The owner has been missing and it is alleged that he committed suicide on Monday night
No one has seen CCD owner, V.G. Siddharth since Monday night. And now that a letter from his has been retrieved, it is being anticipated that he has committed suicide. His last words to his board of directors and all the stakeholders are raising these speculations.
CCD owner, V.G. Siddharth’s last words are pointing towards possible suicide
This is what the letter reads
“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 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 have given 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 have given 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 taken possession of our Coffee Day shares, although the revised returns have been filed by us. This was very unfair and has led to a serious liquidity crunch.”
Furthermore, V.G. Siddhartha writes, “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 and 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.
So, after reading the letter by V.G. Siddhartha, do you think it is a piece of suicide news that is heading our way? Or is there more to the story? Share your views in the comments section below.