Cong made sacrifice by forming govt with JDS: Gundu Rao

Mumbai, May 19: Even as banks in United Arab Emirates are trying to trace NMC founder BR Shetty, a prominent bank in India is seeking to recover loans worth Rs19.13 billion from him and his companies. 

A local court has also barred him and his wife from selling or transferring some properties while it hears the case.

In the court filing, the Bank of Baroda said Shetty had an obligation to handover the title deeds of the 16 properties and mortgage the assets with the bank.

The 16 properties in several Indian cities including Bengaluru were among guarantees put up by Shetty and his wife against the Rs19.13 billion ($253 million) loans, according to a May 16 court order seen by Reuters. The court in Bengalaru set the next hearing in the case for June 8.

NMC, the largest private healthcare provider in the UAE, was placed under administration in April after months of turmoil. It disclosed in March it had debts of $6.6 billion, well above earlier estimates of $2.1 billion.

Finablr, in which Shetty has a controlling stake, said in April it may have nearly $1 billion more in debt than previously reported.

Bengaluru, Jul 26: Today, one of the Co-founders of Infosys, SD Shibulal announced that over the last three days (22nd - 24th July) his family members have sold a portion of (representing approximately 0.20 per cent of the paid-up equity share capital) their holding in Infosys Ltd on the stock exchanges.

Proceeds from the partial stake monetization will be utilized for a combination of philanthropic and investment activities.

The sale was executed by Citigroup Global Markets India Private Limited as the Sole Broker.

The Founders, have served Infosys in various capacities, since its inception in 1981 until October 2014. Over the three decades, the Founders have nurtured the company transforming it into one of the professionally run companies in India with a global presence.

This press release is for information purposes only and is not an offer to sell, or a solicitation of an offer to buy, any of the shares described herein. The shares have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act"), or in any state or other jurisdiction of the United States.

Securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the US Securities Act. 

There has not been and there will not be any public offering of the shares in the United States.

Tumakuru, Jan 3: Chief Minister B.S. Yediyurappa, who has drawn flak for the Centre releasing “inadequate” flood relief to the State, on Thursday asked Prime Minister Narendra Modi for additional relief during his speech at a farmers’ convention in Tumakuru.

The Chief Minister even said, “I have brought this to the notice of the Prime Minister three or four times, but till now no additional relief has been sanctioned. I request him with folded hands to release it soon,” in Kannada. The Prime Minister, who spoke later at the event, however, did not respond to the Chief Minister’s request in his speech.

Mr. Yediyurappa said the State had witnessed losses to the tune of over ₹30,000 crore because of floods.

‘Stress on irrigation’

Addressing farmers at one of his main support bases of Tumakuru, the Lingayat strongman advised the Prime Minister that his dream of doubling farmers’ income by 2023 could become a reality only if he focused on “providing scientific price to farm produce, bringing water to farms through irrigation, and by interlinking rivers”.

Mr. Yediyurappa’s remarks made at a programme to release the fourth instalment of the Pradhan Mantri Kisan Samman Yojana, a farm subsidy cash transfer scheme of the Union government, have raised eyebrows.

Stressing on the key role of irrigation schemes in farmers’ welfare, he sought a special package of ₹50,000 crore for completion of long-pending projects in Karnataka.

The five-minute-long speech is being seen as an attempt by the Chief Minister to assert himself within the party by publicly putting even the Prime Minister on the mat. This comes in the wake of the BJP suffering defeats in multiple States and the party’s victory in the recent bypolls in the State under Mr. Yediyurappa’s leadership, both of which have only strengthened the Chief Minister, sources in the party said. “We are curious as to how the party high command will now deal with this public assertion in front of the Prime Minister,” a senior party leader said.

The Chief Minister has been reportedly “deeply unhappy” over the delay in the flood relief by the Union government and also the “inadequate” amount released. The Opposition has attacked him over lack of adequate Central relief, which was interpreted as the BJP central leadership’s reported unhappiness with him. The Chief Minister had then said he was doing a “tightrope walk”.

After a delay of over two months, the Centre released ₹1,200 crore as flood relief in October 2019.