I am very sorry to let down all the people that put their trust in me, he wrote in the letter
They said the businessman had admitted holding stash income after raids were conducted against him and his concerns
Siddhartha, around 60, currently has 200 exclusive retail outlets selling his brand of Coffee Day powder all over South India
The news emerged after the Mangaluru City Police started a search
VG Siddhartha said in a letter two days ago he felt harassed when the department attached has shares.
KKR in a statement on Tuesday said it had invested in the popular coffee chain nine years ago and part-exited the investment last year
Experts say the counter will remain under pressure in the short-term till there is clarity on who runs the business
Siddhartha, the son-in-law of former Karnataka chief minister S M Krishna, was reported to have gone missing after he left from Bengaluru on Monday night
The group diversified and forayed into real estate, hospitality, logistics in recent years
Siddhartha said he had never intended to cheat or mislead anybody and that there were adequate assets to repay everybody
Coca-Cola Atlanta office is leading the talks to acquire a substantial stake in the coffee chain
CCD to focus on 'affordability' and 'value-conscious customers'
Over 25 offices and plantations of Coffee Day Enterprises, India's largest coffee chain and its promoter V G Siddhartha were searched by Income Tax officials, which the department said was a routine search to look for unaccounted wealth.An entrepreneur who opened India's first cyber cafe in 1998 and launched the brand, Siddhartha, is among the country's top exporters of coffee from the country. As an investor in technology firms, he has also backed IT services firm MindTree and among the few people who bailed out Infosys when its initial public offer was under subscribed.Siddhartha is the son-in-law of former Karnataka Chief Minister S M Krishna who had shifted allegiance to the Bharatiya Janata Party last year. As a back room in-charge, he helped Krishna and the Congress party win the 1999 assembly elections in Karnataka.A Income Tax spokesperson said that the search operations began on Thursday morning and was a routine exercise. Searches were conducted at its head quarters in ...
Local police said that no complaint was lodged in this connection so far