CCD founder VG Siddhartha goes Missing, he wrote, ‘I have failed, I am sorry’
Cafe Coffee Day (CCD) founder VG Siddhartha, went allegedly missing from Bengaluru had left behind a written note to his employees apologizing for failing to create a profitable business model. As per the report, Siddhartha went missing after his driver dropped him off at the Netravathi bridge in Mangaluru. After an hour, there was no sight of him, and then his driver informed his family members. In a letter, he wrote, "I have failed to create the right profitable business model despite my best efforts."
Siddhartha wrote, "I am 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 leads to me succumbing to the situation."
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CCD founder VG Siddhartha further wrote, "I sincerely request each of you to be strong and to continue running these businesses with new management." "My intention was never to cheat or mislead anybody, I have failed as an entrepreneur", wrote Siddhartha. Hence, there is speculation that he had jumped off the Netravathi bridge in Mangaluru. Also, his phone is switched off since July 28, and police are looking for him.
-PTC News
