Tragic Death Of VG Siddhartha Has Businessmen Talking About Actual Ease Of Doing Business In India
VG Siddhartha wrote a letter to the board of Café Coffee Day and its employees. In the letter he wrote about how he failed as an entrepreneur and how he faced harassment from income tax officials over his business. It is believed that the bureaucratic hurdles that did not allow two key financial deals to go through drove the 60-year-old businessman to commit suicide. Back in 2017 SiddHartha was accused of tax evasion and the Income Tax dep...Read More
From the outside everything was looking good for VG Siddhartha, he had a thriving business and was well connected to the top politicians in the state. Given this background, the letter he wrote to the board of Caf¨¦ Coffee Day and its employees came as a surprise, even for people who knew him personally.
In his letter, Siddhartha wrote about how he failed as an entrepreneur and how he faced harassment from income tax officials over his business.
AFP/ FILE
It is believed that the bureaucratic hurdles that did not allow two key financial deals to go through drove the 60-year-old businessman to commit suicide.
Back in 2017, Siddhartha was accused of tax evasion and the Income Tax department had conducted raid across 20 locations in Mumbai, Bengaluru, Chennai, and Chikmagalur.
BCCL
Following Siddhartha's death several businessmen, including Anand Mahindra and others have spoken out about how the system is failing entrepreneurs.
"I did not know him & have no knowledge of his financial circumstances. I only know that entrepreneurs must not allow business failure to destroy their self-esteem. That will bring about the death of entrepreneurship," Mahindra wrote on twitter.
I did not know him & have no knowledge of his financial circumstances. I only know that entrepreneurs must not allow business failure to destroy their self-esteem. That will bring about the death of entrepreneurship. https://t.co/H4ysr8Ov3U
¡ª anand mahindra (@anandmahindra) July 30, 2019
"Such a shocking and sad end to a quiet n unassuming pioneer who started the coffee cafes business ahead of Starbucks in India," Biocon MD Kiran Mazumdar Shaw wrote.
Coffee Day Owner Alleged Harassment By Tax Officer In Letter: Report - Such a shocking and sad end to a quiet n unassuming pioneer who started the coffee cafes business ahead of Starbucks in India. https://t.co/SKgAJH3dAS
¡ª Kiran Mazumdar Shaw (@kiranshaw) July 30, 2019
"So heartbreaking. Had met him a few times - an absolute gentleman. How can someone get pushed so far to the edge in business, that they decide to take a fall themselves. I will always see his legacy as a very successful entrepreneur who brought coffee in our lives. My prayers", Snapdeal CEO Kunal Bahl wrote.
So heartbreaking. Had met him a few times - an absolute gentleman. How can someone get pushed so far to the edge in business, that they decide to take a fall themselves. I will always see his legacy as a very successful entrepreneur who brought coffee in our lives. My prayers ?? https://t.co/bXHh2vyKmW
¡ª Kunal Bahl (@1kunalbahl) July 30, 2019
"The V G Siddhartha news is just stunning. He certainly wasn't a failed entrepreneur! Black letter day for startups & entrepreneurship in India! Has to be said - new-age startups are lucky to be (largely) funded by equity, debt-driven businesses are far more harsh & stressful," Amit Ranjan, Co Founded SlideShare wrote.
The #VGSiddhartha news is just stunning. He certainly wasnt a failed entrepreneur!
¡ª Amit Ranjan (@amitranjan) July 30, 2019
Black letter day for startups & entrepreneurship in India!
Has to be said - new age startups are lucky to be (largely) funded by equity, debt driven businesses are far more harsh & stressful #CCD https://t.co/xDisccn2U1
Fugitive former liquor baron Vijay Mallya said that he is devastated after reading Siddhartha's letter. Mallya accused the govt agencies and banks of driving people to a point of hopelessness and despair.
I am indirectly related to VG Siddhartha. Excellent human and brilliant entrepreneur. I am devastated with the contents of his letter. The Govt Agencies and Banks can drive anyone to despair. See what they are doing to me despite offer of full repayment. Vicious and unrelenting.
¡ª Vijay Mallya (@TheVijayMallya) July 30, 2019
"I am indirectly related to VG Siddhartha. Excellent human and brilliant entrepreneur. I am devastated with the contents of his letter. The Govt Agencies and Banks can drive anyone to despair. See what they are doing to me despite offer of full repayment. Vicious and unrelenting," Mallya wrote.
Bobins Abraham is the Assistant News Editor at Indiatimes. He has more than twelve years of experience in TV and digital journalism. An avid student of history and geopolitics, he is a conservationist and environmentalist at heart. He writes on environment, sustainability, human-animal conflict and more.
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