Mangaluru: Billava Sangha Kuwait holds scholarship and motivation programme

Bengaluru, Jun 20: Nine candidates filed their nominations for the June 29 elections to seven seats of the Karnataka legislative council on Thursday.

While the BJP has fielded four candidates, the Congress has given tickets to two and the JD(S) to one candidate respectively for the biennial elections to seven seats of the legislative council to be elected by the MLAs.

One independent and one person claiming to be affiliated to BJP have also filed their nomination papers at the office of Legislative Assembly Secretary MK Vishalakshi, who is also the returning officer for the polls.

"The nominations of two candidates without any proposers is likely to be rejected during scrutiny of the papers on Friday. So seven candidates will be in the fray for as many berths. Hence the election is likely to be unopposed if no one withdraws nominations," official sources said.

While scrutiny will take place, Friday, June 22 is the last date for withdrawal of candidature.

The election is necessitated as the term of seven MLCs — Naseer Ahmed, Jayamma, M C Venugopal, N S Bose Raju, H M Revanna (all Congress), T A Sharavana (JD(S)) and independent D U Mallikarjuna — will end June 30.

Based on their strength in the Assembly, while BJP is in a position to win four out of seven seats, Congress can win two and JD(S) one.

Twenty-eight valid votes of MLAs are required for each candidate to win.

Four BJP candidates MTB Nagaraj, R Shankar, Sunil Vallyapure and Pratap Simha Nayak filed their nominations today, after the party high command announced their names late on Wednesday.

Nagaraj and Shankar had played a key role in the formation of the BJP government after the coup that led to the collapse of Congress-JD(S) coalition.They had subsequently defected to the saffron party.

While Nagaraj lost the bye-elections held later, Shankar did not contest in exchange for a Council berth promise.

Among the other BJP candidates, Vallyapure is a former MLA from Chincholi and had given up his seat abiding by the party decision to field Avinash Jadhav, while Nayak is a senior party worker and had served as Dakshina Kannada district president.

A BJP insider said Shankar and Vallyapure have been given MLC tickets as they had given up their Assembly seats, while Nagraj was considered as he had faced a defeat during the bypolls because party MP B N Bachhe Gowda's son Sharath contested as a rebel.

Nayak's candidature is being seen as BJP high command's choice by party insiders, ignoring the state units recommendation of AH Vishwanath, a former JD(S) MLA who had defected to BJP.

Two Congress candidates, senior party leader BK Hariprasad and incumbent Naseer Ahmed also filed their nominations today.

Hariprasad's name was announced by the party on Wednesday, even as his tenure in Rajya Sabha is to end on June 25.

Naseer Ahmed, who is retiring as MLC on June 30 is seeking another term.

The choice of candidates by the Congress high command is being seen as a mixed bag for CLP leader Siddaramaiah as Naseer Ahmed is said to be close to him, while Hariprasad is considered among his adversaries.

In a surprise move, JD(S) has fielded Govinda Raju from Kolar as the party candidate for the MLC polls.

Incumbent MLC T A Sharavana and outgoing Rajya Sabha member Kupendra Reddy were seen as the prime aspirants for the ticket.

JD(S) leader and former Chief Minister H D Kumaraswamy said Govinda Raju was chosen as it would help organise and strengthen the party in Kolar and Chikkaballapura region.

The independent candidate who has filed his papers today is P C Krishnegowda, and the one who filed his nomination claiming to be associated with BJP is Mandikkal Nagaraja.

Bengaluru, June 23: Karnataka Congress chief D K Shivakumar has urged his party colleagues to be active on social media to counter the propaganda of Bharatiya Janata Party.

Speaking to media persons, the KPCC president said that no more than 20 out of the 68 Congress MLAs are active on social media.

“All those MLAs who are doing well need to be projected. We want leaders, not mere followers. They all should be the face of Congress in Karnataka. Party should not depend on just my face or Siddaramaiah’s,” he said.

Shivakumar’s diktat has resulted in the party’s social media unit scrambling to get leaders to create their accounts.

“We’re pressuring all the party MLAs and leaders. We’re asking their personal assistants or gunmen to operate their accounts if they are not savvy with social media,” KPCC social media chief A N Nataraj Gowda said.

He pointed out that the 20 MLAs who are active on social media include U T Khader, Dinesh Gundu Rao, Priyank Kharge, Krishna Byre Gowda among others.

“We’re also trying to get the accounts verified of those who are beginning to get active. For example, it was only recently that we got the accounts of S R Patil and Vijay Singh verified,” Gowda said.

Tapping the full potential of social media is crucial for the Congress because the BJP has found much success in reaching out to voters through various online platforms.

In fact, ahead of the 2018 Assembly elections, the Congress found that there were 10 ministers and some 40 MLAs who had turned a blind eye towards social media.

Shivakumar said he was also working on putting in place a system in the party under which all developments related to the state and country will be communicated to all party leaders at 10 am every day.

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.”