"I have failed as an entrepreneur" V G Siddhartha in his letter to Cafe Coffee Day employees
Bengaluru: "I have failed as an entrepreneur," V G Siddhartha, who has gone missing, has said in a letter purportedly written to the Board of Directors and employees of Coffee Day Enterprises, he founded.
There was no immediate confirmation on whether the letter was written by him, though it was written in his letter head with signature.
"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 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", he said.
"I would like to say I gave it my all. I am very sorry to let down all the people that have put their trust in me," he said in the letter, widely circulated in the social media.
Siddhartha said he 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 a large sum of money from a friend".
"Tremendous pressure from other lenders lead to me succumbing to the situation", he said.
Siddhartha alleged in the letter that there was a lot of harassment from the previous DG Income Tax in the form of attaching "our shares on two separate occasions to block our Mindtree deal and then taking position of our Coffee Day shares, although revised returns have been filed by us".
"This was very unfair and has led to a serious liquidity crunch," he said.
"I sincerely request each of you to be strong and to continue running these businesses with a new management.I am solely responsible for all mistakes. Every financial transaction is my responsibility," Siddhartha said adding his team, auditors and senior management were "unaware" of his transactions.
Siddhartha said the law should hold him accountable, as he had withheld this information from everybody including his family.
Claiming that his intention was never to cheat or mislead anybody, he said, "I have failed as an entreprenuer. This is my sincere submission. I hope someday you will understand, forgive and pardon me".
Siddhartha said "...our assets outweigh our liabilities and can help repay everybody".
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Rupee settles 1 paisa higher to close at 94.15 against US dollar
Mumbai (PTI): The rupee settled with gains of just one paisa to close at 94.15 against the US dollar on Monday, as rising global uncertainty, escalating tensions in West Asia and soaring crude oil prices weighed on investor sentiments.
Forex traders said the INR/USD pair pared its initial losses, but the overall bias remains negative as FII sell-off and elevated crude oil prices restricted the gains for the local unit.
At the interbank foreign exchange market, the rupee opened at 94.25 against the US dollar, and touched an intraday high of 94.11 and a low of 94.28 against the greenback during the day.
At the end of Monday's trading session, the rupee was quoted at 94.15, registering a gain of just 1 paisa over its previous close.
On Friday, the rupee extended its losing streak for the fifth day in a row, depreciating 15 paise to close at 94.16 against the US dollar.
"The rupee snapped a five-session losing streak, rebounding in tandem with a rally across regional currencies. However, the mood remains apprehensive as the market braces for a potential RBI intervention around 94.30 and higher crude oil prices," said Dilip Parmar – Senior Research Analyst, HDFC Securities.
On the charts, the USDINR pair has reclaimed its upward momentum, carving out a classic bullish structure of higher highs and lows on the daily time frame, he said, adding that for the coming sessions, 93.80 serves as a support, with 94.40 acting as the primary hurdle.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.21 per cent at 98.32.
Brent crude, the global oil benchmark, was trading higher by 2.36 per cent at USD 107.82 per barrel in futures trade.
On the domestic equity market front, Sensex jumped 639.42 points to settle at 77,303.63, while the Nifty surged 194.75 points to 24,092.70.
Foreign Institutional Investors offloaded equities worth Rs 1,151.48 crore on Monday, according to exchange data.
Meanwhile, India's forex reserves jumped by USD 2.362 billion to USD 703.308 billion during the week ended April 17, the Reserve Bank of India (RBI) said on Friday.
In the previous reporting week, the forex kitty had increased by USD 3.825 billion to USD 700.946 billion.
