July 25, 2021
Latest News

Missing CCD founder Siddhartha’s alleges IT Dept For harassment in his letter

Cafe Coffee Day founder V G Siddhartha was found missing from Monday morning. A letter written by Siddhartha was found, where he adressed “The Board of Directors and Coffee Day family,” was confirmed genuine by the police officials.

In the letter he blames financial troubles and harassment from Income Tax authorities that was dated on July 27. “We are in the knowledge of the said letter found in Bengaluru. But presently our focus on the search operations and are yet to recover the said letter and bring it on record in the case,” said a senior official.

In the past 37 years he was an investor of 30,000 jobs in his firms and 20,000 jobs in a technology firm. In the letter Mr. Siddhartha said “I have failed to create the right profitable business model despite my best efforts.”

He narrates a tale of financial distress in the letter. He said: “I fought for a long time, but today I give 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.”

In the letter he also alleged harassment from Income Tax authorities. “There was a lot of harassment from the previous Director General of Income Tax in the form of attaching our shares. On two separate occassions to block our Mindtree deal and then taking a position of our Coffee Day shares, although the revised returns have been filed by us. This was very unfair and led to a serious liquidity crunch.”.

He apologised and said he was sorry to let down all the people that put their trust in him. “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,” he said in the letter.

He also attached a list of assets and their tentative value with the letter. “…our assets outweigh our liabilities and can help repay everybody,” he concludes the letter.

Earlier in the letter he requests to continue running the business 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 said.

Pic Courtesy: google/ images are subject to copyright


Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *