Note ban: Kerala shuts down, protests held across India

November 28, 2016

Bengaluru, Nov 28: Normal life was hit in Kerala on Monday as the ruling CPI-M led LDF sponsored 12-hour strike against demonetisation evoked a near total response. Shops and business establishments downed shutters and state-run KSRTC and private buses kept off the roads across the state in response to the strike which began at 6 AM.CPI-M

The Left Democratic Front took out marches at various places with state CPI-M Secretary Kodiyeri Balakrishnan here attacking the Centre for causing 'hardship' to the people in the name of its crackdown on blackmoney.

The Opposition Congress-led UDF, which did not participate in the hartal, took out a march to the Raj Bhavan instead to register its protest against the Centre's decision to scrap high value notes and consequent crisis in the state's cooperative sector. The UDF protesters were arrested, police said.

Banks functioned with reduced staff strength, while attendance in the state Secretariat and various government offices was thin, reports received here said. Two wheelers and private cars were seen plying, while autorickshaws too kept off the roads at most places.

With the Sabarimala pilgrim season on, Ranni, Chittar, Seethathode panchayats in Pathanamthitta district and Erumeli panchayat in Kottayam district have been exempted from the strike as also Tripunithura and Chottanikkara in Ernakulam where local temple festivities are on. Tourist vehicles have also been exempted from the hartal. Police vehicles helped in transporting railway passengers and patients coming from far off places to the Regional Cancer Centre here.

Karnataka

Joining the nation-wide 'Jan Aakrosh Diwas' against demonetisation of high value currency, ruling Congress in Karnataka held protests and rallies throughout the state against the Narendra Modi government's action. The protest affected the functioning of both the Houses of Karnataka Legislature, now in a 10-day winter session at Belagavi, as they did not sit today in line with the decision taken by the Business Advisory Committee (BAC).

BAC had decided to suspend the sitting amid opposition by BJP, which walked out of the meeting on Friday. Life in Bengaluru and elsewhere remained normal with commercial establishments, educational institutions, banks and private offices working as usual and public transport and Metro maintaining their regular services.

Official reports said barring protests by Congress, the situation in the entire state, including the districts of Mysuru, Gadag, Haveri, Belagavi, Kalaburgi, Chamrajanagar, Dharwad, Uttara Kannada and Kolar, was normal. In Bengaluru, Congress staged a demonstration in front of Town Hall near City Market at the nucleus of the city, where State Working President R Gundu Rao, a few legislators and local leaders took part.

Andhra Pradesh

Opposition parties organised widespread protests across Andhra Pradesh against the Centre's demonetisation move but no bandh as such was observed in the state even as leaders of CPI and YSRC were detained at some places following demonstrations. Congress's state unit president N Raghuveera Reddy led his party workers in a protest rally from Andhra Ratna Bhavan to Lenin Centre.

"We are not against the scrapping of Rs 500 and Rs 1000 notes but why did the government introduce Rs 2000 note," Raghuveera said. He said the common man was put to untold misery because of the "abrupt" decision of the Centre to ban the high denomination notes. CPI state secretary K Ramakrishna and others were taken into custody at the Lenin Centre where they staged a protest on the demonetisation issue.

In Tirupati, YSR Congress leader Bhumana Karunakar Reddy and others were taken into custody. In Guntur city too YSRC leaders, led by West MLA Mustafa, were detained by police following a protest rally. YSRC leaders and workers were also taken into custody in many other districts of the state where protests were held. Left-affiliated trade unions organised dharnas in front of many bus depots of AP State Road Transport Corporation in the state.

Bihar

The nationwide strike call against demonetisation evoked mixed reaction in Bihar where workers of RJD, Congress and Left parties disrupted train services at many places but offices and schools registered normal attendance.

The protest had its echo in both Houses of the Bihar legislature where legislators of Congress, RJD and CPI-ML raised slogans against scrapping of Rs 1,000 and Rs 500 notes.

BJP legislators countered them by raising slogans against them and in favour of demonetisation.

JD(U), a member of the ruling alliance, kept away from the stir in view of Chief Minister Nitish Kumar's consistent support to demonetisation of high value notes to fight black money in the economy.

Congress, RJD and CPI-ML took out a protest march on the streets of Patna and stalled traffic movement at some places.

Road traffic was, however, normal and attendance in offices, banks and schools and colleges remained by and large unaffected.

Train services were hit at Darbangha, Madhubani, Masauri in rural Patna, Ara, Jehanabad and other places. Chief Public Relations Officer (CPRO) of East Central Railway Arvind Kumar Rajak said running of more than a dozen trains was disrupted in different parts of Bihar due to the stir.

In Darbhanga, Ara, Masaurhi and Madhubani, CPI workers squatted on railway tracks.Outside Bihar Legislative Assembly and Legislative Council, bandh supporters from RJD, Congress and CPI-ML, holding placards in their hands, shouted slogans at the entrance gate.

Haryana and Punjab

Opposition parties including Congress today staged a protest against the government over demonetisation issue at many places in Haryana and Punjab as part of the 'Jan Aakrosh Divas' observed across the country, even as normal life remained unaffected. Raising slogans, they demanded steps to ease the problems being faced by the people due to the demonetisation drive.

In Hisar, a large number of Congress activists took out a procession. They gathered outside Nagori Gate and later marched out in various bazaars (marketplaces). Jaipal Lali, Vice President of Haryana Pradesh Congress Committee and other party leaders alleged that "demonetisation is a political move which is being sold as a fight against corruption".

'Jan Aakrosh Divas' rally was also addressed by various other Congress leaders who claimed that economic activities have come to a standstill since the scheme was announced.

Haryana's main opposition Indian National Lokdal (INLD) today submitted a memorandum to district administration in Hisar, with the party claiming that Rs 500 and Rs 1000 notes "were scrapped to cover up the government's "failure" to deliver on Prime Minister's promise of bringing back black money." In Fatehgarh Sahib, most of business and educational institutes remained open as usual.

In Punjab's main industrial town Ludhiana, shops, factories, local and other means of transport functioned normal. However, a protest rally was taken out at clock tower chowk by the Congress. A group of Congress workers raised slogans against the Narendra Modi government.

Surinder Dawar, MLA and Gurpreet Gogi, President Ludhiana District Congress committee addressed the protesters. In Ropar district of Punjab, the Congress and the Left parties today took out separate protest march. The District Bar Association members also abstained from work.

The Congress march was led by Ropar DCC president Vijay Kumar Tinku and Charan Singh-- Secretary of CPI led the protest march of his party. All business establishments remained open.

Comments

Ansari
 - 
Monday, 28 Nov 2016

DemonEtization is a scam . TO EVADE hIGH PROFILE tAX EATERS .....Who helped MODI to win election....its time to repay....but at the cost of common Man's life ?

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News Network
January 10,2020

Bengaluru, Jan 10: Demanding the setting up of a House Committee to probe the Mangaluru violence, former Chief Minister HD Kumaraswamy on Friday released multiple videos of the clashes that broke out during the anti-Citizenship Amendment Act protest that claimed two lives on December 19.

Janata Dal-Secular leader further demanded suspension of Police Commissioner PS Harsha and insisted that House Committee consisting of members of all the parties should be formed to probe into Mangaluru violence and said that magisterial inquiry ordered by the state government cannot be trusted.

"Constitute a House committee and produce the fact. The main culprit is the commissioner of Mangaluru, remove the officer as he is the main culprit. I am going to take this issue on the floor of the House." Kumaraswamy said during a press conference here.

Two people were killed in Mangaluru in the alleged police firing after protests against the Citizenship Amendment Act turned violent.

The Act grants Indian citizenship to refugees from Hindu, Christian, Sikh, Buddhist and Parsi communities fleeing religious persecution from Pakistan, Afghanistan, and Bangladesh who entered India on or before 31, 2014.

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coastaldigest.com news network
July 4,2020

Davanagere, Jul 4: Referring to allegations made by former Karnataka Chief Minister Siddaramaiah's charge about corruption while purchasing COVID-19 equipment, Health Minister B Sriramulu said the state government is ready for any kind of probe in this regard.

Speaking to media persons here on Saturday, he said the government has maintained accounts for each purchase of equipment related to Covid-19. 

"So, Congress leader's allegations are far from the truth. Siddaramaiah has vast political experience. It is unbecoming of such a leader to make ridiculous allegations. The government is ready to release white paper on purchase of equipment related to Covid-19," he said.

He said Karnataka stands third in the country in collection of throat swabs and examination of people related to Covid-19. The entire country has hailed Karnataka's role in containing Covid-19, Sriramulu he added.

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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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