CCD owner’s suicide is a alarming signal for the country
VG Siddhartha Funeral
Bengaluru: The funeral of Cafe Coffee Day founder VG Siddhartha, whose body was found 36 hours after he went missing from a bridge near Mangaluru in Karnataka, took place at one of his coffee estates at his village in Chikkamagaluru district on Wednesday evening. Hundreds of people, including Karnataka Chief Minister BS Yediyurappa, senior Congress leader DK Shivakumar and other senior politicians, attended the funeral. The 60-year-old businessman was the son-in-law of former Karnataka chief minister SM Krishna.
VG Siddhartha’s body was found by two fishermen, floating in the backwaters of the Netravathi river this morning. It was handed over to his family after an autopsy.
Suicide Letter
His sudden disappearance came as a surprise and caused a loss of over Rs 800 crore in the market capitalisation of the listed Coffee Day Enterprises. Day before he went missing, Mr Siddhartha, 60, had reportedly written a letter to board members and employees of Cafe Coffee Day. The letter – accessed by news agency ANI – alleges harassment by an income tax officer and expresses regret for not being able to create “the right profitable business”.
He also said that he was under “tremendous pressure” from one of “the private equity partners”.
The investigating authorities said that the letter pointed to suicide.
Business men in India are harassed a lot
Business in India is highly prone to risk due to Unpredictable actions of Govt, Wrong notions of Courts, Market conditions, very thin profit margin, High competitiveness. High cost of funds and near zero liquidity facility to small businesses. And Top of that any businessman who is struggling or failed is treated as a Criminal in India.
