Business Failure Shouldn’t Be Tabooed: FM After Siddhartha’s Death

Condolences poured in after Siddhartha’s body was recovered from the Netravathi river in Mangaluru.

VG Siddhartha.

(Photo Courtesy: Goodreturns.in)

Reacting to the death of Cafe Coffee Day (CCD) founder VG Siddhartha, Finance Minister Nirmala Sitharaman said on Thursday, 1 August, that business failures in the country should not be tabooed or looked down upon.

While responding to the debate on the Insolvency and Bankruptcy Code in Lok Sabha, Sitharaman said that businessmen should get honourable exit or resolution to the problem in letter and spirit of the IBC.

"Business failures in this country should not be tabooed or looked down. On the contrary, we should give an honourable exit or resolution to the problem in letter and spirit of the IBC," she said, referring to his demise.

‘Excellent Human’: Mallya, Bansal Pay Homage to Siddhartha

From politicians to industrialists, condolences had poured in as the remains of Siddhartha, who went missing on 29 July, was recovered from the Netravathi river in Mangaluru on Wednesday, 31 July.

Businessman Vijay Mallya called him an “excellent human” while former Flipkart CEO Sachin Bansal tweeted that he would remember him for his “energy and positivity”.

Fifty-eight-year-old Siddhartha, the man behind India’s largest coffee chain Cafe Coffee Day, was the son-in-law of former Karnataka chief minister and BJP leader SM Krishna.

Here’s what Anand Mahindra and Kris Gopalakrishnan tweeted:

‘Urge Govt to Probe the Case Thoroughly'

Former Karnataka CM Siddaramaiah and former Prime Minister HD Deve Gowda, among others, paid homage to the deceased.

“Siddhartha had a simple personality. I’ve known him for 35 years. He has been a beacon of life for scores of people. And I urge the government to investigate the case thoroughly,” Deve Gowda tweeted.