Suspension of loan: Mall developer moves court seeking ₹102-cr in damages

News Network
August 20, 2017

Bengaluru, Aug 20: A city civil court has ordered issue of summons to a private bank on a suit filed by a real estate development company seeking a whopping ₹101.77 crore as damages with 36% interest per year from the bank for causing loss to a project because of illegal suspension of disbursement of sanctioned loan amount and forcing the company to borrow money at an exorbitant rate of interest from private lenders suggested by the bank’s senior officials.

The 10th Additional City Civil and Sessions Court, Bengaluru, on August 14, passed an order on the suit filed by Lotus Shopping Centre Pvt Ltd., a developer of malls, seeking damages from the Axis Bank Ltd. and three of its senior executives.

It was pointed out in the suit that the company prepared a project to construct a mall in Mangaluru city at an estimated cost of ₹300 crore by investing around ₹104 crore through its investors.

And the Axis Bank, in April 2012, came forward to provide a loan of ₹150 crore with an assurance to sanction loan within two months.

However, the company alleged in the suit that the bank’s senior officials delayed sanctioning the loan for several months in violation of guidelines of the Reserve Bank of India (RBI) and this had resulted in escalation of the cost.

After releasing ₹100 crore, the bank suspended disbursal seeking various additional securities, documentations, among others, without responding to the companies plea of enhancing the loan amount and disbursal of the sanctioned loan of ₹150 core.

Keeping the disbursal suspended, an economic duress situation was created and banks’ senior officials forced the company to borrow several crores of money from two private financial firms at an exorbitant rate of interest, it has been alleged in the suit.

The bank officials secured certain documents from the company by adopting blackmail tactics and made an attempt to force the company to sell the project as “a distress sale” by creating such a scenario by their dubious methods.

Pointing out that the bank violated several RBI guidelines and failed to adopt transparency in the process of granting loan, the company has sought declaration from the court that the conduct of the bank and its officials as fraudulent, illegal, and contrary to RBI’s circulars/guideline.

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News Network
June 10,2020

Bengaluru, Jun 10: The Karnataka government on Wednesday said coronavirus tests conducted in the state has crossed the four lakh mark, while the recovery rate remained at 44 per cent.

Sharing the daily COVID-19 bulletin on his Twitter handle, Medical Education Minister Dr K Sudhakar said till Tuesday 4,00,257 samples were tested in 71 COVID-19 testing labs across the state.

"Karnataka crossed 4 lakh tests mark on Tuesday. So far, we tested 4,00,257 samples in 71 #COVID19 testing labs across the state with a positivity rate of 1.4 per cent," he said.

He tweeted that the state's recovery rate remained healthy at 44 per cent with 2,605 discharges and 5,921 cumulative cases.

The minister said Karnataka was home to nearly a tenth of the total testing labs in India.

According to the Karnataka Health department, out of the four lakh odd samples tested, 3,87,027 samples were reported negative.

The total active cases in the state as on Tuesday evening were 3,248 whereas 66 people lost their lives to coronavirus so far.

Major contributors to the spike in COVID-19 cases in Karnataka are those who returned from Maharashtra recently.

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News Network
February 23,2020

Bellari, Feb 23: Fringe outfit Sri Ram Sena leader Sanjeev Maradi said on Friday said that organization will reward Rs 10 lakh to the person who will 'eliminate' those who have raised "pro-Pakistan" slogans including Amulya who recently raised "Pakistan Zindabad" slogan at an anti-CAA protest in Bengaluru.

"We request both state and central government not to release them (Pro-Pakistan sloganeers) on bail. If they will be released Sri Ram Sena will eliminate them or will give a reward of Rupees 10 lakh to those who kill them," said Sanjeev Maradi.

"We condemn such slogans. This is like a virus. First, it happened in Jammu and Kashmir, then in JNU, then Mysore and then a student named Amulya raised pro Pakistan slogan in Bengaluru," he added.

A girl named Amulya raised 'Pakistan Zindabad' slogan on Thursday at an anti-CAA protest where AIMIM chief Asaduddin Owaisi was also invited.

Thereafter, a case was registered under Section 124A (Offence of sedition) of the Indian Penal Code against the student.

Meanwhile, Imran Pasha, the organizer of the anti-CAA protest said that Amulya was not invited to the event.

"We were the organizers of the event. At around 6:45 pm on Thursday, when I and Member of Parliament Asaduddin Owaisi were entering the stage area, we did not notice Amulya was present there. I did not invite her," Pasha told media.

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Thouseef Ahmed
 - 
Sunday, 23 Feb 2020

So theese guys have come out in public with supari and police department is on mute mode . 

 

Kannadiga
 - 
Sunday, 23 Feb 2020

Spirit of quarter bottle and plate of Beef Sukha. Subject to HQ feeding these are awake else always with DUFF and Blind eye and now nil knowledge about our Nation. What are the nation organization institution are day by day loosing .

O God Give some education knowledge these sena soldiers to behave like human.

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Agencies
February 4,2020

Lucknow, Feb 4: Even as anti-NRC protests continue to rage across the country, the Lucknow University has queered the pitch by demanding citizenship proof from RTI applicants.

The Lucknow University (LU) refused to provide the information sought by the people who filed the Right to Information (RTI) unless they furnished the proof that they were Indian citizens.

Alok Chantia, one of the RTI applicants who was refused information by the varsity, said that he had lodged a complaint with the vice-chancellor of the varsity but even then he could not get the desired information.

"It is shocking how the university has twisted the RTI law as per its whims and fancy. It does not have any authority to do so," said the RTI applicant.

Chantia, also a faculty member at a degree college here, had sought details of appointment of teachers for self-financed courses and their pay scale.

"It is possible that some applicants who may not be familiar with the provisions of the RTI, may have furnished proof of their citizenship to the varsity to get the information but that cannot become a rule," he pointed out.

When contacted, university officials admitted that such a practice had been going on in the varsity for the past few years.

"This practice started during the tenure of the former vice-chancellor S.P. Singh and still continues," said a senior varsity official.

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