Business failure must not be looked down upon: FM Sitharaman on VG Siddhartha's death

New Delhi: 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 VG 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.