Tirupur: A 40-year-old businessman committed suicide after allegedly suffering a heavy loss in the knitwear garment production industry in Uthiyur right here on Sunday.
V Manikandasamy of Sankaradampalayam in Dharapuram taluk was operating for a garment production unit for seven years before acquiring the firm three years ago. "He had invested more than Rs 15 lakh in the unit at Samundipuram on Avinashi Road. It was dedicated to domestic garment buyers," a police officer stated.
"He had borrowed heavily from private moneylenders to start the unit. The business was doing good for the first two years. However, after the demonetisation drive was launched, his company did not get orders. Its survival was further hindered when the Union government implemented GST," Manikandasamy's wife Sri Vidhya stated.
The businessman was suffering to pay off the loans and had to promote the machines to pay to the lenders. He had closed the company three months ago, the lady stated. "Since then, he was found depressed. We shifted from Tirupur to Sankaradampalayam, his native place. He again started searching for a job. But, he consumed poison at home on December 23. He was under treatment at the Coimbatore Medical College and Hospital, where he died on Sunday," she added. Manikandasamy is survived through his wife and a nine-year-old daughter.
The businessman's suicide is the second one such incident reported from town in the closing two months.
V Manikandasamy of Sankaradampalayam in Dharapuram taluk was operating for a garment production unit for seven years before acquiring the firm three years ago. "He had invested more than Rs 15 lakh in the unit at Samundipuram on Avinashi Road. It was dedicated to domestic garment buyers," a police officer stated.
"He had borrowed heavily from private moneylenders to start the unit. The business was doing good for the first two years. However, after the demonetisation drive was launched, his company did not get orders. Its survival was further hindered when the Union government implemented GST," Manikandasamy's wife Sri Vidhya stated.
The businessman was suffering to pay off the loans and had to promote the machines to pay to the lenders. He had closed the company three months ago, the lady stated. "Since then, he was found depressed. We shifted from Tirupur to Sankaradampalayam, his native place. He again started searching for a job. But, he consumed poison at home on December 23. He was under treatment at the Coimbatore Medical College and Hospital, where he died on Sunday," she added. Manikandasamy is survived through his wife and a nine-year-old daughter.
The businessman's suicide is the second one such incident reported from town in the closing two months.
Another textile bizman commits suicide in Tirupur
![Another textile bizman commits suicide in Tirupur]()
Reviewed by Kailash
on
January 02, 2018
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