Siddhartha in a letter to staff admits his failure in business

Cafe Coffee Day founder VG Siddhartha, who went missing from Bengaluru since last evening, had a few days back written a note to his employees apologising for failing to create ‘a right profitable business model’

Siddhartha went missing after asking his driver to drop him off at the Netravathi bridge in Mangaluru as he wanted to take a walk. There was no sight of him an hour later and the driver alerted the family, and they in turn informed the authorities.

“I am very sorry to let down all the people who put their trust in me. I fought for a long time but today I gave up as I could not take any more pressure,” Siddhartha, the son-in-law of former Union Minister SM Krishna, wrote in the letter dated July 27.

“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.

Siddhartha, who started his CCD chain with an outlet in Bengaluru and soon rose 15,000 outlets, enclosed a list of assets and tentative value of each asset with the letter. “As seen our assets outweigh our liabilities and can help repay everybody,” he wrote signing off.

For Local News and Immediate Delivery, download our Android App