Karnataka Board of Auqaf asks mosques to conclude Juma prayers in 15 minutes

For many Indian tycoons, 2019 turned woeful as lenders -- empowered by the nation’s recent bankruptcy law and desperate to clean up soured debt from their books -- started seizing assets of delinquent firms or dragged them into insolvency.

Indian banks wrote off a record $39 billion of loans in the 18 months through September in a bid to repair their balance sheets as they battled the world’s worst bad debt pile. Making matters worse, a shadow banking crisis led to a funding squeeze, crushing debt-laden businesses that were critically dependent on rollover financing.

“Life has come a full circle for tycoons that had enjoyed debt-fueled growth,” said Nirmal Gangwal, founder of distress and debt restructuring advisory firm Brescon & Allied Partners LLP. “Many firms collapsed like a house of cards. The downfall was rather unprecedented.”
The government has also been cracking down on economic crime to assuage public anger over absconding businessmen. It’s even barred some from traveling overseas if they were deemed a flight risk.

Here are some of the country’s biggest and most-storied businessmen who saw their fortunes fade. Spokespersons for none of these tycoons, except Essar, immediately replied to emails and text messages seeking comments.

Anil Ambani

The chairman of Reliance Group, which makes movies to metro lines, had a close shave with jail time in March before his elder brother and Asia’s richest man, Mukesh Ambani, bailed him out at the last minute. The woes of the ex-billionaire came to the fore when India’s top court asked him to pay Ericsson AB’s India unit about $77 million of past dues or go to jail since Anil Ambani, 60, had given a personal guarantee. His telecom carrier slipped into insolvency this year, while unprofitable Reliance Naval & Engineering Ltd. faced a cash crunch. Reliance Capital Ltd. is selling assets to pare debt. Ambani is also fending off Chinese lenders in a London court.

Malvinder & Shivinder Singh

Karma caught up with ex-billionaires and brothers Malvinder Singh, 47, and Shivinder Singh, 44, and how. Scions of a prominent business family, they once helmed India’s top drug maker and second-largest hospital chain. In October, the two were arrested on charges of fraudulently diverting nearly $337 million from a lender they controlled. India’s market regulator found in 2018 that the brothers had defrauded their hospital company of about $56 million. The collapse of the $2 billion empire turned brother against brother, prompting their mother to broker a peace deal that was short-lived. In February, Malvinder accused Shivinder and their spiritual guru of fraud.

Shashikant & Ravikant Ruia

After a hard-fought battle to keep their flagship steel mill, the first-generation entrepreneurs finally saw the bankrupt Essar Steel India Ltd. pass on to ArcelorMittal last month. The $5.9 billion takeover was almost two years in the making with multiple legal wrangles. The group, controlled by Shashikant Ruia, 76, and Ravikant Ruia, 70, were also reprimanded by a U.K. judge in March this year for concealing documents. Started in 1969 as a construction firm, Essar Group diversified, investing about $18 billion between 2008 and 2012, and piled on debt. In 2017, the group had sold another prized asset, Essar Oil.

Selling an asset to pare a liability shouldn’t be seen as a “lost asset,” an Essar spokesman said, adding that the group remains a diversified conglomerate.

VG Siddhartha

Before jumping off a bridge into a river in July in an apparent suicide, the founder of India’s biggest coffee chain Cafe Coffee Day had penned a letter that spoke of pressure from lenders, a private equity firm and harassment by tax officials. He had spent much of the last two years pledging ever more of Coffee Day Enterprises Ltd. shares to refinance loans for ever shorter periods, at ever higher interest rates. “I would like to say I gave it my all,” V.G. Siddhartha, 60, wrote in the letter. “I fought for a long time but today I gave up.”

Naresh Goyal

The former ticketing agent who built India’s largest airline by value, stepped down as chairman of Jet Airways India Ltd. in March, caving in to pressure from banks who took over the company. Cut-throat price wars and surging costs pushed Jet deeper into loss. The airline stopped flying in April and went into bankruptcy two months later as lenders failed to find a buyer. In July, an Indian court barred Naresh Goyal from flying overseas after the government said it was investigating an alleged $2.6 billion fraud involving Jet Airways.

Rana Kapoor

The founder of Yes Bank Ltd., which became India’s fourth-largest non-state lender, tweeted in September 2018 that his shares were invaluable and requested his children never to sell them upon inheritance. But trouble was brewing. The nation’s banking regulator, which found the lender had repeatedly under-reported its bad loans, refused to extend his tenure as chief executive officer. This forced Rana Kapoor, 62, to step down by end-January. Kapoor, who has pledged some of his Yes Bank shares in July, sold almost his entire stake in the lender by October.

Subhash Chandra

The rice trader-turned-media mogul, 69, who brought cable television into Indian homes in the early 1990s with his ZEE TV, resigned as chairman of Zee Entertainment Enterprises Ltd. in November and lost control of his crown jewel. Subhash Chandra has been selling stake in Zee Entertainment in the past few months to repay group’s debt.

Gautam Thapar

A default by Gautam Thapar, founder of the paper mill-to-power transmission Avantha Group, on pledged shares made Yes Bank Ltd. the biggest shareholder in CG Power and Industrial Solutions Ltd. In August, the firm was hit by an accounting scandal forcing the board to remove Thapar, 59, from the chairman’s post. A month later, the market regulator ordered a forensic audit of the firm and barred Thapar from accessing securities market.

Bengaluru, Jun 29: The results of second pre-university and the Secondary School Leaving Certificate examination results will be out by July last week and August first week, Karnataka Primary and Secondary Education Minister S Suresh Kumar said on Monday.

Instead of giving general promotion to the 10th and 12th standard students as the Central Board of Secondary Education and other states have done, the Karnataka government decided to hold the examination defying the coronavirus scare.

"We are trying to get the SSLC results out by the first week of August.The PUC results will be out in the last week of July," the minister told reporters in Bengaluru.

Amid reports of schools increasing the school fees ignoring the government's direction, the minister said he has got reports that 1,150 schools have increased their fees of which action has been taken against 450 schools.

"We have directed all the schools not to increase the fees in view of the coronavirus scare.

It is a peculiar year.Humanity says no one should increase fees.

We have set up a helpline. If we come across such practices, we will initiate action," Kumar said.

He said an officer has been entrusted to look into the complaints against schools.

Speaking about online classes for kindergarten students, the minister said such classes are not allowed.

The schools can hold talks with parents twice a week about grooming their children.

Kumar said a decision on opening kindergarten schools will be taken after July 5.

He, however, conceded that most parents are unwilling to send their children to school.

The government is gathering the opinion of parents based on which a decision would be taken, he added.

Regarding education to students from Class one to Class 10, Kumar said the Centre has given guidelines, which will be followed.

The state has formed an expert committee to recommend guidelines on education to children from Class I to Class six.

"Once the committee report comes, we will formulate regulations," Kumar added.

Bengaluru, Jun 26: All efforts would be made to control the spread of coronavirus in the city and there will be no fresh lockdown, Karnataka Chief Minister B S Yediyurappa on Friday said, asserting that improving economic situation of the state is also equally important.

Though the state capital was considered a model for the entire country in COVID management and has seen a spike in cases during the last few days, the pandemic can be controlled if everyone cooperated, he said.

His remarks come a day after Revenue Minister R Ashoka said Bengaluru is still 'safe' compared to the COVID-19 situation in other cities and states and had ruled out a fresh lockdown for now, putting to rest speculations that it was planning such a move in view of spike in cases.

As of Thursday evening, a total of 1,791 COVID-19 cases, including 78 deaths and 505 discharges, had been reported in the city while the state's tally stood at 10,560 compared to just 3,408 cases as on June 1. The state capital has the highest number of cases among the districts.

"There is no question of imposing lockdown for any reason. In some areas (with high case load) we have already implemented lockdown, other than those places there is no question of it being implemented in other places," Yediyurappa told reporters here.

Improving the economic situation of the state was also equally important, he said ahead of his meeting with Ministers, MLAs and MPs of all parties from Bengaluru to discuss measures to control COVID-19.

"I will discuss with all MLAs including those from opposition and Ministers from Bengaluru and come to some decision. With their cooperation we will make all honest efforts to control the pandemic in Bengaluru," he added.

Earlier, there had been intense speculation after some ministers said the government may have to consider re-imposing the lockdown, eased in phases from the middle of last month, in view of continuing spike in new cases in the past several days. Bengaluru was a "model" to the entire country in COVID management, but in recent days cases have increased, Yediyurappa said, adding to control it cooperation from everyone was necessary.

"I have confidence that if everyone (MLAs) pays special attention in their respective assembly constituency, COVID can be controlled," he said. Meanwhile, official sources said the Chief Minister has given Revenue Minister Ashoka the charge of overseeing the COVID management in the city.