United for a better Mangaluru: A unique conclave on Sept 9

Mangaluru, Mar 5: Chairman of Karnataka Christian Development Committee (CDC) Joylus DSouza on Thursday welcomed the allocation of a Rs 200-crore grant in the state budget for the development of the Christian community.

In his message to the Chief Minister B S Yediyurappa released to the media, DSouza said, "Christians in Karnataka welcome with gratitude the announcement of Rs 200-crore allocation for the community in the budget for fiscal 2020-21."

In 2011-12 fiscal also, Yediyurappa as Chief Minister had allocated a grant of Rs 50 crore for the community for the first time in the history of the state, he said.

The grant of Rs 200 crore this year shows Yediyurappas concern for the Christians.

I congratulate and offer my sincere gratitude on behalf of the Christian community of the state to Yediyurappa, DSouza said.

Udupi, Jan 16: Admar Mutt Junior seer Eshapriya Theertha Swami is all set to take over the reins of Krishna Mutt during the 250th Paryayotsava, scheduled to be held on January 17 and 18.

The uniqueness lies in the fact that the Admar Mutt, one of the Ashta Mutts of Krishna Mutt in this Temple town Udupi, ushers in the new Paryaya cycle (32nd). The Paryaya of outgoing seer Vidyadheesha Theertha Swami of Palimaru Mutt, Admar’s dwandwa (associate) mutt, marks the end of the cycle of eight mutts.

Under the system initiated by the Madhwa philosopher and saint Madwacharya, the seers of Ashta mutts would take turns to worship Lord Krishna every two months. Seer Vadiraja (1481-1601) ended the system and introduced the system of f running the temple administration once in two years.

Mumbai, Feb 8: Anil Ambani, the brother of Asia’s richest man has pleaded poverty in his dispute with three Chinese banks seeking $680 million in defaulted loans.

“The value of my investments has collapsed,” Anil Ambani said, according to a court filing by the banks in a London lawsuit.

“The current value of my shareholdings is down to approximately $82.4m and my net worth is zero after taking into account my liabilities. In summary, I do not hold any meaningful assets which can be liquidated for the purposes of these proceedings.”

The lawsuit was filed by three state-controlled Chinese banks which argue that they provided a loan of $925 million to Ambani’s Reliance Communications Ltd. in 2012 with the condition that he personally guarantee the debt. The comments were disclosed on Friday as Ambani sought to avoid depositing hundreds of millions of dollars with the court ahead of a trial.

The embattled Indian tycoon says that while he agreed to give a non-binding “personal comfort letter,” he never gave a guarantee tied to his personal assets -- an “extraordinary potential personal liability.”

The 60-year-old is the brother of Mukesh Ambani, who’s worth $56.5 billion and is the wealthiest man in Asia. Anil, on the other hand, has seen his personal fortune dwindle over recent years, losing his billionaire status. His Reliance Communications filed for bankruptcy last year.

The banks asked Judge David Waksman to force Ambani to put up $656 million into the court’s account.

Representatives for Ambani’s Reliance Group said they couldn’t immediately comment. They said the group will issue a statement once the court issues the final order.

Ambani’s lawyer, Robert Howe, said the court shouldn’t order his client to make a payment he can’t make. The tycoon argues that an order requiring him to do so would hinder his ability to defend himself in the case, Howe said.

“There’s no evidence of some giant pot of gold that he can pull $1 million, let alone $10 million, let alone $100 million,” Howe said.

Bankim Thanki, an attorney representing Industrial & Commercial Bank of China Ltd., China Development Bank and the Export-Import Bank of China, said in a filing that Ambani’s statements are “plainly a yet further opportunistic attempt to evade his financial obligations to the lenders.”

Ambani was caught up in another legal wrangle last year when India’s Supreme Court threatened him with prison after Reliance Communications failed to pay Rs 5.5 billion ($77 million) to Ericsson AB’s Indian unit. The judges gave him a month to find the funds, and his brother, Mukesh, stepped in just in time to make the payment.

Anil said in a filing that he recognized that the judge would want to know if he could satisfy any order to put up funds from outside resources, including his family.

“I can confirm that I have made enquiries but I am unable to raise any finance from external sources,” he said. Judge Waksman had said in an earlier ruling that he believed Ambani’s defence would be shown to be “opportunistic and false.”

Ambani’s lawyer told the judge that as a result of the comments the tycoon’s relatives were unlikely to lend any funds.

There is a “very substantial risk they will never get it back,” Howe said.