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Siddartha’s mail to board of directors says it all

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Bengaluru: While the search operation is on to trace Cafe Coffee Day promoter V G Siddartha who has reportedly gone missing from Mangaluru on Monday, an e- mail purportedly written by Siddartha addressed to his board of directors and Cafe Coffee Day family, says it all.

The opening lines read like this- After 37 years, with strong commitment to hard work, having directly created 30,000 jobs in our companies and their subsidiaries, as well as another 20,000 jobs in technology company where I have been a large share holder since its founding, I have failed to create the right business model despite my 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. 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 partially completed six months ago by borrowing large sum of money from a friend. Tremendous pressure from other lenders lead to me succumbing to the situation. There was a lot of harassnent from the previous DG of income tax in the form of attaching our shares on two separate occassions to block our Mindtree deal and then taking position of our Coffee Day shares, although the revised returns have been filed by us. This was very unfair and has led to a serious liquidity crunch.

I sincerely request each of you to be strong and continue running businesses with a new management. I am solely responsible for all the mistakes. Every financial transaction is my responsibility. My team, auditors and senior management are totally unaware of all my transactions. The law should hold me and only me accountable, as I have withheld this information from everybody including my family.

My intention was never to cheat or mislead anybody. I have failed as an entrepreneur. This is my sincere submission. I hope someday you will understand, forgive and pardon me.

I have enclosed a list of assets and tentative value of each asset. As seen below our assets outweigh our liabilities and can help repay everybody.

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