The death by suicide of noted businessman VG Siddhartha, founder of India's largest coffee retail chain Cafe Coffee Day, was received with shock, dismay and grief across India's business community. Anand Mahindra, Kiran Mazumdar Shaw, Mohandas Pai and several others commented on the circumstances surrounding his death, the alleged tax harassment, the terms of private equity investments and also on business failure.
I gave it my all, sorry to let down people: CCD owner's letter to board
July 30, 2019
Read @ANI Story | https://t.co/B9oj1dNBhW pic.twitter.com/JZpYoiC3pKIn what seems like the last letter he wrote before his death Siddhartha said he couldn't handle the pressure from lenders, a private equity investor seeking an exit and an aggressive tax department move to seize his shares. He also blamed himself for failing to “create the right profitable business model”.
Businessmen and ordinary folk reacted on social media by drawing attention to the challenges entrepreneurs face in India and why failures should not be demonised.
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
July 30, 2019It seems to indicate that the Private Equity fund manager acted like a money lender n seems to have caused unbearable stress - needs to be investigated pic.twitter.com/DYKjTnRU0Q
July 30, 2019I hv been maintaining for a long time that many PE investors come in as equity investors- mislead public investors with their presence- but are actually debt investors in disguise with minimum guaranteed returns etc
July 30, 2019
Every deal of PE related to listed shares should be made publicI 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.
July 30, 2019Former Infosys director, Mohandas Pai (@TVMohandasPai) speaks to @fayedsouza about #VGSiddhartha's suicide. Says, 'The tax justice system is broken in India. We must request to our PM & FM to intervene & stand-up for us to show that they're there to protect honest taxpayers'. (2) pic.twitter.com/CZWD1YLQml
July 31, 2019#VGSiddhartha
July 31, 2019
My #cartoon for @firstpost
More: https://t.co/d7EQajuG8i pic.twitter.com/mgeMG2HqLRSaddened to hear about #VGSiddhartha.Let's start having open conversations about mental well-being, the stresses that are unique to entrepreneurs & how to build a support system of peers & professionals.#CCD #Mentalhealth #entrepreneurs @ASCENTweets @mariwalahealth @CareGapIndia
July 31, 2019Founder of India's largest coffee chain
July 31, 2019
Gave employment to nearly 50 thousand employees. coffee day was no less than Starbucks in India..
U have definitely not failed sir just the system and government failed to protect you..#RIPSiddhartha #VGSiddhartha pic.twitter.com/ERrv3DT9hf#RIPSiddhartha
July 31, 2019
A company may fail. A product and even idea can fail. An entrepreneur will never.
Mr. V.G. Siddhartha, you never failed.#RIPSiddhartha pic.twitter.com/sQAg2vznIDSiddhartha, the son-in-law of former Karnataka Chief Minister SM Krishna could not escape politics even in death. Both the Congress and the Bharatiya Janata Party bickered on social media regarding the circumstances around his death.
#VGSiddhartha was a family friend n son-in-law of #SMKrishna a leader i admire a lot.
July 30, 2019
I will work wth others n do whtever it takes to ensure that he is found and the true circumstances of his disappearance revealed. 🙏🏻@BSYBJP @AmitShah @BJP4KarnatakaA sad day for Coffee in India; it couldn't survive the 'taxing' demands of the Chai!#RIPSiddhartha pic.twitter.com/X36WLRFBOd
July 31, 2019Opportunistic political vultures flocking in full force totally disconnected from the emotions of family members of #VGSiddhartha
July 31, 2019
Investigation will reveal the facts behind this tragic incident.
Until then respect the sentiment of masses & display some humanity if left with any https://t.co/X37Ef71jh9Cafe Coffee Day outlets across the country downed shutters to mark the loss of their founder.
Today we remember the legend that inspired us all. Thank you Chairman VG Siddhartha for your vision, leadership and the great legacy. pic.twitter.com/tYMiglgofe
July 31, 2019And many loyal customers took to social media to express their support and recount stories of how Cafe Coffee Day was an integral part of their social lives, and sometimes even work.
#VGsiddartha made a nation of chai drinkers believe that a lot can happen over coffee.
July 31, 2019
Thank you for all the memories. #RIPSiddhartha#RIPSiddhartha
July 31, 2019
i am not allowed to go anywhere, as I've strict parents. I went to CCD for the first time alone, dating myself. I'm sharing this picture, because I wanna tell you that you didn't loose, actually you won our hearts by founding such marvelous cafe. pic.twitter.com/N1uxm2A1cWCCD was our Thumbs Up before Coke, our GoldSpot ZingThing before 7-Up, our desi middle class Coffee before we knew Latte, our meeting place before We Work, our middle class hope before we got trendy and gentrified.A lot will always happen over coffee #CafeCoffeeDay #VGSiddhartha
July 31, 2019From the day of my Business inception & till today, All meetings take place at some #CCD or the other, Can't think of any other Venue. Thank You #VGSiddhartha Sir for creating such an Iconic brand, May Your Soul RIP. #CCDmemories. Hoping the Promoters come out stronger than ever.
July 31, 2019I had my frst coffee date at CCD(2017)
July 31, 2019
Alotcanhappenoveracoffee❤#RIPSiddhartha 😇 pic.twitter.com/pd23HS0aWcI just bought one share in CCD. As a tribute to VG Siddhartha. I know it's circuit down and may go down a lot more but a share now costs less than a cup of coffee...
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