Another blow to HDK govt as suspended Cong MLA Roshan Baig resigns

News Network

July 9, 2019

Bengaluru, Jul 9: The Congress-JD(S) coalition government in Karnataka Wednesday suffered another blow following the resignation of Shivajinagar Congress MLA R Roshan Baig.

"Today I have submitted my resignation from the Karnataka Assembly to the Speaker," Baig told reporters at Vidhana Soudha after coming out of the office of Speaker K R Ramesh Kumar.

The suspended Congress MLA made it clear he would not fly to Mumbai or Delhi, unlike the other disgruntled MLAs who have camped in a Mumbai hotel.

"I am not going to Mumbai or Delhi. Being the chairman of the State Hajj committee, I am going to the airport to oversee arrangements for the Hajj pilgrims," Baig said.

To a question as to whether his party colleagues spoke to him, Baig said, "They said 'hello' to me. That's it."

The MLA was suspended from Congress for his alleged anti-party activities as he had rebelled against the party leaders.

A minister in the previous Congress government, Baig had held the party functionaries, specifically former chief minister Siddaramaiah, Congress general secretary K C Venugopal and Karnataka Congress president Dinesh Gundu Rao responsible for the party's poor show in the Lok Sabha elections in the state.

So far 14 MLAs have resigned, which includes 11 from the Congress and three from the JD(S).

If accepted, the coalition government's strength in the assembly would be reduced to 102 minus the Speaker against the halfway mark of 113. On the other hand, BJP's strength as of now stands at 107.

Commenting on Baig's resignation, Siddaramaiah said his resignation was also anti-party.

"His resignation is also against the party. I appeal to all those who have resigned to come back and not fall prey to BJP's designs," Siddaramaiah told reporters while staging a demonstration near the Mahatma Gandhi statue here against the BJP's alleged attempts to destabilise the coalition government.

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Shame on your Evil Baig for placing yourself on sale for money. You have betrayed people of karnataka in general and Muslims in particular. You are supporting and / or plannning to join enmies of Muslims. How much you will receiving for selling your Iman. How long will you live in this world. Dont you know that death is sure. YOu are supporting and/or joining a party which is supporting the murderers of Muslims / Dalits / minorities. What a shame.

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Coffee Day gets first tranche of Rs 2,000-cr after disinvestment in GV Techparks

News Network

March 30,2020

Bengaluru, Mar 30: Coffee Day Enterprises Ltd (CDEL) has received the first tranche of Rs 2,000 crore following disinvestment of Global Village Techparks to repay debts following the death of its founder V G Siddhartha.
In August last year, CDEL executed definitive agreements with entities belonging to Blackstone Group and Salarpuria Sattva Group for investment in GV Techparks, a wholly-owned subsidiary of group company Tanglin Development Ltd (TDL), at an enterprise value of Rs 2,700 crore.
The balance amount is expected to be received after the receipt of few statutory approvals, CDEL said in a statement.
"Out of the money received in first tranche, the company has paid off its debts in full including principal and interest amounting to Rs 1,644 crore to the lenders despite difficult economic conditions," it said.
Post this payment, the consolidated debt of the company and its subsidiaries stands at Rs 3,200 crore as on March 27. This includes debt of Rs 1,400 crore of its subsidiary Sical Logistics Ltd where disinvestment process is in progress.
"The company and subsidiaries have repaid around Rs 4,000 crore to the lenders since the beginning of this financial year," CDEL said.
"With the continuous support of stakeholders of the company, the current management is working to ensure better liquidity and operational efficiency. The company is confident of the future ahead despite various challenges," it added.
The company has been in rough waters after its founder V G Siddhartha took his own life as debt strains began to emerge in his company. Since his death in July last year, CDEL has been trying to divest its assets to pare debts.
On July 30, 2019, CDEL informed stock exchanges about Siddhartha's disappearance. In a letter that was purportedly written by him, the Cafe Coffee Day founder said: "I could not take any more pressure from one of the private equity partners forcing me to buy back shares."

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Film producer V K Mohan commits suicide

News Network

March 23,2020

Bengaluru, Mar 23: Film producer, philanthropist and entrepreneur V K Mohan committed suicide by hanging himself in a hotel in the city on Monday, police said.

Mohan, who hailed from Kundapur Taluk, Udupi District, was a famous film producer and hotelier.

According to police, Mohan arrived at the hotel on Sunday night and when he did not open the door of his room on Monday, hotel staffs, grew suspicious and peeped through the room window, found him hanging.

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