‘Modi wave’ sweeping Karnataka, says Yeddyurappa

Agencies
April 30, 2018

Bengaluru, Apr 30: Riding a ‘Modi wave’, the BJP will form the next government in Karnataka with absolute majority, its chief ministerial candidate B S Yeddyurappa said on Monday, and ruled out a post-poll alliance with the JD(S) “as of now”.

Pollsters have predicted a hung Assembly in Karnataka, with neither the ruling Congress nor the BJP attaining a majority. They have said the JD(S), of former prime minister H D Deve Gowda, would emerge as the kingmaker.

Yeddyurappa, a Lingayat strongman who had supported the demand for religious minority status for the community when he headed the Karnataka Janata Paksha (KJP) that he had formed after breaking away from BJP, said the issue would not hurt the electoral prospects of the saffron party and instead “backfire” on the ruling Congress.

The state BJP chief also said the saffron party was campaigning as a “united force” to achieve the mission of winning 150 seats in the May 12 Assembly polls.

“The Lingayat issue is not going to affect us. This will backfire on Congress,” Yeddyurappa told PTI in an interview.

The Siddaramaiah government had recently recommended to the Centre religious minority status for Lingayats and its sub-caste Veerashaiva Lingayats, in an apparent move to cut into the solid vote base of the BJP which has traditionally backed the party.

The Lingayats, who account for about 17 per cent of the state’s population, have a large presence in north and central Karnataka, especially in Shivamogga, Davanagere and Chitradurga, where their votes can be critical to the electoral outcome.

The BJP has reacted cautiously to the contentious issue, while the Congress, unsure of the consequences it may have for the party in the elections, has also kept it on the back burner.

The 75-year-old Yeddyurappa, who has won seven times from Shikaripura, said he would triumph with a huge margin from his home seat, as the Lingayats would not let him down.

He rejected the Congress’ allegation that the BJP was stoking caste and communal sentiments to win the elections. “Not at all,” he said.

“Had the Congress been secular, Chief Minister Siddaramaiah would not have been contesting from a second place, Badami, a constituency with a sizeable population of Kuruba,” he said. Siddaramaiah hails from the Kuruba community.

Siddaramaiah is “scared” of losing his traditional Chamundeshwari seat, from where he has won five times since 1983, he added.

The BJP has fielded its resourceful Ballari MP B Sriramulu against Siddaramaiah in Badami in North Karnataka.

“We are confident that Sriramulu will win that seat,” Yeddyurappa said.

Asked if the BJP’s alleged “communal politics” would work for it in coastal Karnataka, Yeddyurappa said, “There is no such thing out there. Congress is spreading lies. There is only Modi wave and we are going to sweep not only the coastal region but the entire state.”

He said the party would secure a majority and form the government. “There is no question of post-poll alliance with JD(S) as of now,” Yeddyurappa said.

JD(S)’s chief ministerial nominee H D Kumaraswamy, a son of Dewe Gowda, had told PTI yesterday that he would emerge as the “king” and not a “kingmaker” after the elections.

The JD(S) and BJP had cobbled together a coalition and formed the government headed by Kumaraswamy in 2006.

It collapsed in October 2007, after the JD(S) backtracked on its promise and refused to hand over the reins of power to Yeddyurappa under the agreement the two parties had entered into over rotational chief ministership.

This paved the way for polls which saw the saffron party form its first government in the south in 2008.

Replying to a query on whether Siddaramaiah’s repeated reference to his incarceration for alleged corruption at election meetings was harming his image, Yeddyurappa said, “He is confusing and misleading public because all corruption charges against me have been set aside by the court.”

Yeddyurappa was the first chief minister of Karnataka to have been jailed over allegations of corruption, and had spent 25 days behind bars.

Karnataka will go to polls on May 12 to elect the 224- member assembly. The results will be declared on May 15.

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Hasan
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Tuesday, 1 May 2018

Modi Wave is sweeping under carpet in Karnataka

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News Network
February 19,2020

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.”

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News Network
June 24,2020

Bengaluru, Jun 24: The Karnataka government on Tuesday announced that fever clinics would be established at all district-level and taluk-level hospitals, wherein fever cases would be screened in a separate area.

"Fever clinics to be established at all district hospitals/district-level hospitals and taluk-level hospitals, wherein all fever cases should be screened 24x7 in a separate area and for Influenza-Like Illness (ILI) and Severe Acute Respiratory Illness (SARI) cases to be subjected for swab testing," read a circular from the Department of Health and Family Welfare dated June 22.

The circular said that private institutions in the corporation areas should also be designated as fever clinics.

"100 per cent of Community Health Centres (CHC), 50 per cent of Primary Health Centres and Urban Primary Health Centres (UPHC) to be converted as exclusive fever clinics to screen ILI/SARI during working hours. The remaining PHC/UPHC to cater to non-COVID-19 cases. All health institutions need to have a separate entry for COVID and non-COVID services," the circular further said.

Karnataka on Tuesday reported 322 fresh COVID-19 positive cases and eight deaths.
According to the state health department, the total number of positive cases has mounted to 9,721 and 150 deaths. So far, 6,004 people have been discharged.

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coastaldigest.com news network
July 15,2020

Mangaluru, Jul 15: The Mangaluru city police arrested three people in connection with the murder of Adyar Gram Panchayat member Yaqoob, which took place on Friday last week. Personal enmity and financial issues are the reason behind the murder, said police.

The arrested accused are Shakir, Haneef and Shakir Ahmed, all residents of Adyar.

 According to police, the main accused Shakir, who was involved with the sand mafia and had other business interests had financial issues, and personal enmity with Yaqoob, a GP member backed by the BJP. 

The investigating officer said they were produced before the court through video conference. They have been remanded in police custody for undergoing testing for Covid-19. They will be again be produced before the court physically, only if they test negative.

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