"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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Never sought bribe from Shah Rukh Khan to spare his son in drugs case: Sameer Wankhede
Mumbai (PTI): Former NCB Mumbai zonal director Sameer Wankhede told the Bombay High Court on Monday that he never demanded or took a bribe from actor Shah Rukh Khan to spare his son Aryan Khan following the latter's arrest in a cruise drugs case.
Wankhede's counsel, Aabad Ponda, was arguing the Indian Revenue Service (IRS) officer's plea seeking to quash the FIR registered against him in May 2023 by the Central Bureau of Investigation (CBI) on charges of corruption and bribery.
Ponda told a bench of Chief Justice Shree Chandrashekhar and Justice Suman Shyam that Wankhede never demanded or took a bribe from Shah Rukh Khan.
As per the CBI FIR, Wankhede and the other accused in the case allegedly demanded Rs 25 crore from the actor to give a clean chit to his son in the drugs case.
However, Ponda told the court on Monday that the CBI has no evidence to establish that Wankhede demanded or received any bribe.
The Narcotics Control Bureau (NCB) had received a tip-off about alleged drugs on the cruise ship Cordelia. A search was conducted in accordance with the law and a few persons, including Aryan Khan, were arrested, the counsel added.
The high court said it would continue hearing the plea further on Tuesday.
The CBI had registered the case against Wankhede and others on charges of criminal conspiracy (Indian Penal Code section 120-B), and threat of extortion (388 IPC), as well as bribery under the Prevention of Corruption Act on a complaint from the NCB.
Aryan Khan was arrested in the alleged drug bust case on the Cordelia cruise ship on October 2, 2021.
Later, the NCB filed a charge sheet in the case against 14 accused, but gave a clean chit to Aryan Khan.
The much-hyped case took a twist in 2021 when an 'independent witness' claimed that an NCB official and other persons, including a witness, demanded Rs 25 crore to let off Aryan Khan.
The NCB later conducted an internal vigilance probe against Wankhede and others and shared the contents with the CBI, leading to the registration of the case against him.
Based on the CBI's FIR, the Enforcement Directorate also registered a case against Wankhede, accusing him of money laundering.
