Cong struggles to finalise candidate for Shivajinagar; BJP mulls fielding Roshan Baig’s kin

Agencies
October 1, 2019

Bengaluru, Oct 1: With the announcement of dates for by-polls to 15 Karnataka Assembly seats, Congress and the BJP seem to be struggling to find a suitable candidate for the Shivajinagar Vidhan Sabha seat.

Bypolls to the Muslim dominated constituency, which has close to 1.9 lakh voters was necessitated after the resignation of former Congress leader R Roshan Baig. People in the constituency were affected in the IMA multi-crore Ponzi scam.

The party is struggling with internal rivalry as party leaders Dinesh Gundu Rao and Siddaramaiah are in favour of fielding MLC Rizwan Arshad, from the constituency. Arshad had fought and lost the Lok Sabha election on a Congress ticket from Bangalore Central.

However, others are against him as they believe his links with the IMA Ponzi scam makes him an unsuitable candidate.

Senior Congress leader BK Hariprasad said, "The candidate can be from any religion or community but the only demand we have that is his name should not be linked with the IMA Ponzi scam in any way."

Other leaders in the party are vouching for Saleem Ahmad, who although fairly new to the constituency has a clean image.

Meanwhile, BJP too is likely to field Roshan Baig's son Ruman Baig or his kin as the candidate, whose name has been linked with the IMA Ponzi scam.

A senior BJP leader, on conditions of anonymity, too voiced concerns over Baig or his family members being given a ticket and added, "We are trying to satisfy Roshan Baig's ego by giving the ticket to that tainted family. But this will definitely damage the party in Shivajinagar constituency."

A fruit merchant from Shivajinagar, Idis Chaudhary, highlighting the dilemma the voters will face during the by-elections said, "We are very much worried about candidates but we do not have any choice. We will have to choose one among them. The point is whom should we choose more, the more tainted one or less tainted one?"

The Congress too is being urged by its senior leaders to field a non-Muslim name from Shivajinagar, who is not connected in any manner to the multi-crore ponzi scam that had rocked the city in the past month.

The name of BR Naidu, a former corporator election candidate is being presented as an alternative to Roshan Baig in the political circles.

Naidu, had once been a follower of Baig but distanced himself from him once the news of his alleged involvement in the IMA Ponzi scam broke.

The CBI is investigating allegations of IMA cheating 40,000 investors by promising high returns using Islamic ways of investment.

IMA founder Mohammed Mansoor Khan had fled the country but was later arrested on his arrival from Dubai in July this year. The SIT had later handed over the investigation to the CBI.

The CBI has already filed a charge sheet against Mansoor and 19 others in the alleged multi-crore ponzi scam case. The charge sheet was filed against Mansoor, seven of the company's directors, five members, one auditor and five companies related to IMA group for cheating, criminal conspiracy and breach of trust under relevant sections of the IPC in a court here on September 7.

The scam came to light in June this year after the prime accused, Mansoor, fled the country, leaving behind an audio message, in which he threatened to commit suicide due to alleged 'harassment' by some politicians and goons.

Comments

SAM
 - 
Wednesday, 2 Oct 2019

Throw the Beigh family to dump yard for chearing Congress party and community and joining communal party. He doesn't deserve to be called a leader, such a cheater  to be thrown out even from the community.  I think public of the constituency teach him and his family a befitting lesson.

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Agencies
February 26,2020

New Delhi, Feb 26: The death toll in northeast Delhi communal violence over the amended citizenship law rose to 20 on Wednesday, according to GTB Hospital authorities.

On Tuesday, the death toll was 13.

"The death toll has risen to 20 today," Medical Superintendent of GTB Hospital, Sunil Kumar, told PTI.

Earlier, at least four bodies were brought to the Guru Teg Bahadur Hospital from the Lok Nayak Jai Prakash Narayan Hospital, a senior official said.

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News Network
February 19,2020

Feb 19: Bavaguthu Raghuram Shetty was once a typical billionaire with a taste for the high-life.

He splurged on a private jet, vintage cars and two entire floors of the Burj Khalifa, the world’s tallest skyscraper. His website shows him hobnobbing with politicians, Bill Gates and Bollywood royalty.

“The thrill of speed and freedom makes me love cars,” Shetty, 77, told local reporters last year.

Shetty had more than enough money -- at least on paper -- to afford such a lifestyle from companies he helped found, including hospital operator NMC Health Plc and financial services firm Finablr Plc. On Dec. 10, his stakes in the public companies were valued at $2.4 billion, making up the bulk of a fortune spanning education, hospitality and one of the world’s oldest tea companies.

Then, a week later, Carson Block came along.

Block’s investment firm, Muddy Waters, issued a report criticizing NMC’s accounts and disclosing a short position. Since then, Muddy Waters’s scrutiny has snowballed into a troubling scenario for Shetty that sheds light on his complex share arrangements and casts doubts about his net worth. His holdings in Finablr and NMC are worth $885 million, but Shetty’s fortune may now be just a fraction of that, depending on the size of his borrowings.

Filings this month show that Shetty pledged a quarter of his NMC stake against loans with First Abu Dhabi Bank and Zurich-based Falcon Private Bank. Two other shareholders may own half of his reported stake. Another lender -- Al Salam Bank Bahrain -- has already sold some of those shares to enforce security over a loan for Shetty, and NMC said Tuesday that First Abu Dhabi Bank sold another chunk earlier this month.

The situation “seems to have gone beyond some of the issues that Muddy Waters focused on initially,“ said Gavin Launder, a fund manager at Legal & General Investment Management, who owned shares in NMC until October. “The increased scrutiny has unearthed other issues.”

Law firm Herbert Smith Freehills has launched a review of Shetty’s holdings at his request, a spokesperson for the Indian-born businessman said, declining to comment further until the analysis is completed. Shetty resigned Sunday as NMC’s chairman.

In its Dec. 17 report on NMC, Muddy Waters hinted at potential overpayment for assets, inflated cash balances and understated debt. Shares of the United Arab Emirates’ biggest private health-care provider have since plunged 67%, and the firm is now the focus of takeover speculation. The sell-off also spread to Finablr, whose stock has tumbled 64% in that span.

NMC has disputed Muddy Waters’s claims, and the company hired former FBI Director Louis Freeh to conduct an independent review of the short seller’s allegations. Meanwhile, local regulators “are making inquiries with the relevant parties,” a spokesperson for the U.K.’s Financial Conduct Authority said.

Shetty is hardly the only ultra-wealthy person to leverage his assets. Elon Musk has used his shares in Tesla Inc. to obtain personal loans, while Oracle Corp. Chairman Larry Ellison has put up millions of the company’s shares to fund a lavish lifestyle that includes trophy properties, America’s Cup teams and the Indian Wells tennis facility in California.

But such deals can also sour, as demonstrated by Shetty’s lenders selling shares his investment firm pledged. He and his advisers are investigating details of the sales as part of their legal review, according to filings.

To complicate matters, Shetty pledged another batch of NMC stock in 2018 as part of a so-called equity collar arrangement with Goldman Sachs Group Inc. that uses options to limit the impact from share moves. Last month, he also pledged most of his stake in Finablr to refinance a loan from the company’s takeover of foreign-exchange firm Travelex for about $1.2 billion.

BRS Ventures Investment, the UAE-based holding company for most of Shetty’s assets, doesn’t report consolidated financials, preventing a complete analysis of his net worth. His other assets include a catering company, a waste-management firm and pharmaceutical business Neopharma, which four months ago was in the early stages of planning for an initial public offering.

Block, 43, earned his reputation as a short seller a decade ago through targeting U.S.-listed Chinese companies that he claimed were frauds. More recently, his San Francisco-based firm focused on British litigation-finance firm Burford Capital Ltd. and Japanese biotech stock PeptiDream Inc. Short sellers seek to benefit from a decline in a company’s share price.

Shetty founded NMC in 1975 after moving to Abu Dhabi from his native India. He created Finablr two years ago to consolidate his financial brands before listing it on the London Stock Exchange in 2019.

Block said he didn’t anticipate NMC’s shareholding drama.

“I wouldn’t have been able to predict that we’d get these bizarre disclosures about unclear share ownership coming out of the company,” he said in a Feb. 13 phone interview. “This has been obviously a more dramatic unraveling than we usually see.”

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News Network
March 12,2020

Mangaluru, Mar 12: Deputy Commissioner Sindhu B Rupesh on Thursday said that the test reports of the 35-year-old passenger from Dubai have shown no signs of either Coronavirus (COVID-19) or H1N1.

In statement issued here Ms Rupesh said that the passenger has now been discharged from the Bantwal hospital. He has been asked to stay at home quarantined for the next 14 days.

The passenger, who had been diagnosed with fever after he arrived at the airport from Dubai on March 8, had left the Government Wenlock Hospital in the early hours of March 9 refusing to undergo tests.

Later, he was traced and admitted to the hospital in Bantwal and his throat swab samples had been sent to Viral Research Diagnostic Laboratory (VRDL) in Hassan Institute of Medical Sciences.

Meanwhile, throat swab samples of six patients were also found negative for COVID-19.

As many asf 49 people were under quarantine in the district of which five have completed the 28-day cycle.

All passengers arriving by international flights and those in contact with them should voluntarily report to the district health team and undergo self-quarantine for 14 days. If there were symptoms of cough, cold and fever, they should undergo tests for COVID-19. If the reports were positive for COVID-19, then they have to stay in the isolation ward of the Government Wenlock Hospital or in the seven select private hospitals for 28 days.

Screening facility at the airport has been strengthened by posting doctors from seven private medical colleges on rotation basis. These doctors would be in addition to the medical officer at the airport. An ambulance has been placed at the airport exclusively to shift people to the hospitals, she added.

The State government has issued a notification on Wednesday authorising Deputy Commissioners to get the affected admitted by force, if necessary.

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