Anand Mahindra on VG Siddhartha’s death: Let business failure not destroy self-esteem

VG Siddhartha, the founder of India's biggest coffee chain, has been confirmed dead days after he purportedly wrote a letter indicating he was anxious about pressure from banks, investors and the tax authorities. (Bloomberg)

NEW DELHI: In the wake of Cafe Coffee Day (CCD) founder VG Siddhartha’s death, noted industrialist Anand Mahindra has advised entrepreneurs to not allow business failure to destroy their self-esteem.

“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,” Anand Mahindra tweeted.

After being missing for two days, Siddhartha’s body was found in Mangaluru today. He is suspected to have jumped off a bridge on Monday evening after getting down from his car.

Two days before he went missing, Siddhartha had purportedly written a letter indicating he was anxious about pressure from banks, investors and the tax authorities. He also mentioned that there were certain transactions of which no one in the company or his family was aware of.

The authenticity of the letter is, however, yet to be verified.

Coffee Day Enterprises board has initiated a probe into past transactions made by the company and Siddhartha. Shares in Coffee Day hit their lower limit for the trading day and plunged 20% to a fresh all-time low of 122.75 rupees on Wednesday, fresh off the back of another 20% slide on Tuesday.

Siddhartha, his family and their holding companies pledged or encumbered about 75.7% of their stake in Coffee Day toward various borrowings. Coffee Day’s 2018 annual report showed Siddhartha had personally guaranteed most of the borrowings.

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