Letters

An unfortunate end

| Updated on August 01, 2019 Published on August 01, 2019

The recovery of the body of Café Coffee Day founder VG Siddhartha, who went missing near the Netravathi bridge in Manguluru on July 29, by the Karnataka police has marked the end of a glorious journey of an inspiring entrepreneur who ushered in the café culture in the country. Hailing from Chickmagaluru district, known for its widespread coffee plantations, Siddhartha went on to become a pioneer in the coffee retailing business. After establishing Café Coffee Day as a perfect hangout place for the youth, entrepreneurs and families alike, Siddhartha had forayed into diverse businesses, but his love for coffee had never diminished until the end. The mysterious circumstances surrounding his death need to be thoroughly investigated. Truth must be revealed.

M Jeyaram

Sholavandan, TN

Congress at sea

With reference to 'Leadership vacuum costs the Congress dear as more leaders join the BJP' (July 31), there can't be two views about the fact that the Congress party's unduly prolonged indecisiveness in finding a suitable replacement for Rahul Gandhi is costing the party dear. What else could explain the fact that, of late, there has been some unusual exodus from this party? Interestingly, Sanjay Sinha, a senior leader and Rajya Sabha member considered close to the first family of the party, has also submitted his resignation from the Congress and from the Upper House and is all set to join the BJP. Rajasthan and Madhya Pradesh continue to be on the BJP’s radar and we may soon get to see many more such migration to its fold.

Incidentally, it may be pertinent to recall that the recent resignations of the Congress and Janata Dal (S) members eventually culminated in the ignominious defeat of the combine in the trust vote at the behest of the BJP in Karnataka. But, strangely, the party high command never cared to intervene and amicably sort out the matter.

However, the moot question always remains: Why the Congress party’s CWC continues to be in passive mode and is avoiding taking a decision on its chief? Will it be Jyotiraditya Scindia, Milind Deora or Priyanka Gandhi Vadra? It is a different matter that Rahul Gandhi is understood to be strongly against her taking over the party’s reigns. But why? Any guesses?

Kumar Gupt

Panchkula, Haryana

Corporate governance issues

Apropos the news about the promoter of Café Coffee Day (July 31). While one feels sad for the manner in which the end came, the development opens many questions. How a company with a gross block of just ₹5 crore without any manufacturing activity could manage to get so much loans and investments? The company has invested in many subsidiaries in different lines of business without any ostensible synergy. Was the company a mere conduit for the investments?

If PE funds persisted on immediate buyback of shares, are they privy to some vital information? As reported, if there is unaccounted income which is under IT scrutiny, does it not speak poorly about corporate governance of the group? Is this another case of corporate fraud? There is more to this than meets the eye.

M Raghuraman

Mumbai

Assist entrepreneurs

It is a fact that employment, public and private, tend to offer a better quality of life for the people. At present, a considerable number of positions are lying vacant in both the Central and State governments. Entrepreneurs play a significant role in supplementing the government’s efforts to create employment opportunities which in turn translate into higher economic growth.

Farmers failing as entrepreneurs and ending their life is not uncommon. Now, entrepreneurs from different walks of life, too, are succumbing to stress and ending their lives.

Certainly, there will be much debate in the media on the role of debt, manipulation of accounts, tax-related harassment, and so on, in such incidents. But in a functioning democracy it is the duty of the government to provide the required climate to facilitate entrepreneurs’ growth.

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RT Rajasekaran

Bengaluru

Published on August 01, 2019
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