Cafe Coffee Day Owner VG Siddhartha Goes Missing

Cafe Coffee Day Owner VG Siddhartha Goes Missing

coffee coffee

Manguluru, July 30, 2019:

The founder of the wildly popular coffee brand, Cafe Coffee Day, VG Siddhartha, has gone missing, leading to mass speculations about his whereabouts.

Hours after he went missing from Mangaluru, a letter written by Cafe Coffee Day owner VG Siddhartha to the company has surfaced. In the letter, VG Siddhartha has apologised for having failed to create the right profitable business model despite his best efforts.

"I would like to say I gave it my all. I am very sorry to let down all the people that put their trust in me," reads the letter.

"...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," the letter adds.

The letter also adds that the CCD owner was harassed by an Income Tax Official.

The owner also took responsibility for CCD's financial misfortune in recent times. Cafe Coffee Day retail chain outlets founder VG Siddhartha has been missing since late on Monday from near Mangaluru in Karnataka.

Meanwhile, the shares of Coffee Day Enterprises Ltd plunged 20% on Tuesday after the company's founder VG Siddhartha went missing on Monday evening.

Café Coffee Day, founded in 1996, is an Indian café chain owned by Coffee Day Global Limited, a subsidiary of Coffee Day Enterprises Limited. Coffee Day serves 1.8 billion cups of coffee, annually, in six countries.

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