VG Siddhartha missing case: From harassment to unfair treatment, startling claims made in the letter
Suicide is suspected, police have revealed. The letter has been purportedly written to the Board of Directors and employees of Coffee Day Enterprises.
VG Siddhartha missing case: Some startling claims have been made in the letter allegedly written by Cafe Coffee Day owner and founder VG Siddhartha, who reportedly went missing after he left from Bengaluru on Monday night. Suicide is suspected, police have revealed. The letter has been purportedly written to the Board of Directors and employees of Coffee Day Enterprises. Here are some of the key things and startling claims from the VG Siddhartha letter:-
Lot of harassment from the previous DG Income Tax
The letter said that 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 taking possession of our Coffee Day shares, although revised returns have been filed by us".
Unfair; led to liquidity crunch
"This was very unfair and has led to a serious liquidity crunch," the letter alleged.
Could not take any more pressure
"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".
"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."
Never wanted to cheat
The letter said the law should hold him accountable, as he had withheld this information from everybody including his family. Claiming that his intention was never to cheat or mislead anybody, he said, "I have failed as an entrepreneur. This is my sincere submission. I hope someday you will understand, forgive and pardon me".
Siddhartha said "...our assets outweigh our liabilities and can help repay everybody".
Failed to create the right profitable business model
"After 37 years, with strong commitment to hard work, having directly created 30,000 jobs in our companies and their subsidiaries, as well as 20,000 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."
Very sorry to let down all the people
"I would like to say I gave it my all. I am very sorry to let down all the people who have put their trust in me."
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
03:10 PM IST