Dear Vikram,
As important the "Work-Life balance" is in personal life for everyone; it is also important in the professional life of the supervisors. You need to decide how much you can get involved into his personal life (Depends on your processional relation, friendship, & availability). This also depends on your organization size (Big MNC’s can afford some extra facilities like contracted counselors, but a small service firm may not be able to afford it).
The more you try to become personal to him, the more understanding he would be expect from company. The more you remain professional, the more he will have to do so as well.
Counseling is needed, but during these discussions you should keep your view as professional as possible. You need to keep the counseling focused on improving his work attention/involvement & not to cheer him up for a good life. You can surely ‘suggest’ some external counseling for his personal help.
When you say that "Though several counseling given to him could result in no change and took the management policies into granted and not paying any attention." Then you have to move forward from just counseling to some disciplinary action. It does not mean you have to let the employee go, but to bring him to reality some harsh awakening might be needed. (Don’t put him in 'losing his job' dilemma, but you can start with a short & clear verbal message/warning.) I think the suggestions made by Saswata are right on track here.
I believe soft skills trainings at this time may not be able to influence him much, as he will not be in a state to absorb any learning from them. Sometimes people just need time & respectful attention from surrounding & they come out of such issues on their own.
Are you in a HR role in company, or just his supervisor? If not HR, then please involve HR into all the discussions with employee henceforth, as suicide attempt is an offence per Indian law & you might be enquired by authorities in case of investigations (Even about your counceling). These investigations may disturb the other employees, but HR would be able to handle them wisely, so the impact is minimal.
Most importantly, try to avoid to mention his personal issues 'outside cabin', even with management peers for guidance. The more sympathetic the organization becomes towards him, the more difficult it will be to bring him back to his good work-rapport again.
Best of luck!
Best Regards,
Amod Bobade.