Cafe Coffee Day owner VG Siddhartha missing: In a purported letter to the Board of Directors of his company and “Coffee Day family”, dated July 27, Siddhartha said he had “failed to create the right profitable business model”.
Cafe Coffee Day owner VG Siddhartha missing: He was on a business trip to Chickmagaluru, and was last seen near Ullal bridge over the Netravati River.
Cafe Coffee Day owner VG Siddhartha, the son-in-law of former Karnataka chief minister SM Krishna, was reported missing from Mangaluru on Tuesday after leaving for the city from Bengaluru the previous night. Siddhartha, who was en route a business trip to Sakaleshpur, was last seen near Ullal bridge over the Netravati River, reported news agency PTI.
Siddhartha, 55, reportedly asked his driver to take him near the bridge, from where he got down and said he was going for a walk. “He (Siddhartha) asked the driver to wait till his arrival. When he did not return even after two hours, the driver approached the police and lodged a missing complaint,” deputy commissioner of Dakshina Kannada district Senthil Sasikant Senthil said.
In a purported letter, shared by news agency ANI and others, to the Board of Directors of his company and “Coffee Day family”, dated July 27, Siddhartha said he had “failed to create the right profitable business model”, and said he was “very sorry to let down all the people that put their trust in me”. Meanwhile, the shares of the coffee chain plunged 20 per cent in early trading on Tuesday.
“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 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,” Siddhartha wrote.
