Cafe Coffee Day founder VG Siddhartha was found dead in the Netravati river in Karnataka.

The issue of alleged suicide of noted entrepreneur VG Siddhartha came up in Rajya Sabha on Thursday, with a Trinamool Congress member urging the government to introspect and take steps to win back confidence of investors and entrepreneurs.

Raising the issue during the Zero Hour, Sukhendu Sekhar Roy said the government should remove misgivings and the sense of "despair" prevailing in the industry and take steps to win the confidence of investors.

He said the death of the renowned entrepreneur, who ran a chain of popular coffee outlets Cafe Coffee Day, has caused shock and agony among Indian corporates in particular and minds of people in general.

He pointed to a purported letter written by him to the board of directors of the company, from which it appears that he was under tremendous pressure from other stakeholders as well as an official of the Income Tax department.

Cafe Coffee Day founder VG Siddhartha was found dead on Wednesday in the Netravati river in Dakshina Kannada district of Karnataka.

Mr Roy said, "The matter is very serious. While the government has taken several steps for ease of doing business, according to reports about 5,000 billionaires have left the country last year itself. If we fail to regenerate the confidence of industrialists and investors, the growth rate will decrease alarmingly and unemployment will also increase".

"Let the government introspect as to why an environment of despair is looming large among industrialists and investors, including people like whom I mentioned had to commit suicide.

"The government has to introspect and take adequate measures so that the confidence of corporates and investors are regained," he said in the house.

A number of members associated themselves with the issue raised by the TMC member.