V.G.Siddharta, founder of "Café Coffee Day" goes missing!
From the upside the success of an enterprise looks all glitter but the state of the one holding isn’t that glittery rather pressuring which may lead to hurtful conclusions.V. G. Siddhartha, founder of the popular and sole largest coffee brand originated in India- Cafe Coffee Day, also the son-in-law of former Karnataka CM S.M.Krishna, has gone missing near Mangaluru since Monday evening. Before the incident took place, he was in a car driving at the Netravati River off Mangaluru with his driver. It was when he asked his driver Basavaraj Patil to be seated inside the car while he walked on the bridge. When the driver did not see Siddhartha return for long, he called him only to realise that Siddhartha’s phone was switched off and was missing.
A letter written by Mr Siddhartha for staffs of the enterprise concerned has come into notice. Soon after its release, seems that the businessman was likely depressed. The letter dated - 27th July states his financial strain, income tax pestering and distress of failing to be a good entrepreneur. Mentioning about his monetary accountability he wrote - “I fought for a long time but today I give 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 leads to me succumbing to the situation.”
With an expression of regret and apology, he said he was sorry to let down all the people that put their trust in him. “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,” seems to safeguard the family and enterprise members he clarified stating – “I am solely responsible for all mistakes. Every financial transaction is my responsibility. The law should hold me and only me accountable, as I have withheld this information from everybody including my family,” he said. Apart from this he also attached a list of assets and their tentative value with the letter stating “.. our assets outweigh our liabilities and can help repay everybody,” he concludes the letter.
The search operations are on the peak to find the missing business man.More than 200 policemen, sniffer dogs and divers on about 25 boats have been carrying out the operation reportedly. As it is assumed he might have jumped off the bridge.
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