Mangaluru: Former Ranji player Panambur Narasimha Bhandary dies at 78

Kozhikode, Jan 18: A "fifth-generation dynast" Rahul Gandhi has no chance in Indian politics against a "hard-working and self-made" Narendra Modi, and Kerala did a disastrous thing by electing the the Congress leader to Parliament, historian Ramachandra Guha said here on Friday.

Guha said the reduction of the Congress from a "great party" during the freedom movement to a "pathetic family firm" now is one of the reasons for the ascendency of Hindutva and jingoism in India.

"I have nothing against Rahul Gandhi personally. He is a decent fellow, very well-mannered. But young India does not want a fifth-generation dynast. If you Malyalis make the mistake of re-electing Rahul Gandhi in 2024 too, you are merely handing over an advantage to Narendra Modi," said Guha on the second day of the ongoing Kerala Literature Festival (KLF) during his talk, "Patriotism Vs Jingoism".

Addressing the crowd, full of Keralites, he said, "Kerala, you have done many wonderful things for India, but one of the disastrous thing you did was to elect Rahul Gandhi to Parliament."

"Narendra Modi's great advantage is that he is not Rahul Gandhi. He is self-made. He has run a state for 15 years, he has an administrative experience, he is incredibly hard working and he never takes holidays in Europe. Believe me I am saying all this in all seriousness," he said.

But, even if Rahul Gandhi was "much more intelligent, more hard-working, never took a holiday in Europe, as a fifth generation dynast he still will be at a disadvantage against a self-made person", the 61-year-old author said.

He took on Congress president Sonia Gandhi too who, he said, reminded him of the "late Mughal dynasty" and how aloof they were of the state of their kingdom.

"India is becoming more democratic and less feudal, and the Gandhis just don't realise this. You (Sonia) are in Delhi, your kingdom is shrinking more and more but still your chamchas (sycophants) are telling you that you are still the badshah," he said.

Further, he quoted his teacher and noted Indian sociologist Andre Beteille to describe the story of Nehru-Gandhi family as a classic "reversal of the famous Biblical injunction": the sins of the father will be visited upon seven successive generations.

"In the Nehru's case, it is the sins of the seven successive generations have been re-visited upon Nehru... look at the national debate today. Why is Nehru evoked everytime? Why does Modi always say Nehru ne Kashmir mein yeh kiya, China mein yeh kiya, Triple Talaq mein yeh kiye ... because Rahul Gandhi is there.

"Now if Rahul Gandhi disappears, Modi has to talk about his own policies and why they failed," he said.

According to Guha, "Hypocrisy of the Indian Left -- the fact that they loved other nations more than India", "rise of aggressive nationalism worldwide" and "the rise of Islamic fundamentalism in neighbouring countries" are some other reasons behind the evident leap of Hindutva in India in the recent times.

Historian William Dalrymple, novelists like Benyamin, Namita Gokhale, Chetan Bhagat and journalists Karan Thapar and Rajdeep Sardesai are among the many other writers who will be attending the four-day festival.

The focus theme of KLF 2020 is environment and climate change.

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.”

Bengaluru, May 8: Karnataka Chief Minister BS Yediyurappa has announced a special package for those involved in leather works, especially those who work on the roadside, informed the state's Deputy Chief Minister Govind M Karjol on Friday. 

The special package has been announced for cobblers and leather workers, who work on the roadside. 

The government has provided relief to 11,722 families at a rate of Rs 5,000 per family. These beneficiaries will be directly credited to their bank account through Dr. Babu Jagjivan Ram Leather Industries Development Corporation.

This special package will help livelihoods for skilled workers, said the Deputy Chief Minister. He congratulated the Chief Minister on the declaration of this special package on behalf of the Department of Social Welfare.