India’s largest coffee shop chain Cafe Coffee Day (CCD) founder went on missing on July 29. Police recovered his dead body after 36 ours 1 km away from where he jumped into the Netravali river.
This is a literal shock to India’s young entrepreneurial minds. What exactly happened that lead to the death of one of the influential businessmen?
‘’I would like to say I gave it all’’ Siddhartha wrote. “I am very sorry to let down all the people that put their trust in me. I failed as an Entrepreneur”. He wrote in his suicide letter. This situation pressed the nerve of India’s economic system.
VG Siddhartha had taken debt around Rs 1000 crore through entities that housed his personal holdings.
Devadarshini info tech Rs 542 crore, Gonibedu coffee Rs 450 crore, Coffee day consolidation Rs 200 crore, Sivan securities Rs 42 crore and additional debt around 3500cr.
Additional debt put unbearable pressure on VG Siddhartha, who was already dealing with the problem of short term debt.
Opposition political parties lashed out BJP for their ugly agenda, they said that the situation leads to the failure of government’s make in India concept as they failed to protect one of India’s biggest entrepreneurs from ending his life due to financial burden and harassment from the IT cell.
People got shocked after the death of CCD founder and they expressed their emotional opinions on social media sites.