“My intention was never to cheat or mislead anybody, I have failed as an entrepreneur,” he said. Siddhartha said he had faced “a lot of harassment” from the tax authorities. I fought for a long time but today I have given up as I could not take any more pressure from one of the private equity partners forcing me to buy back shares,” the letter said. “I am very sorry to let down all the people that put their trust in me. In a letter apparently written by Siddhartha, he admitted that he had made mistakes but said he had been put under pressure by lenders and tax authorities. The business had come under pressure and in 2017 Siddhartha’s properties in several cities were raided by tax officials. Siddhartha was reportedly in talks with Coca-Cola about selling a large stake in Cafe Coffee Day. The chain has more than 1,700 stores, mainly in India but also in Malaysia, Egypt, the Czech Republic and Austria. He created that culture,” said AK Prabhakar, the head of research at IDBI Capital Markets. “At that time we never had a culture of going out and having a coffee in the morning. ![]() Its air-conditioned shops and comfy seating offered a meeting place for students and businessmen alike, and it became the biggest coffee chain in the country – holding off Starbucks thanks to cheaper prices. Siddartha, from the Chikmagalur district of Karnataka state, established Cafe Coffee Day in 1996. Opposition politicians have called for an inquiry into Siddhartha’s death amid suggestions that he had been harassed. ![]() Indian media outlets quoted from a letter, apparently sent by Siddhartha to shareholders, citing financial problems and alleged pressure by tax authorities.
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