Mangaluru: Hit by bus, young biker thrown onto moving car, falls on road, crashed to death

Jun 6: Private sector lender Karnataka Bank has reported to the RBI that it has been defrauded of over Rs 285 crore consequent to loans gone bad to four entities including DHFL.

A total of Rs 285.52 crore has been reported as fraud wherein the bank was one of the consortium lenders during 2009 to 2014 to Dewan Housing Finance Corporation Ltd (DHFL), Religare Finvest, Fedders Electric and Engineering Ltd and Leel Electricals Ltd, Karnataka Bank said in a regulatory filing on Friday.

The maximum is owed by DHFL at Rs 180.13 crore, followed by Religare Finvest Rs 43.44 crore, Fedders Electric Rs 41.30 crore and Leel Electricals Rs 20.65 crore.

"DHFL (defaulted entity) dealing with us since 2014 had availed various credit facilities under consortium arrangement wherein, we were one of the member banks. In view of Early Warning Signals (EWS) in the conduct of the account and other developments, the account was red flagged on November 11, 2019.

"The borrowing account was classified as Non-Performing Asset on October 30, 2019 and now, for misappropriation & criminal breach of trust & diversion of funds in the credit facilities extended earlier to the company, a fraud amounting Rs 180.13 crore has been reported to RBI," Karnataka Bank said.

Likewise, Religare Finvest Ltd (RFL) was dealing with the bank since 2014, availing various credit facilities.

Following classification of this account as non-performing in October 2019 by a consortium member, Karnataka Bank reported to RBI a fraud amounting to Rs 43.44 crore in the credit facilities extended earlier, on account of diversion of funds.

Leel Electricals was classified as NPA account in March 2019 and it reported to RBI a fraud amounting to Rs 20.65 crore in the credit facilities to the company on account of diversion of funds.

"In all the referred three non-performing accounts, necessary provisions have been made in full to be spread across four quarters," it said.

Fedders Electric and Engineering Limited was reported as NPA in July 2018 by a member bank in consortium, subsequent to which Karnataka Bank reported fraud of Rs 41.30 crore on account of fund diversion.

The account has already been fully provided for, it added.

Bengaluru, May 29: The hotel industry is one of the worst-hit industries due to lockdown, along with the tourism industry. Bengaluru's hotel industry has incurred a loss of around Rs 1200 crore during the lockdown period however, the hotels here are likely to open in June if the State government issues guidelines for the resumption of their services.

Speaking to media, PC Rao, President, Bangalore Hotelier's Association said, "It's not only the loss of business, but we have lost the customer base as well. 
We don't expect any good future for the next six months. There will be a slow down in the business even after opening."

"We have requested our CM to give first preference to the hotels. We are going to restart our business in June if granted permission. Around 10 per cent of the hotels cannot open at all. They are in the stage of merging or closing down position. Few hotels may open after five or six months," he added.

He continued saying that many hotels are for sale but there are no buyers. There are around 21,000 restaurants in Bangalore, 3500 hotels with rooms and restaurant which has an average turnover of Rs 20 crores per day, Rao informed.

"We expect losses of around Rs 1200 crores in these two months. We are giving special online training to all the hoteliers and to our managers particularly to deal with the COVID-19 situation, including how to deal with the guests, employees, how to start the hotel services. 

Each and every manager has already been trained and we are still continuing it. We will conduct face to face meeting as well and brief the managers," said Rao.

Bengaluru, Jan 19: Australia has conferred its highest civilian honour, the Order of Australia honour, on Biocon founder Kiran Mazumdar-Shaw for her contribution towards advancing the country's relationship with India.

Australia's High Commissioner to India Harinder Sidhu invested Mazumdar-Shaw as an Honorary Member within the Order of Australia (AM) in the General Division at a ceremony in Bengaluru on Friday, the Australian High Commission said in a statement.

An alumnus of Federation University Australia, Mazumdar-Shaw is the founder of Biocon, one of India's largest bio-pharmaceutical companies.

She contributes immensely to promoting women in STEM through the joint research programmes developed between Biocon and Deakin University, Australia, as part of her deep and long-standing commitment to gender equality, the statement said.

Mazumdar-Shaw - an Australian Global Alumni Ambassador - is also recognised for her sustained and significant contribution to industry academia collaboration between Australia and India, it said.

The ceremony was attended by representatives from Indian and Australian business, the diplomatic corps, and family, friends and peers of Mazumdar-Shaw, the statement said.

Speaking at the event, Sidhu said, "Dr Mazumdar-Shaw is a tireless champion of the commercial, educational, and people-to-people links between our two countries, and this award recognises her commitment to progressing the Australia-India partnership."

Honorary appointments in the Order of Australia are made to foreign nationals who have made an outstanding contribution to Australia or humanity at large.

Mazumdar-Shaw is the fourth Indian citizen to be awarded Australia's highest civilian honour.

This follows the conferment of superstar batsman Sachin Tendulkar in 2012, Former Attorney General of India Soli Jehangir Sorabjee in 2006, and Mother Teresa of Kolkata (Agnes Gonxha Bojaxhiu) in 1982.