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'Failed as an entrepreneur, I am sorry': VG Siddhartha in letter to Cafe Coffee Day family

In the letter addressed to the 'Board of Directors and Coffee Day family', VG Siddhartha has apologised for having failed to create the right profitable business model despite his best efforts. 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."

India TV News Desk Edited by: India TV News Desk New Delhi Updated on: July 30, 2019 12:41 IST
'Failed as an entrepreneur, I am sorry': VG Siddhartha in
Image Source : PTI

'Failed as an entrepreneur, I am sorry': VG Siddhartha in letter to Cafe Coffee Day family

Cafe Coffee Day founder VG Siddhartha, who went missing on Monday night from Mangaluru, had written a letter to the board of the retail chain outlet and its staff.

In the letter addressed to the 'Board of Directors and Coffee Day family', VG Siddhartha has apologised for having failed to create the right profitable business model despite his 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. 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," reads the letter from VG Siddhartha.

The coffee baron in his letter requested everyone associated with the business to be strong and to continue running these businesses with a new management.

“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,” he added.

VG Siddhartha said he has failed as an entrepreneur and his intention was never to cheat or mislead anybody.

“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,” he said.

Meanwhile, BJP MP Shobha Karandlaje meets Union Home Minister Amit Shah and submitted a letter to him, seeking help of central government to trace VG Siddhartha.

VG Siddhartha, son-in-law of former Karnataka CM SM Krishna, is best known as the founder-owner of the chain of Cafe Coffee Day. 

Siddhartha found himself amidst a tax evasion in 2017 when raids were conducted at over 20 locations in Mumbai, Bengaluru, Chennai and Chikmagalur. 

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