Politicians are like 'Dasaiahs,' says CM

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."

Varanasi, Jan 20: An FIR has been lodged against unidentified persons for a controversial hoarding near the Varanasi railway station. It is worth mentioning here that Prime Minister Narendra Modi himself is the MP of Varanasi Lok Sabha constituency.

The hoarding near the Englishiya Line crossing read, "Hindu dharma mein ghar vapasi karo... CAA, NRC se chhutkara pao (Get rid of CAA, NRC by converting to Hinduism)".

Inspector Ashutosh Ojha said that the FIR under section 295 A and 505 of IPC has been lodged.

"Investigation has been launched in the case and those involved in putting up the hoarding would be identified soon," he added.

According to sources, a lesser known outfit, Hindu Samaj Party, had placed the hoarding on the busy road.

The outfit's state Vice President Roshan Pandey had made a video viral on social media with his message in which he claimed to have put up the hoarding in response to the protest being staged at Shaheen Bagh, New Delhi.

The hoarding, which also has photographs of some Muslim women wearing saffron pagdi, was removed by the police late Saturday evening.

It came up at a time when Chief Minister Yogi Adityanath, Union Minister Smriti Irani and other leaders were in Varanasi to address a rally in support of the Citizenship Amendment Act at the Sampurnanand Sanskrit University.

Pandey, along with his supporters, had also tried to stage a sit-in at Lanka to give a call for marching to Shaheen Bagh in Delhi but was prevented by the police.

They were taken in custody and were later released following initial interrogation, said inspector Lanka, Bharat Bhushan.

Bengaluru, Jan 25: Karnataka Health Minister B Sriramulu on Friday, hit out at JD(S) leader HD Kumaraswamy, accusing the former Chief Minister of pursuing "vote bank" politics and advised him to move to Pakistan.

"It is better to move to Pakistan...if he shows so much love towards Pakistan, why should he live in India? He should not do dual politics like this. He wants to be fair to Pakistan and also to India," Sriramulu said.

Terming it as "double standards", the Minister said: "From so many years, you have been doing vote bank politics. You have to understand one thing...you are the son of former Prime Minister and also a former Chief Minister. By giving these type of statements, I think it will hurt the citizens of India. If you want to do vote bank politics I must suggest that it is better to leave the country."

His statement comes after Kumaraswamy took a jibe at BJP over its "obsession with Pakistan".