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Congress, BJP indulge in war of words over CCD founder VG Siddhartha's death

Congress says "harassment by the I-T officials" has resulted in a decline in the country's entrepreneurial position, the BJP asks it to "display some humanity"

twitter-logoBusinessToday.In | July 31, 2019 | Updated 21:52 IST
Congress, BJP indulge in war of words over CCD founder VG Siddhartha's death

A political war of words has erupted in Karnataka after coffee king VG Siddhartha's alleged suicide. Referring to Siddhartha's last letter to CCD employees and its board, the state Congress unit said "harassment by the I-T officials" had resulted in a decline in the country's "entrepreneurial position". The BJP's state unit slammed the party for being opportunistic and asked it to "display some humanity".

The Congress accused the BJP of using "tax terror" and said the companies that flourished under the UPA regime are being forced to shut down during the BJP's tenure. "VG Siddhartha case is very unfortunate. Result of harassment by IT officials & decline of India's entrepreneurial position turning virulent by the day, with Tax Terror & collapse of economy Companies which flourished under UPA have been shut down with many people being jobless," the Congress tweeted.

Former Karnataka CM and senior Congress leader Siddaramaiah said Siddhartha's letter talked about "tax terrorism, which is an ugly face of politically motivated institutions". He added the country was sending a wrong signal to the budding entrepreneurs by not making efforts to reform.

Also read: Cafe Coffee Day stock falls 20% to hit historic low after death of founder VG Siddhartha 

Congress MP from Kerala Shashi Tharoor said CCD founder-owner VG Siddhartha's death had reflected a deeply worrying trend, whose consequences could be much bigger. "Ease of Doing Business' under BJP translates into 'Ease of Ending Business'. The VG Siddhartha tragedy reflects the worst of a broader, deeply worrying trend," he said.

The state BJP unit, however, accused the Congress of playing with the emotions of the family members of the businessman and asked it to show some "humanity" and "respect the sentiments of the masses". "Opportunistic political vultures flocking in full force disconnected from the emotions of family members of VG Siddhartha Investigation will reveal the facts behind this tragic incident. Until then respect the sentiment of masses & display some humanity if left with any," the BJP said.

Also read: Which private equity partner forced CCD founder to buy back shares?

CCD founder-owner VG Siddhartha's body was recovered around 6:50 am on Wednesday. He was missing from the Nethravathi dam site in Karnataka since Monday evening. The tycoon in his last letter had alleged "harassment" by the tax authorities and immense pressure by one of the private equity investors in his company, Coffee Day Enterprises. Siddhartha's company had a total debt of over Rs 6,500 crore.

Edited by Manoj Sharma

Also read: 76% equity owned by VG Siddhartha-led promoter group had been pledged

Also read: From 1 store in 1996 to 2,100 today, how coffee king made CCD a global brand 

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