Sri Ram Sena leader thrown out of coastal district for three months

Jun 6: Private sector lender Karnataka Bank has reported to the RBI that it has been defrauded of over Rs 285 crore consequent to loans gone bad to four entities including DHFL.

A total of Rs 285.52 crore has been reported as fraud wherein the bank was one of the consortium lenders during 2009 to 2014 to Dewan Housing Finance Corporation Ltd (DHFL), Religare Finvest, Fedders Electric and Engineering Ltd and Leel Electricals Ltd, Karnataka Bank said in a regulatory filing on Friday.

The maximum is owed by DHFL at Rs 180.13 crore, followed by Religare Finvest Rs 43.44 crore, Fedders Electric Rs 41.30 crore and Leel Electricals Rs 20.65 crore.

"DHFL (defaulted entity) dealing with us since 2014 had availed various credit facilities under consortium arrangement wherein, we were one of the member banks. In view of Early Warning Signals (EWS) in the conduct of the account and other developments, the account was red flagged on November 11, 2019.

"The borrowing account was classified as Non-Performing Asset on October 30, 2019 and now, for misappropriation & criminal breach of trust & diversion of funds in the credit facilities extended earlier to the company, a fraud amounting Rs 180.13 crore has been reported to RBI," Karnataka Bank said.

Likewise, Religare Finvest Ltd (RFL) was dealing with the bank since 2014, availing various credit facilities.

Following classification of this account as non-performing in October 2019 by a consortium member, Karnataka Bank reported to RBI a fraud amounting to Rs 43.44 crore in the credit facilities extended earlier, on account of diversion of funds.

Leel Electricals was classified as NPA account in March 2019 and it reported to RBI a fraud amounting to Rs 20.65 crore in the credit facilities to the company on account of diversion of funds.

"In all the referred three non-performing accounts, necessary provisions have been made in full to be spread across four quarters," it said.

Fedders Electric and Engineering Limited was reported as NPA in July 2018 by a member bank in consortium, subsequent to which Karnataka Bank reported fraud of Rs 41.30 crore on account of fund diversion.

The account has already been fully provided for, it added.

Madikeri, Mar 29: In an alarming situation in neighbouring Kerala State and instances of inter-state migration of Coronavirus suspects, the authorities on Sunday sealed both Dakshina Kannada and Kodagu borders, prohibiting entry of people from Kerala into Karnataka.

Dakshina Kannada had sealed its borders after repeated instances of people misusing ambulance services to travel to Mangalore. Villagers along with the police hauled mud on to the roads that were used as alternate routes.

The road that connects the two States, which people from east Kasargod used to enter into Karnataka, were closed at Mulleria by dumping mud on the road.

Bengaluru, Mar 15: All 21 Madhya Pradesh MLAs from Jyotiraditya Scindia's camp, who were lodged here at Prestige Golfshire Club, have been shifted to Ramada hotel in Yelahanka ahead of Monday's floor test in the state assembly.

In view of their arrival, the concerned authorities have strengthened security outside the hotel.

Following the exit of Scindia from Congress, these MLAs claimed to have resigned from the state Legislative Assembly.

On March 11, Congress sent two of its leaders -- Sajjan Singh Verma and Govind Singh -- to Bengaluru in order to pacify some of these rebel MLAs.

Most of the rebel MLAs are perceived close to Scindia and were apparently unhappy at Scindia being "ignored" in the party.
Meanwhile, Madhya Pradesh Congress MLAs, who arrived in Bhopal from Jaipur today morning ahead of the floor test in the Assembly on Monday, have been shifted to Courtyard by Marriott Hotel.

These MLAs were accompanied by senior Congress leader Harish Rawat, who exuded confidence of Kamal-Nath led government winning floor test in the Assembly.

Both Congress and BJP have issued whips to all its MLAs for the legislative assembly session in Madhya Pradesh, which is scheduled to be held from March 16 to April 13.

On Saturday, Madhya Pradesh Governor Lalji Tandon had directed that a floor test will be held in the assembly on Monday.