I have failed as an entrepreneur, said CCD founder Siddhartha in letter

WION Web Team
New Delhi, IndiaEdited By: Riya GuptaUpdated: Jul 30, 2019, 10:54 AM IST
main img
Netravati River in Mangaluru. Photograph:(ANI)

Story highlights

Meanwhile, Coffee Day Enterprises shares shed 20 per cent in the early trade on Monday morning after the news of missing went viral.

Cafe Coffee Day (CCD) founder VG Siddhartha has been missing since Monday night, reports said. He went missing near Netravati river in Mangaluru, reports added.

A letter written by Siddhartha to board member and his employees surfaced on Tuesday saying, ''I have failed as an entrepreneur.''

''After 37 years, with strong commitment to hard work, having directly created 30,000 jobs in our companies and their subsidiaries. I have failed to create the right profitable business model despite my best efforts,'' Siddhartha wrote in the letter.

''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,'' Siddhartha further wrote.


Meanwhile, Coffee Day Enterprises shares went down 20 per cent in the early trade on Monday morning after the news of Siddhartha going missing went viral.

Basavaraj who was driving Siddhartha in Innova car before he went missing said, "I have been working for him for the past three years. On Monday I reported for duty from his residence at 8 am and drove him to his Vittal Mallya office and returned home at 11 am. At 12:30 he asked me to drive towards Sakleshpur and then later he asked me to drive to towards Mangalore and just before we were about to enter the Mangalore circle, he asked me to take a left because he wanted to visit some site."

"When we reached the Kerala highway, he asked me to stop at the bridge and drop him there. I was told to wait on the other end. At 8 pm I called him but his phone was switched off. Then I called up his son, who also tried calling him. I later filed a complaint after we couldn't trace him", the driver added.

The search operation is underway near Netravati river with inflatable boats being used to search the river.

Mangaluru Police Commissioner, Sandeep Patil said: ''Boat service and help of local fishermen being taken to conduct search operation in the Indravati river. We are checking with whom all he spoke last.''

After the news went viral, many people gathered outside the former chief minister's house in Bengaluru.

Karnataka chief minister BS Yediyurappa, Congress leader DK Shivakumar and BL Shankar visited SM Krishna at his residence early morning on Tuesday.