'Fought for a long time, but today I gave up': V G Siddhartha's last letter to Cafe Coffee Day family
Friday, August 2, 2019 IST
HIGHLIGHTS
• VG Siddhartha reportedly wrote a letter to CCD staff, mentioning his financial struggles and failed business model
• The CCD founder also mentions harassment he faced from a former I-T official
• Siddhartha reportedly walked out of his car and jumped off a bridge near Mangaluru, after asking his driver to stop
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NEW DELHI: Café Coffee Day founder V G Siddhartha, who has been missing since Monday night, had reportedly written a letter to CCD staff, in which he mentioned about his financial struggles and his failed business model.
In the letter, which reads almost like a parting statement, Siddhartha mentions about his financial troubles and writes: "I am very very sorry to let down all the people who had put their trust in me. I have failed as an entrepreneur. 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 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."
Hinting at huge stress Siddhartha tells his staff: "I failed to create the right profitable business model despite my best efforts. Faced financial pressure from lenders, borrowed money. I never intended to cheat anyone."
The CCD founder also mentions about the harassment he faced from a former Income tax official, who he claims attached the company's shares on two separate occasions and blocked business deals.
Taking responsibility for all the transactions of the company, Siddhartha states that the company's assets outweigh its liabilities and can help repay everybody.
Trying to shield everyone associated with the company, he writes that the law should only hold him responsibile as he had withheld the state of company's finances from everybody including his family.
Meanwhile, hectic search operations are on to trace V G Siddhartha.
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