Power scam: House panel pins Shobha for causing Rs 1,046 cr loss

DHNS
November 22, 2017

Belagavi Nov 22: In what appears to be a tit-for-tat move, a Legislative Assembly committee headed by Energy Minister D K Shivakumar on Tuesday indicted BJP leader Shobha Karandlaje for causing a loss of Rs 1,046 crore by favouring a private firm when she was the energy minister in the BJP government.

The House committee set up to look into irregularities in power purchases between 2004 and 2014, has recommended "appropriate probe" into Shobha's actions when she was the energy minister in the government headed by B S Yeddyurappa. The committee tabled its report in the Assembly on Tuesday.

The report is seen in the political circles as a counter to the BJP, which had recently accused Shivakumar of being involved in a Rs 447-crore coal scam.

In 2009, the state government initiated the process of long-term (25 years) purchase of 2,000 mw from private companies. Five companies made bids, and this was placed before the Cabinet for final approval in May 2011. This included JSW Energy Limited, which quoted Rs 3.812 per unit for 25 years.

"The then energy minister Shobha Karandlaje opined that the per-unit cost that companies quoted was more compared with that of other states. Hence, the tender was cancelled. Subsequently, the government purchased power from JSW Energy at high rates and not Rs 3.812 per unit it had earlier quoted," the report states.

From 2011 to 2013, a total of 12,038.75 MU was purchased from JSW Energy costing Rs 1,046 crore. Power was purchased at Rs 4.41 to Rs 4.99 per unit during this period, the report observed.

The committee also flagged a land deal involving the same company. "When seen in the backdrop of power being purchased at a high cost, it is suspicious that JSW Energy purchased land by paying more than what it was valued at," the report said. However, it has not mentioned the details of the land deal.

The committee has also observed that JD(S) leader H D Kumaraswamy as the chief minister in October 2007 caused a loss of Rs 63 crore by approving an inflated contract for transportation of coal. Also, in 2007, the government purchased 40,195.31 mu power at a cost of Rs 7,882.92 crore. The very next year, the government purchased 41,821.26 MU for Rs 10,664.32 crore - an additional Rs 2,781 crore.

Interestingly, the committee has not recommended any probe into irregularities that have happened during Kumaraswamy's tenure as the chief minister. His elder brother H D Revanna was the energy minister then.

Also, between 2002 and 2008, the Raichur Thermal Power Station (RTPS) incurred a loss of Rs 1,590.31 because of coal washing contracts. From 2004 to 2014, the state government failed to utilise 3,844 MU supplied from central power plants costing Rs 899.50 crore. In the same period, the state lost 1,05,508 MU in transmission losses.

All put together, irregularities in power purchases have caused Rs 6,379 crore losses.

"The committee recommends the government to identify those responsible for causing losses to the exchequer and initiate action against them."

Comments

SHAJI
 - 
Thursday, 23 Nov 2017

This hate monger lady had earned crores of rupees illegaly while she was minister.  CBI should investigate her income + property + bank acconts both in india and switzerland.   She had done no favor to public, but to herself by increasing her wealth.   she should be arrested immediately.

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News Network
March 4,2020

Bengaluru, Mar 4: Seeking to allay fear among the citizens in the wake of Coronavirus scare, Karnataka Health Minister B Sriramulu on Wednesday made an appeal to the people not to pay heed to rumours spreading on social media.

In a series of tweets, Mr Sriramulu assured people that the government has taken adequate measures to ensure that the disease does not spread further. "Don't lend your ears to rumours about the Coronavirus in the social media. Rely only on the authentic information," he tweeted.

The minister's tweet came as Bengaluru reported the first case, after a techie from the city with a travel history to Dubai and interaction with Hong Kong-based people there, was admitted to a hospital in Hyderabad.

As panic gripped the city, Mr Sriramulu said the apartment where the software engineer was staying has been sanitised. Besides, his 25 colleagues have been identified. One of them has been admitted to the hospital as a precautionary measure and his blood sample has been sent for lab test.

"So far 40,207 people have been screened at the International airport. 251 blood tests have been done, of which 238 were found negative, while the rest of the reports are yet to come," Mr Sriramulu tweeted.

The health department said three people have been admitted to the isolation ward at the Rajiv Gandhi Institute of Chest Diseases (RGICD).

Meanwhile, a parent appealed to people not to panic about the Coronavirus in the techie's apartment, where his son too resides. "My son is from the same apartment. To update everyone, there is absolutely nothing wrong here. It was more of panic on social media that created this," he said in a message.

He said that the man who is in Telengana and testedpositive stayed in this building on February 21. "His roommate was taken to hospital and has tested negative," he said. It is been two weeks since the incident. The virus cansurvive only for 48 hours under optimal conditions, he noted. "Everyone in this building is safe. Please educate yourself. Refrain from spreading panic and misinformation." he added.

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News Network
January 10,2020

Bengaluru, Jan 10: Education technology company Byju’s is learnt to have raised $200 million in a funding round from Tiger Global Management, which has valued the Bengaluru-based start-up at around $8 billion, making it the third-largest unicorn (start-up valued over $1 billion) in the country.

With this, the Byju Raveendran-founded company has seen over 50 per cent jump in its valuation in just around nine months. In March 2019, Byju’s was valued $5.4 billion, when it raised around $31 million from General Atlantic, and Chinese investment giant Tencent.

At the current valuation, Byju’s has now replaced home-grown cab-hailing major Ola as the third-largest unicorn, next only to Paytm and OYO, which are valued around $16 billion and $10 billion, respectively.

Byju’s confirmed the transaction through a press statement, though the company declined to share any specific details of the deal. Tiger Global could not be immediately reached for its comments.

“We are happy to partner with a strong investor like Tiger Global Management. They share our sense of purpose and this partnership will advance our long-term vision of creating an impact by changing the way students learn,” said Raveendran. “This partnership is both a validation of the impact created by us so far and a vote of confidence for our long-term vision.”

This is Tiger Global’s first investment in the edutech space in India after Vendantu, an online tutoring platform, where it, along with WestBridge Capital, led a $42-million round in August.

An early backer of India’s internet growth story, the New York-headquartered Tiger Global has been a prolific investor in the Indian start-up space. Its portfolio in the country ranges from consumer focused e-commerce companies that are vital for the growth of the sector, such as Flipkart, Delhivery, Grofers, Quikr and PolicyBazaar, to mention a few.

After tasting success with Flipkart, one of its earliest investments, where it had pumped in around $1 billion, the PE major is now doubling down its focus on the Indian start-up space, under its new investment head Scott Shleifer.

Shleifer, who set up international private equity practice for Tiger Global, is said to be as aggressive deal maker like his predecessor Lee Fixel, who left the investment firm in March. Since then, Tiger has also invested in a host of technology-focused companies in diverse sectors including Ninjacart, CRED, NoBroker and Facilio to mention a few.

“Byju’s has emerged as the leader in the Indian education-tech sector. They are pioneering technology shaping the future of learning for millions of school students in India,” Shleifer was quoted in the press statement issued by the edutech firm.

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News Network
January 30,2020

Bengaluru, Jan 30: The BJP government of Karnataka has given green signal to the proposal of hiking milk prices by Rs 2 per litre.

The new prices will come into effect from February 1. Seeking revision of prices, the Karnataka Milk Federation (KMF) had submitted a proposal last week to the state government. Alongside the revision of milk prices, the state government has also hiked the prices of curd by Rs 2 per liter.

The sudden hike in the prices of milk, curd is likely to have a cascading effect on the milk related beverages such as coffee, tea, and milkshakes with hoteliers and eateries mulling to increase the prices of coffee and tea following the hike in prices.

Sources in the state government revealed to DH that out of Rs 2, farmers will be getting a lion’s share as their accounts will be credited with Rs 1. Another 40 paise will be given to the farmers towards the insurances of their livestock.

Another 40 paise will go to the milk salesmen in the form of commission. The remaining 20 paise will be distributed among the workforce at the milk cooperative unions as an additional incentive.

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