The tragic case of V G Siddhartha, founder of CCD who committed suicide by jumping into the river, Netravati, in Karnataka, exposes the perils of running a business in India. People of Karnataka ‘s Malnad region fondly remember him as he expanded the market for the coffee grown there, and also in the process employed thousands of youngsters. Siddartha, a successful entrepreneur who redefined the contours of coffee businesses in the country succumbed to the pressures and took his own life. In his letter to the Board of Directors and employees of CCD, he spoke about the harassment by DG Income Tax, by attaching his shares and blocking other business deals and how this unfair treatment led to a serious liquidity crunch. His words of exasperation “I am a failed entrepreneur" may well reflect the dark side of entrepreneurship. This is also an ugly example of how agency persecution is wrecking India’s growth story. But we call ourselves, great pioneers in ease of doing business.
I will try to put forth views of some of the top-notch entrepreneurs on Tax Terrorism. According to former Infosys Director Mohandas Pai, "the Tax justice system is broken in India. we must request our PM,&FM to intervene and stand up for us to show that they are there to protect honest tax payers”
Kiran Mazumdar Sha, MD Biocon, told a TV channel that “India has moved from License Raj to InspectorRaj. There is an effort to clean India Inc, but the pendulum can not swing from one extreme to the other. The government needs to exchange with honest businessman”
Entrepreneurs have for quite some time been pointing out that criminalising business failure is stigmatising it and making the revival of many firms that are in doldrums, more difficult. Siddartha’s Letter to the CCD shows how he was hounded by the IT Department. When a tax officer begins with the assumption that every individual or institution is indulging in fraud, the results will always be unpleasant. Reasons and the invisible hands that ended Siddhartha ‘s life in this tragic way should be unearthed through impartial and fair investigation.
I will try to put forth views of some of the top-notch entrepreneurs on Tax Terrorism. According to former Infosys Director Mohandas Pai, "the Tax justice system is broken in India. we must request our PM,&FM to intervene and stand up for us to show that they are there to protect honest tax payers”
Kiran Mazumdar Sha, MD Biocon, told a TV channel that “India has moved from License Raj to InspectorRaj. There is an effort to clean India Inc, but the pendulum can not swing from one extreme to the other. The government needs to exchange with honest businessman”
Entrepreneurs have for quite some time been pointing out that criminalising business failure is stigmatising it and making the revival of many firms that are in doldrums, more difficult. Siddartha’s Letter to the CCD shows how he was hounded by the IT Department. When a tax officer begins with the assumption that every individual or institution is indulging in fraud, the results will always be unpleasant. Reasons and the invisible hands that ended Siddhartha ‘s life in this tragic way should be unearthed through impartial and fair investigation.
