Nation Current Affairs 31 Jul 2019 I have failed, CCD f ...

I have failed, CCD founder VG Siddhartha

DECCAN CHRONICLE.
Published Jul 31, 2019, 1:48 am IST
Updated Jul 31, 2019, 1:48 am IST
Siddhartha asks the driver to drop him near Netravathi Bridge and waits at the other end of the bridge.
VG Siddhartha
 VG Siddhartha

Bengaluru: A letter purportedly written by the Coffee Day owner a few days before he went missing, has triggered doubts that  financial problems could be the reason for any extreme step Siddhartha could have taken.

“I have failed as an entrepreneur,” he said in the letter written to the Board of Directors and employees of Coffee Day Enterprises.

 

“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 a 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..... 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”, he said. “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,” he said.

Timeline
July 29

  • 8 am: V.G. Siddhartha leaves his Sadashivnagar residence for his office
  • 11 am: He returns home
  • 12.30 pm: Leaves home in car for Sakaleshpur. Once there, he asks driver to take him to Mangaluru.
  • 5.20 pm: Car crosses Brahmarakutlu toll plaza (18 km from Mangaluru)
  • About 6 pm: Car reaches Mahaveera circle and Siddhartha asks driver to go towards Ullal. He asks the driver to drop him near Netravathi Bridge and waits at the other end of the bridge. He moves to the other side of the road and walks on the bridge leading to Mangaluru.
  • 8 pm: Driver worried as Siddhartha has not returned or responded to his calls. As Siddhartha's mobile was switched off, he calls Siddhartha's son. Officials of Cafe Coffee Day and others arrive at the spot and decide to contact the police.

July 30

  • 12.30 am: Driver goes to Kankanady police station and lodges a complaint.
  • 12.45 am: Case registered.

The NDRF, Coast Guard, Home Guards, fire department coastal police local fishermen start search.

...
Location: India, Karnataka, Bengaluru




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