Trupti Desai finally enters Haji Ali Dargah, offers prayers

Bengaluru, Mar 13: Senior IPS officer KSR Charan Reddy, who was the Additional Director General of Police in Criminal Investigation Department, Karnataka passed away in Bengaluru on Friday after prolonged illness. 

He was reportedly battling cancer for at least three years now and had suffered multiple recurs after treatment. 

"Shri Charan Reddy, IPS, ADGP, Karnataka State, passed away this morning, after a prolonged illness. He was one of our finest officers. Always stood tall and held his head high!! May his soul rest in peace," Retired IPS officer and former Director General of Police (Fire Services) MN Reddi tweeted. 

IPS officer Charan Reddy was heading the Special Investigation Team of the Lokayukta when he arrested Vijayanagara MLA Anand Singh in 2015 for illegally transporting iron ore out of Ballari. The illegal mining scam had rocked the former BJP government in 2011.

Karnataka Chief Minister BS Yediyurappa condoled his death and said that he was an honest officer in the state. "Charan Reddy was a dedicated and honest officer. I pray that his soul rests in peace. I pray that god gives his family the strength to go through such a turbulent time after his departure," BS Yediyurappa tweeted. 

A 1993-batch IPS officer, Charan Reddy KSR is originally from Chittoor and has served under various departments of the state's police force. He was serving as the Inspector General of Police in Belagavi division in 2013, when he was transferred to Bengaluru as the IGP (Training). In 2014, he was posted as the IGP of the SIT probing the illegal mining scam in which former Tourism Minister Gali Janardhana Reddy is also allegedly involved.

He was transferred out of the SIT in Lokayukta in 2016 and posted as Additional Commissioner of Police (law and order) in Bengaluru. He served as the ADGP of Crime in Mangaluru in 2018 and was later appointed as the Additional Director General of Police (training) the same year. In 2019, he was transferred and appointed as the ADGP of CID.

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.”

Mangaluru, Mar 27: Thousands of letters are pending at various Post offices in Dakshina Kannada for delivery since declaration of lockdown due to Corona virus which is spreading like wildfire in the country.

Of the 542 offices in the district, only eight are functioning and the only post office opened in the district facilitates only withdrawal of funds by the customers, district senior official said here on Friday.

There are in all 53 departmental offices and 96 branch offices in Mangaluru Taluk and about 4,000 general postcards and 1,000 Registered and Speed Posts are pending for delivery. Also, there are a total of 393 post offices in the Puttur division and only a few are opened. About 48 postal bags are pending and there are about 200-300 postcards in each bag.