In a recent twist of events, the famous Cafe Coffee Day outlet’s founder-owner Mr V G Siddhartha, came in the media limelight as he went missing in Mangaluru on Monday night. In a letter to the board and family of his chain CCD, he expressed his deepest regrets for having failed to create the right profitable business model.
Siddhartha was last seen when he got off his car near the river of Netravati river. He has not been spotted since after. As a response, a massive search operation has been launched with the state govt directly involved in the effort. It has to be noted that the company had run into losses of 7,000 crores.
He said in his letter, “After 37 years of a strong commitment to hard work, having directly created 30,000 jobs in our companies and also another 20,000 jobs in tech-based companies, I failed to establish profitable business model despite my best efforts.”
The letter was emotional in a note where he said “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 a very long time but today gave up as I could not take any more pressure from one of the private equity partners forcing me to buy back shares.”
Siddhartha also said having received a lot of harassment from the previous DG Income Tax. He said he had difficulty in taking ahead of the Mindtree deal. He quoted, “Our Cafe coffee day shares were taken over although the revised returns were filed.”
The letter ends with a statement where he said he was solely responsible for all the financial mistakes. “My team, auditors and senior management are totally unaware of all my transactions. The law should hold me and only me accountable. My intention was never to cheat or mislead anybody.”
Mr Siddharth also enclosed a list of assets and its tentative value along with the letter. He declared, “Our assets outweigh our liabilities and can help repay everybody.”