from the previous DG income tax in the form of attaching our shares on two separate occasions to block our Mindtree deal and then taking position of our Coffee Day shares, although the revised returns have been filed by us. This was very unfair and has led to a serious liquidity crunch," the letter stated.
Also Read: Cafe Coffe Day chain founder VG Siddhartha goes missing in Mangaluru
Towards the end of the letter, he also stated, "I am solely responsible for all mistakes. Every financial transaction is my responsibility. My team, auditors and senior management are totally unaware of all my transactions. The law should hold me and only me accountable. as I have withheld this information from everybody including my family. My intention was never to cheat or mislead anybody, I have failed as an entrepreneur."
"This is my sincere submission, I hope someday you will understand, forgive and pardon me. I have enclosed a list of our assets and tentative value of each asset. As seen below our assets outweigh our liabilities and can help repay everybody," it adds.
Also Read: CCD founder VG Siddhartha goes missing in Mangaluru, Twitterati reacts
With input from ANI
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