The power to tax is the power to destroy. VG Siddhartha who is the Founder of Café Coffee Day India’s as largest coffee chain and also the owner of Asia’s largest coffee estate is missing since Monday evening, 29 July. He headed for Sakaleshpur but on the way, he commanded his driver to head towards Mangaluru and he gets out of the car by saying that he is going for a walk but he did not return yet from that walk.
The driver has filed a missing report of VG Siddhartha. He has left a letter to the BOD stating that “after his efforts since the last 37 years he has not been able to set up a right profitable business model and he has failed as an entrepreneur.” He claims that he has been pressurised by his private equity partner to buy back shares of a transaction which he has partially completed six months ago. He had borrowed this money from a friend and due to tremendous pressure from other lenders had put him in a situation to make this decision. He was also harassed by DG income tax in the form of attaching his shares on two different occasions and block the MindTree and then taking the position of the coffee day shares.
According to the reports, Siddhartha stated that he himself responsible for all his mistakes, his team and family members are unaware. Now more than 200 policemen and about 25 divers are in search of him.