My dad is still clueless why he was attacked: Justice Shetty's son

Bengaluru, Jun 27: Announcing Karnataka’s ambitious plan to install a 108-ft-tall statue of Nadaprabhu Kempegowda outside the airport, deputy chief minister Ashwath Narayan said the government will bear the project cost — approximately Rs 78 crore.

Work on the project will formally commence with the chief minister laying foundation stone for installation of the statue and development of a 23-acre park where it will come up, on Saturday.

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An artist’s impression of the 108-ft-tall statue, which is proposed to come up in a 23-acre park outside KIA. The chief minister will perform bhoomi puja on Saturday.

KPCC president DK Shivakumar on Thursday suggested the cost be borne by Kempegowda International Airport and not the government. He wrote to the CM welcoming the decision to erect a statue of the chieftain at KIA, but asked why should the govenment spend on it. “When huge concessions have been provided to KIA, why not use its services to construct the statue,” he asked. Narayan, who is chairman of Kempegowda Development Authority, said it is the government’s duty to bear the cost.

The government has released sketches of the statue and a blueprint of the park. Noted sculptor Ram Sutar, who designed the Gandhi statue located between Vidhana Soudha and Vikasa Soudha and the Statue of Unity in Gujarat, will be part of this project as well.

Narayan said the government was not competing with any other state on having a tallest/largest statue while emphasising that Kempegowda ensured the city had tanks, markets and drainage system when it was founded. He added the government won’t invite many guests to Saturday’s ceremony. “Most legislators will be given a virtual link to view the event,” he said.

Mangaluru: The sixth Judicial Magistrate of First Class court here today remanded techie-turned-bomber Aditya Rao to 10-day police custody.

36-year-old Rao, the prime accused in planting improvised explosive device at Mangaluru International Airport, was handed over to Mangaluru police by their Bengaluru counterparts yesterday.

He was produced before the magistrate court amidst tight security. The police sought for 15-day custody for interrogating him.

Justice Kishore Kumar, the JMFC court judge inquired Rao if he was subjected to police torture and if he had any lawyer to represent him in the case. Rao is said to have replied in the negative for these questions, it is gathered.

The judge finally decided to send the accused to police custody for 10 days.

Mumbai, Feb 8: Anil Ambani, the brother of Asia’s richest man has pleaded poverty in his dispute with three Chinese banks seeking $680 million in defaulted loans.

“The value of my investments has collapsed,” Anil Ambani said, according to a court filing by the banks in a London lawsuit.

“The current value of my shareholdings is down to approximately $82.4m and my net worth is zero after taking into account my liabilities. In summary, I do not hold any meaningful assets which can be liquidated for the purposes of these proceedings.”

The lawsuit was filed by three state-controlled Chinese banks which argue that they provided a loan of $925 million to Ambani’s Reliance Communications Ltd. in 2012 with the condition that he personally guarantee the debt. The comments were disclosed on Friday as Ambani sought to avoid depositing hundreds of millions of dollars with the court ahead of a trial.

The embattled Indian tycoon says that while he agreed to give a non-binding “personal comfort letter,” he never gave a guarantee tied to his personal assets -- an “extraordinary potential personal liability.”

The 60-year-old is the brother of Mukesh Ambani, who’s worth $56.5 billion and is the wealthiest man in Asia. Anil, on the other hand, has seen his personal fortune dwindle over recent years, losing his billionaire status. His Reliance Communications filed for bankruptcy last year.

The banks asked Judge David Waksman to force Ambani to put up $656 million into the court’s account.

Representatives for Ambani’s Reliance Group said they couldn’t immediately comment. They said the group will issue a statement once the court issues the final order.

Ambani’s lawyer, Robert Howe, said the court shouldn’t order his client to make a payment he can’t make. The tycoon argues that an order requiring him to do so would hinder his ability to defend himself in the case, Howe said.

“There’s no evidence of some giant pot of gold that he can pull $1 million, let alone $10 million, let alone $100 million,” Howe said.

Bankim Thanki, an attorney representing Industrial & Commercial Bank of China Ltd., China Development Bank and the Export-Import Bank of China, said in a filing that Ambani’s statements are “plainly a yet further opportunistic attempt to evade his financial obligations to the lenders.”

Ambani was caught up in another legal wrangle last year when India’s Supreme Court threatened him with prison after Reliance Communications failed to pay Rs 5.5 billion ($77 million) to Ericsson AB’s Indian unit. The judges gave him a month to find the funds, and his brother, Mukesh, stepped in just in time to make the payment.

Anil said in a filing that he recognized that the judge would want to know if he could satisfy any order to put up funds from outside resources, including his family.

“I can confirm that I have made enquiries but I am unable to raise any finance from external sources,” he said. Judge Waksman had said in an earlier ruling that he believed Ambani’s defence would be shown to be “opportunistic and false.”

Ambani’s lawyer told the judge that as a result of the comments the tycoon’s relatives were unlikely to lend any funds.

There is a “very substantial risk they will never get it back,” Howe said.