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Business failure must not be looked down upon: FM on CCD owner's death

  •   Fri, Aug 02 2019 08:17:46 AM

New Delhi, Aug 2 (IANS): Union Finance Minister Nirmala Sitharaman on Thursday said business failures in the country "should not be tabooed, or looked down upon" and businessmen should get an honourable exit or resolution in the letter and spirit of the Insolvency and Bankruptcy Code (IBC).

Sitharaman was reacting to the death of Cafe Coffee Day founder V.G. Siddhartha during the debate on the IBC in the Lok Sabha.

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

Siddhartha's body was found on the banks of the Netravathi river in Karnataka on Wednesday. In a letter purportedly written by him, Siddhartha alleged, among other reasons, harassment by the Income Tax department as the cause for taking his own life.

The I-T department has denied the charges.
  

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Comment on this article

  • Ahmed K.C., Mangalore

    Fri, Aug 02 2019

    If that so, please support Mr. Vijay Mallya.
    Take Rs. 6500 Crore which he was offering initially when he landed in UK.
    For rest of the money give him time to settle.
    Losses in business is not a financial irregularity.
    But, those Ponzi schemes are most certainly financing frauds and irregularities.

    DisAgree Agree [4] Reply Report Abuse

  • El En Tea, Mumbai

    Fri, Aug 02 2019

    One side she is absolutely right
    Must no look down just fled the country for good like Lalit Nirav Modi Choksey and rest.

    DisAgree [1] Agree [3] Reply Report Abuse

  • mohan, Mangalore

    Fri, Aug 02 2019

    India most corrupt departments are .. 1....I.T. departments and ... 2... excise departments.. these two departments most corrupt and very much dangerous to those who would not pay them monthly or annually instruments to these two departments....

    DisAgree [2] Agree [3] Reply Report Abuse

  • Santosh Santhu Vas, Bangalore

    Fri, Aug 02 2019

    Our present FM has no idea of Economic's and Finance, she is a misfit here as much as in Defense.

    The right person would be Mr. Piyush Goyal, he is a Chartered Accountant, has vast experience in the private sector, and has done extremely well handling the Railways.

    The PM ruined the nation's economy by his ill conceived midnight dream and drama of demonization, the hastily implemented GST is another flaw.

    MSME's are going down hill, only smart operator's like the Gujju's and Marwadis will survive, even Multinational companies, big Indian corporate's will find the going tough in the present scenario. This Government is only focusing on Mandir & Masjid, Cows and Lynching.

    DisAgree [1] Agree [4] Reply Report Abuse

  • Shilpa, Mangalore / Sydney

    Fri, Aug 02 2019

    It is safer to do business outside India. Those days are gone when people could do anything. Bribing the politicians, government departments and providing annual hafta to these goons does not exist in other coutries. No one knows the hassle and the amount of money lended from the bank to establish a business. But these corrupt politicians want your money end of the day whether you make profit or not, is not their concern.

    DisAgree [1] Agree [3] Reply Report Abuse

  • Krishna Dasa, Udupi,.

    Fri, Aug 02 2019

    If Indians find opportunity in making real money Indians will be Last one on earth in paying tax or giving to charity. (That includes my own family) Indians are too smart in helping themselves.
    Smart Indians will pay small amount in bribes to Politicians & bureaucrats, make full use of cheep Indian labor and move wealth to overseas.
    We see millions of Indians are investing in economy of Europe, North America, Dubai, Singapore or moving money to tax havens in small Caribbean countries with the blessings of fellow Indians in Government and Politics. May Krishna save India.

    DisAgree [3] Agree [1] Reply Report Abuse

  • flavian dsouza, chik/bengalur

    Fri, Aug 02 2019

    Govt should bring in the right policy changes . IT dept and some institutes have too much power ..just keep sending any notice and quote any clause ...and they themselves are most corrupt

    DisAgree Agree [6] Reply Report Abuse


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Title: Business failure must not be looked down upon: FM on CCD owner's death



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