Business / Tech & Startups
CCD Founder VG Siddhartha missing;
CCD Founder VG Siddhartha missing;
30 July 2019 2:01 AM GMT
V G Siddhartha the founder of Cafe Coffee Day has gone missing near Netravati river in Mangaluru. Siddhartha who is also the son-in-law of former Karnataka chief minister SM Krishna has been missing since Monday night.
According to his driver, On July 6:30pm Siddhartha asked his driver to stop his car on a bridge and told his driver he'd be back after a walk. Since then he's missing and his phone has been switched off since Monday night.
There are reports doing the rounds that he jumped off a bridge in Ullal. Search operations were underway since the news of Siddharth missing has gone viral. However, Sidharth's search operation expanded and officials are now planning to approach Naval force.
According to the police officials, his driver approached police and lodged a missing complain after Siddhartha did not return even after two hours.
A letter written by V G Siddhartha to the Board of Directors of his company and Coffee Day family, dated July 27 reads, “I am very sorry to let down all the people that put their trust in me. 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 shores, a transaction I had partially completed six months ago by borrowing a large sum of money from a friend. Tremendous pressure from other lenders nod to me succumbing to the situation"
Meanwhile, the shares of the Cafe Coffee Day plunged 20 per cent on Tuesday.
About 200 policemen and divers in 25 boats are deployed for Siddhartha at the bridge. Karnataka Chief Minister B S Yediyurappa and Congress leader D K Shivakumar visited Krishna at his residence in Bengaluru on Tuesday morning.
A copy of letter which is available with Newsmeter written by V G Siddhartha to CCD Staff. Read the complete letter here:
"To our Board of Directors and Coffee day familyAfter 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 company where 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. 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 shores, a transaction I had partially completed six months ago by borrowing a large sum of money from a friend. Tremendous pressure from other lenders nod to me succumbing to the situation.
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.
I sincerely request each of you to be strong and to continue running these businesses with a new management. 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".
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