Karnataka witnesses a politically turbulent 2012

December 23, 2012
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BS Yeddyurappa breaking ranks with BJP and floating his own party, another change of guard, the Cauvery issue, busting of a terror module and an ugly incident of three ministers watching porn clippings in the assembly marked the year 2012 for Karnataka.

The year also saw attacks on girls and boys at a home stay in Mangalore, clash between lawyers and police in the wake of men of legal fraternity attacking journalists and exodus of people from northeastern states following rumours of attack.

The Cauvery water sharing row returned to haunt Karnataka, with Tamil Nadu managing to get court orders for release of water on two occasions and Cauvery basin districts plunged into agitation opposing water release.

The first-ever saffron party government in south India continued to be hit by political turmoil following a banner of revolt launched by its strong man Yeddyurappa, who later launched Karnataka Janata Party with the sole aim of decimating BJP in next year's election.

The other notable events that marked the year was a problem of mounting garbage in the city, which also tarnished the brand name of Bangalore at the international level, resignation drama by ministers and legislators to seek the sacking of D V Sadananda Gowda as chief minister.

There were private complaints pouring against Chief Minister Jagadish Shettar, which the Lokayukta court quashed, Law Minister S Suresh Kumar, former chief minister Sadananda Gowda , BBMP Mayor Venkatesh Murthy and former chief ministers H D Devegowda, S M Krishna and Yeddyurappa accusing them of abusing their power.

The year also witnessed an unprecedented scene of ministers and ruling party legislators boycotting the budget session to press for their demand to sack Gowda and make Shettar as chief minister.


In a continued collision-course between Governor HR Bhardwaj with the government, the former rejected in February the recommendation to appoint retired judge S R Bannurmath as Lokayukta in the wake of him facing a land allotment row.

The image of the BJP government took a beating when two of its ministers, Laxman Savadi and C C Patil, were caught on camera watching porn clippings in the state assembly when the house was debating the hardships faced by drought-hit people.

The footage aired by a regional channel and later by others led to the resignation of three ministers-- J Krishna Palemar, who was accused of providing the clippings, besides Savadi and Patil.

Yeddyurappa got a major relief from the high court in March when it quashed the FIR registered against him in illegal mining case on Lokayukta report and also a chapter in the report that indicted him. This prompted the 70-year-old Lingayat leader to stake claim for re-instating himself as chief minister, a post he was forced to quit in July 2011, but the BJP high command rejected the demand, which ultimately led him to bid adieu to the saffron party and launch KJP.

However, Yeddyurappa suffered a major setback when the Supreme Court ordered a CBI probe in May into illegal mining and mysterious disappearance of iron ore from Belekeri Port in Uttara Kannada district.

The year saw the tragic death of two officials -- Karnataka Administrative Service (KAS) officer Mahantesh, who was murdered by some individuals in Bangalore City and an Assistant Conservator of Forest Madan Naik in Dandeli, who was assaulted by a group of tourists to death for warning them to be beware of crocodiles in the lake, triggering off protests from government servants.


The internal feud that has been simmering in the ruling BJP ever since it came to power in 2008 continued unabated in 2012 and led to sacking of Sadananda Gowda as chief minister by the rebels led by Yeddyurappa.

Yeddyurappa ensured that nine ministers loyal to him quit seeking Gowda's replacement with Shettar on June 29 and they withdrew the resignation on July 2 after BJP high command accepted the demand for change of guard.

Gowda quit as chief minister on July 8 and Shettar, another Lingayat leader, assumed office on July 12. But the rumblings in the government and also the party continued.

People of the state were for a rude shock when the city police announced that they have uncovered a terror module with the arrest of 11 terror suspects who had planned to eliminate prominent politicians and journalists on August 30.


The reputation of the state suffered a major dent when the activists of Hindu Jagaran Vedike stormed a home stay in Mangalore, beat up girls and boys partying there in July. The attack evoked nationwide outrage.



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News Network
February 5,2020

Feb 5: Tesla is making Elon Musk a lot richer without paying him a dime.

A blistering stock rally has bolstered the value of CEO Musk's 19% stake in the electric car maker by $16 billion since the start of 2020, to $30 billion.

Tuesday's steep climb in the share price could sweeten Musk's payday under his record-breaking compensation package, which is built on stock options that rely on market value targets. Two milestones have now been achieved that could see Musk unlock options worth $1.8 billion.

The controversial chief executive, who is also the majority owner and CEO of rocket maker SpaceX, recently testified that he did not have a lot of cash as he successfully defended himself in a defamation lawsuit. He previously has taken loans using his Tesla shares as collateral.

Musk does not take a salary, choosing instead a risky options package that envisions the stock market value of Tesla rising to $650 billion over 10 years, a prospect that was derided by some investors when the deal was announced in 2018.

That target now looks less crazy. Shares of Tesla have rallied over 50% since the company posted its second consecutive quarterly profit last Wednesday, which was viewed as a major accomplishment for a company competing against established automotive heavyweights including General Motors Co  and BMW.

Tesla shares have climbed about 400% since early June, helped by the company's better-than-expected financial results and ramped-up production at its new car factory in Shanghai.

On Tuesday, Tesla surged as much as 24% before falling back in the final minutes of the trading session to end the day up 13.7%. That put its market capitalization at $160 billion, almost twice the combined value of Ford Motor and General Motors.

The shares had also rallied on Monday, partly fueled by Panasonic Corp's 6752.T saying its automotive battery venture with Tesla was profitable for the first time.

The options Musk was awarded in 2018 vest incrementally based on targets for Tesla's stock market value and its financial performance. The market capitalization would have to sustainably rise by $50 billion increments over the agreement's 10-year period, with the full package payout reached if the market cap reaches $650 billion, as well as the company's meeting revenue and profit targets.

Musk is on his way to seeing his first two tranches of options vest. He achieved operational targets on revenue and adjusted earnings last year.

The rise in Tesla's market capitalization last month to a target of $100 billion opened the way for Musk's first tranche of options to vest. With Tuesday's surging share price, the market capitalization blew past the second target of $150 billion, opening the way for the second tranche to vest. Tesla's market capitalization must stay at or above each target level for one- and six-month averages for each set of options to vest.

Tesla was valued at about $52 billion when shareholders approved the pay package in March 2018, a time when the company faced a cash crunch, production delays and increasing competition from rivals.

A full payoff for Musk would surpass anything previously granted to U.S. executives, according to Institutional Shareholder Services, a proxy advisor that recommended investors reject the pay package deal at the time.

Musk currently owns about 34 million Tesla shares, and his compensation package would let him buy another 20.3 million shares if all his options tranches vest.

When Tesla unveiled Musk’s package, it said he could in theory reap as much as $55.8 billion if no new shares were issued. However, Tesla has since awarded stock to employees and last year sold $2.7 billion in shares and convertible bonds, diluting the value of the stock.

Musk has transformed Tesla from a niche car maker with production problems into the global leader in electric vehicles, with U.S. and Chinese factories. So far it has stayed ahead of more established rivals including BMW and Volkswagen.

Many investors remain skeptical that Tesla can consistently deliver profit, cash flow and growth. More Wall Street analysts rate Tesla "sell" than "buy," and the company's stock is the most shorted on Wall Street.

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Agencies
July 10,2020

In a first, the Supreme Court on Friday allowed the service of summons and notices, a necessity in almost all legal proceedings, through instant messenger like WhatsApp as well as by e-mail and fax.

A bench headed by Chief Justice SA Bobde observed that it has been brought to the notice of the court that it is not feasible to visit post offices for service of notices, summons, and pleadings. The bench also comprising Justices AS Bopanna and R Subhash Reddy observed that notice and summons should be sent through e-mail on the same day along with instant message through WhatsApp and other phone messenger services.

The bench clarified that all methods should be deployed for a valid service on the party. "Two blue ticks would convey that the receiver has seen the notice," noted the bench.

The bench declined the request of the Attorney General for specifically naming WhatsApp as a mode of effectuating service. The top court noted that it would not be practical to specify only WhatsApp. The apex court also permitted RBI to extend the validity of cheques in the backdrop of lockdown to contain the coronavirus outbreak.

Senior advocate V Giri representing RBI informed the bench that he had circulated the note regarding validity of a cheque as directions issued on the previous hearing.

The bench noted that it will be in discretion of the RBI to issue orders which are suitable to alter the validity of the period of a cheque.

During an earlier hearing on the matter on July 7, the Attorney General contended before the top court that the Centre had some reservations in connection with the utilization of mobile applications like WhatsApp and other apps for service of summons. The Centre's top law officer informed the apex court that these apps claimed to be encrypted, and they were not trustworthy.

The RBI counsel had contended before the top court that it was considering clarifying the validity of a cheque which has been reduced to 3 months from 6 months.

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Agencies
March 18,2020

Thiruvananthapuram, Mar 18: To raise awareness about protective measures against coronavirus, Kerala Police released a dance video on the State Police Media Centre's Facebook page promoting the washing of hands, here on Tuesday.

In the video, the police officers were seen dancing to the tunes of Kalakkatha from the Malayalam action-drama thriller Ayyappanum Koshiyum while demonstrating the right technique for washing hands.

The video gained over 27,000 likes and over 2,400 comments and more than 33,000 netizens shared the video.

The video has received a positive response with users congratulating Kerala Police for the initiative.

"Congrats Kerala police media for this kind of initiative," one user commented on Facebook. Another user thanked the police in the comments section saying, "Super super thanks to KL (Kerala) police."

The number of people who have tested positive for the coronavirus in Kerala is 25.

The total number of confirmed COVID-19 cases in India has reached 147, including 122 Indians and 25 foreign nationals, said the Ministry of Health and Family Welfare earlier today.

Globally, the virus has infected more than 184,000 people and killed more than 7500, as per the data available on the World Health Organisation website.

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