My Intention Was Never To Cheat Anyone: VG Siddhartha Letter To Board

Hyderabad: The founder of India's largest coffee chain Cafe Coffee Day and the son-in-law of former Chief Minister of Karnataka SM Krishna, VG Siddhartha, who went missing had written a letter to CCD employees and board of directors of CCD saying he had failed the firm and his colleagues. This had led to the speculation that he might have committed suicide. The letter was signed on July 29.

"I am very very sorry to let down all the people who had put their trust in me. I have failed as an entrepreneur. I fought for a long time, but 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 completed six months ago by borrowing a large sum of money from a friend. Tremendous pressure from other lenders led to me succumbing to the situation,” the letter read.

Read the full letter here:

Also Read: CCD Founder And SM Krishna’s Son-in-Law VG Siddhartha Missing From Mangalore