Due To Financial Troubles, The Founder Of Cafe Coffee Day Was Found Dead
Founder of India’s largest coffee chain was gone missing after purportedly writing a letter that apologizes for his failures and attacks tax officers of harassment.
V.G. Siddhartha, the chairman and managing director of Café Coffee Day Enterprises, has not been “reachable” since Monday night, the company said in a news release. The Bengaluru-based enterprise is the guardian firm of the Café Coffee Day chain.
“We’re shocked by this development, and our thoughts and prayers are in support of his family and family members,” the release stated, including that the board is “formulating acceptable steps to make sure enterprise operations are unaffected, and has resolved to cooperate with authorities.” The corporate’s information release included a letter that it stated was “purportedly” signed by 59-year-old Siddhartha. The letter, dated July 27, stated he had “failed as an entrepreneur,” referencing Coffee Day’s internal financial struggles.
“I gave up as I couldn’t take any more strain from one of the private equity partners forcing me to purchase back shares,” the letter said. “I want to say I gave it my all. I’m very sorry to let down all of the those that put their trust in me. I fought for a very long time; however, today, I gave up as I couldn’t take any more pressure from one of many private equity partners forcing me to buy back shares.”