NEW DELHI: Amid scores of Opposition MPs raising the suicide of Cafe Coffee Day founder V G Siddhartha and alleging tax terrorism, Finance Minister Nirmala Sitharaman said the spirit of the Insolvency and Bankruptcy (amendment) Bill is not to allow companies to die but guide them for resolution.
The BJD leader in Lok Sabha Pinaki Mishra referred to Siddhartha’s suicide while taking part in the discussion.
TDP MP Jaydev Galla too noted that there’s stress in the corporate world.
He argued that entrepreneurs shouldn’t be victimized.
Trinamool MP Saugata Roy alleged that tax terrorism drove Siddharth to suicide.
“The spectre of tax terrorism is prevailing in the country,” said Roy, while wondering how the finance minister sleeps at night with non-performing assets amounting to Rs 10.50 lakh crore.
Replying, Sitharaman said business failures shouldn’t be taboo.
“The spirit of the IBC Bill is to ensure honourable exits for such entrepreneurs.”
‘Govt pushing Bills’
The opposition on Thursday accused the government of pushing through Bills without consulting other parties.
Congress leader in the House Adhir Ranjan Chowdhury, Saugata Roy (Trinamool) and Kanimozhi (DMK) accused the government of bringing Bills for consideration and passage at the last moment, giving little time for debate.
However, Parliamentary Affairs Minister Pralhad Joshi said the issue was discussed in the business advisory committee meeting.