Full text: Cafe Coffee Day founder VG Siddhartha goes missing; leaves letter to management, staff saying 'I failed as an entrepreneur'
'I am very sorry to let down all the people that put their trust in me,' writes Caffe Coffee Day founder VG Siddhartha in letter to board of directors and employees.
'I am very sorry to let down all the people that put their trust in me,' writes Cafe Coffee Day founder VG Siddhartha in letter to management and employees.
'I am solely responsible for all mistakes,' writes Cafe Coffee Day founder VG Siddhartha in letter to management and employees.
'Every financial transaction is my responsibility,' writes Cafe Coffee Day founder VG Siddhartha in letter to management and employees.
Before he went missing on Tuesday, Cafe Coffee Day founder VG Siddhartha wrote a letter to the board of directors and the employees highlighting issues troubling him and the company. The full text of the letter follows:
To our Board of Directors and Coffee day family,
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 company 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. 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 lead 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 return 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 to run 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.
VG Siddhartha dead: CCD had mounting debt, but facts don’t suggest coffee chain was a failed affair beyond redemption
Selling his assets and part of his shareholding would have given a new lease of life to CCD and VG Siddhartha
CCD founder VG Siddhartha cremated in Karnataka's Chikkamagaluru; probe into death continues, police suspect suicide
Siddhartha's body was traced after 36 hours of an intensive search operation with a letter allegedly written by him to the board of directors and employees of his company Coffee Day Enterprises, showing he was struggling with financial problems due to debt, taxes and share buy backs.
VG Siddhartha dead: Politicians, business leaders condole CCD founder's death; netizens reminisce about their go-to cafe
India's biggest coffee chain founder VG Siddhartha's body was found on Wednesday morning after being reported missing mysteriously since Monday night