London | Fugitive businessman Vijay Mallya has come to the defence of CCD founder VG Siddhartha and talked about the similarities between both of their cases.
Callin him an “excellent and brilliant entrepreneur”, Vijay Mallya has alleged that government agencies and banks can drive anyone to despair.
“I am indirectly related to VG Siddhartha. Excellent human and brilliant entrepreneur. I am devastated with the contents of his letter. Govt Agencies and Banks can drive anyone to despair. See what they are doing to me despite my offer of full repayment. Vicious and unrelenting”, he wrote on Twitter.
Vijay Mallya also accused the government of obstructing all of his ways to repay debt.
“In Western Countries, Government and Banks help borrowers repay their debts. In my case, they are obstructing every possible effort for me to repay my debt whilst competing for my assets. As far as the prima facie criminal case goes wait for the appeal granted”, he added.
VG Siddhartha who had been missing since July 27, was found dead on Wednesday early morning along the banks of the river near Mangaluru.
VG Siddhartha’s letter
Cafe Coffee Day founder VG Siddhartha had reportedly written a note addressed to the company directors and staff few days before going missing in Mangaluru.
In the letter, Siddhartha has apologised for “failing to create the right profitable business model”.
“I have failed to create the right profitable business model despite my best efforts. I would like to say I gave it my all. I am very sorry to let down all the people that put their trust in me. I fought for a long time but today I gave up as I could not take any more pressure”, he wrote in the letter.
Siddhartha also mentioned that he had been facing harassment from equity partners and tax officers.
“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. 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… This was very unfair and has led to a serious liquidity crunch”.