Most coffee lovers in India were shocked on Wednesday when they heard about the death of VG Siddhartha, the founder and owner of the Café Coffee Day chain. But what actually led the King of coffee to commit suicide?
Well, the reason is not completely unknown to us. We know that he went missing from Monday and a search operation was initiated early on Tuesday. The upshot of the whole matter was the revival of his body from the Netravati River in Karnataka on Wednesday. The reason behind the sequence of events being the pressure he received from private equity investors and the harassment he faced at the hands of tax authorities.
VG Siddhartha’s last official piece of communication was the letter he addressed to “our Board of Directors and Coffee Day family”. A quick glance through the entire document will reveal the details which led him to take the drastic decision.
The Karnataka Income Tax department, on the other hand, denied the allegations of harassment that were leveled against it in the letter. In a press release, the IT department has further gone on to state that the signature found on the note does not match with his signatures found on the annual report! This has led to the raising of eyebrows for pretty obvious reasons.
According to other reports, VG Siddhartha had a personal debt of Rs. 1,000 crore which might have been one of the strongest reasons for his anxiety. He wished everyone well in his departing letter, urging them to be strong. However, does the fall of such business magnates point to a change in the scheme of political and social issues in the future?
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