Congress, JDS try to woo rebels by offering ministerial berths

TNN
July 8, 2019

Bengaluru, Jul 8: In a last-ditch bid to save the coalition government in Karnataka, which is floundering after the resignation of 10 Congress and three JD(S) MLAs, leaders of both the parties made frantic efforts to reach out to the rebels on Sunday, offering to make most of them ministers and promising “generous funds” to their constituencies. The rebels, however, rejected the offer.

Chief minister HD Kumaraswamy, who returned to Bengaluru on Sunday evening from a personal trip to the US, is all set to call an emergency cabinet meeting on Monday where he is expected to seek the resignation of a few ministers to make way for the rebels. Water resources minister and Congress strongman DK Shivakumar declared himself the first volunteer: “I am ready to resign if that will save this government.”

Ten of the disgruntled MLAs, who have checked into a luxury hotel in Mumbai since Saturday evening, rejected the offer outright. They said the remaining three MLAs too would join them on Monday and there was no question of going back on their decision. One of the rebels, Prathap Gouda Patil, said the future course “was clear”, all 13 MLAs would join BJP.

With Speaker KR Ramesh scheduled to take up the resignations on Tuesday, Congress moved to lay down the legal line. Siddaramaiah has convened a meeting of the Congress Legislature Party (CLP) on Tuesday at 9.30 am and a whip is likely to be issued to all MLAs, including the rebels. The move was to trap the rebels legally so their defiance would have consequences, a Congress MLA said. “Strict action will be taken against MLAs who do not attend the meeting,” Siddaramaiah warned in a letter sent to all party MLAs. JD(S) is also likely to call a legislature party meeting soon.

Both parties are expected to pack off their MLAs to resorts after the meetings to prevent poaching attempt by BJP. The saffron party, on the other hand, is calling its legislature party meeting at 5 pm on Monday at a five-star hotel near Yelahanka. BJP is believed to have booked 30 rooms for its 105 MLAs, who might be asked to stay put there for a few days to ward off any “counter-poaching” attempts.

BJP, however, maintained that it had no role to play in the current crisis. “We are not going to meet the governor. We will wait for the speaker’s decision on Tuesday,” state party president BS Yeddyurappa said.

Dismissing BJP’s claims, senior Congressman Mallikarjun Kharge said, “Most of the rebel Congress-JD(S) MLAs have not gone to Mumbai of their own free will. Some of them are in touch with our MLAs and they will come back.” Accusing BJP of employing similar tactics in 10 other states, he said, “But for BJP, how could the rebel MLAs have arranged for a special flight to Mumbai? Do our rebels have so much money?”

Kharge, AICC general secretary and Karnataka in-charge KC Venugopal and party leaders Siddaramaiah, G Parameshwara and MB Patil were huddled in a series of meetings on Sunday and decided to offer ministries to as many rebels as possible. They were also in constant touch with JD(S) patriarch HD Deve Gowda. Kumaraswamy, who landed in the city around 8.30 pm, walked into a meeting with Congress leaders immediately thereafter.

Sources said more than persuading all the rebel MLAs camping in Mumbai, the coalition partners were focusing on winning back the four Bengaluru MLAs — ST Somashekar, Byrathi Basavaraju, N Munirathna and Ramalinga Reddy — since their resignations were triggered by a grouse with deputy CM and Bengaluru development minister G Parameshwara. It was felt these MLAs were unlikely to walk into the BJP fold, sources added.

“The aim is to get the four MLAs to withdraw their resignations by Tuesday before the Speaker takes them up for consideration,” a senior Congress MLA said, adding that if that happened, the government would get some breathing space to shore up its numbers.

In Mumbai, rebel MLA BC Patil said, “We have come a long way and returning from here is not possible. Let them keep their ministerial berths with them.” “Since we have submitted our resignations, there is no question of attending the CLP meeting. We are 13 MLAs and we are all together. There is no question of going back on our decision,” said Somashekar.

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Well Wisher
 - 
Monday, 8 Jul 2019

Secular Voters (Muslims, Dalits, Sikhs, Christians, Hindus) must learn from these disputes. These greedy candidates they only want their benefits/success. At least in future elections we should be more careful. We should vote for those candidate who work for people. Bright future ahead for SDPI.

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News Network
April 15,2020

Bengaluru, Apr 15: As many as 17 new positive cases of COVID-19 have been reported in Karnataka, taking the total number of cases in the state to 277, including 75 discharged and 11 deaths, the state government said on Wednesday.

Of the 17 new cases, nine are workers of a pharmaceutical company in Mysuru, the government stated.

Meanwhile, a 65-year-old from Chikkaballapur, who had tested positive for COVID-19, lost his life on Wednesday.

"He was referred to a Bengaluru hospital with complaints of H1N1 positive, Chronic Obstructive Pulmonary Disease with obstructive sleep apnea and a past history of diabetes and hypertension," the government stated.

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coastaldigest.com news network
January 12,2020

Mangaluru, Jan 12: Sudarshan Moodbidri and Robin Devaiah were today unanimous elected presidents of Dakshina Kannada and Kodagu district units of Bharatiya Janata Party.

Karnataka BJP vice-president Nirmal Kumar Surana oversaw the election process of the two district units at the BJP’s party office here.

While Sanjeeva Matandoor, Puttur MLA and incumbent president of DK unit of the party welcomed his successor Sudarshan, it was the turn of BB Bharatheesh, president of Kodagu unit to welcome Robin.

K Uday Kumar Shetty, DK district election officer and Ravi Kalappa, Kodagu district assistant election officer conducted the election under the supervision of Surana in the presence of MLAs of the party from respective districts.

Sudarshan started out his career as taluk and then district convener of Bajrang Dal before taking up responsibility as seva pramukh of Vishwa Hindu Parishad.

He formally joined the BJP as general secretary of Mulki-Moodbidri assembly unit of the party, moved on as convener of training cell of the party and was the general secretary of the district unit of the party before his elevation. A B.Com student of Dhavala College, Moodbidri, he is 44.

Robin, 50, who started out as a RSS volunteer as a student, too is incumbent general secretary of the Kodagu unit. Having been a member of ABVP for 8-years, he joined BJP formally in 1996 through Yuva Morcha and was its district treasurer, national executive member and state general secretary.

A product of Field Marshal K M Cariappa College, Kodagu, he served two terms as general secretary of the district unit prior to his elevation.

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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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