Udupi to be garbage-free district by Oct 2, 2018

For many Indian tycoons, 2019 turned woeful as lenders -- empowered by the nation’s recent bankruptcy law and desperate to clean up soured debt from their books -- started seizing assets of delinquent firms or dragged them into insolvency.

Indian banks wrote off a record $39 billion of loans in the 18 months through September in a bid to repair their balance sheets as they battled the world’s worst bad debt pile. Making matters worse, a shadow banking crisis led to a funding squeeze, crushing debt-laden businesses that were critically dependent on rollover financing.

“Life has come a full circle for tycoons that had enjoyed debt-fueled growth,” said Nirmal Gangwal, founder of distress and debt restructuring advisory firm Brescon & Allied Partners LLP. “Many firms collapsed like a house of cards. The downfall was rather unprecedented.”
The government has also been cracking down on economic crime to assuage public anger over absconding businessmen. It’s even barred some from traveling overseas if they were deemed a flight risk.

Here are some of the country’s biggest and most-storied businessmen who saw their fortunes fade. Spokespersons for none of these tycoons, except Essar, immediately replied to emails and text messages seeking comments.

Anil Ambani

The chairman of Reliance Group, which makes movies to metro lines, had a close shave with jail time in March before his elder brother and Asia’s richest man, Mukesh Ambani, bailed him out at the last minute. The woes of the ex-billionaire came to the fore when India’s top court asked him to pay Ericsson AB’s India unit about $77 million of past dues or go to jail since Anil Ambani, 60, had given a personal guarantee. His telecom carrier slipped into insolvency this year, while unprofitable Reliance Naval & Engineering Ltd. faced a cash crunch. Reliance Capital Ltd. is selling assets to pare debt. Ambani is also fending off Chinese lenders in a London court.

Malvinder & Shivinder Singh

Karma caught up with ex-billionaires and brothers Malvinder Singh, 47, and Shivinder Singh, 44, and how. Scions of a prominent business family, they once helmed India’s top drug maker and second-largest hospital chain. In October, the two were arrested on charges of fraudulently diverting nearly $337 million from a lender they controlled. India’s market regulator found in 2018 that the brothers had defrauded their hospital company of about $56 million. The collapse of the $2 billion empire turned brother against brother, prompting their mother to broker a peace deal that was short-lived. In February, Malvinder accused Shivinder and their spiritual guru of fraud.

Shashikant & Ravikant Ruia

After a hard-fought battle to keep their flagship steel mill, the first-generation entrepreneurs finally saw the bankrupt Essar Steel India Ltd. pass on to ArcelorMittal last month. The $5.9 billion takeover was almost two years in the making with multiple legal wrangles. The group, controlled by Shashikant Ruia, 76, and Ravikant Ruia, 70, were also reprimanded by a U.K. judge in March this year for concealing documents. Started in 1969 as a construction firm, Essar Group diversified, investing about $18 billion between 2008 and 2012, and piled on debt. In 2017, the group had sold another prized asset, Essar Oil.

Selling an asset to pare a liability shouldn’t be seen as a “lost asset,” an Essar spokesman said, adding that the group remains a diversified conglomerate.

VG Siddhartha

Before jumping off a bridge into a river in July in an apparent suicide, the founder of India’s biggest coffee chain Cafe Coffee Day had penned a letter that spoke of pressure from lenders, a private equity firm and harassment by tax officials. He had spent much of the last two years pledging ever more of Coffee Day Enterprises Ltd. shares to refinance loans for ever shorter periods, at ever higher interest rates. “I would like to say I gave it my all,” V.G. Siddhartha, 60, wrote in the letter. “I fought for a long time but today I gave up.”

Naresh Goyal

The former ticketing agent who built India’s largest airline by value, stepped down as chairman of Jet Airways India Ltd. in March, caving in to pressure from banks who took over the company. Cut-throat price wars and surging costs pushed Jet deeper into loss. The airline stopped flying in April and went into bankruptcy two months later as lenders failed to find a buyer. In July, an Indian court barred Naresh Goyal from flying overseas after the government said it was investigating an alleged $2.6 billion fraud involving Jet Airways.

Rana Kapoor

The founder of Yes Bank Ltd., which became India’s fourth-largest non-state lender, tweeted in September 2018 that his shares were invaluable and requested his children never to sell them upon inheritance. But trouble was brewing. The nation’s banking regulator, which found the lender had repeatedly under-reported its bad loans, refused to extend his tenure as chief executive officer. This forced Rana Kapoor, 62, to step down by end-January. Kapoor, who has pledged some of his Yes Bank shares in July, sold almost his entire stake in the lender by October.

Subhash Chandra

The rice trader-turned-media mogul, 69, who brought cable television into Indian homes in the early 1990s with his ZEE TV, resigned as chairman of Zee Entertainment Enterprises Ltd. in November and lost control of his crown jewel. Subhash Chandra has been selling stake in Zee Entertainment in the past few months to repay group’s debt.

Gautam Thapar

A default by Gautam Thapar, founder of the paper mill-to-power transmission Avantha Group, on pledged shares made Yes Bank Ltd. the biggest shareholder in CG Power and Industrial Solutions Ltd. In August, the firm was hit by an accounting scandal forcing the board to remove Thapar, 59, from the chairman’s post. A month later, the market regulator ordered a forensic audit of the firm and barred Thapar from accessing securities market.

New Delhi, Jan 30: A terrorist opened fire at people peacefully protesting against the contentious citizenship amendment act (CAA) near the Jamia Millia Islamia University in Delhi this afternoon, causing chaos and panic in the area.

One person has been injured. In a video, the terrorist, wearing a black jacket and a pair of white trousers, can be seen walking on a road, waving a gun as he shouts "who wants Azadi, come I'll shoot you. Then he says, "Yeh lo aazadi (here's your freedom)" and opens fire injuring a student in front of police.

A video of the attack that is being shared widely on social media also showed the assailant also shouting the 'Jai Shri Ram' slogan and warning protesters to chant 'Vande Mataram' if they want to stay in India. The injured student, Shadab, was hit by the bullet in his arm and has been admitted to the Holy Family hospital in Jamia Nagar.

His condition is stated to be stable. The incident took place near the hospital when a protest march was being taken out by students. Students said that the attacker tried to hijack the peaceful protest and threatened the anti-CAA agitators.

The shooting comes in the aftermath of communally charged, hateful and violence provoking rhetoric by several BJP leaders in the run-up to the assembly elections in Delhi.

Junior finance minister Anurag Thakur had on Monday led chants of ‘shoot the traitors’ at a poll rally in north Delhi’s Rithala. The minister prompted "desh ke gaddaron ko..." to which the crowd responded "...goli maaro sa***n ko". The chant translates to "shoot down the traitors who betray the country". Protesters against the CAA and the NRC have often been dubbed anti-national by members of the ruling BJP.

After Thakur’s hate speech, a man carrying a gun was also caught at Delhi's Shaheen Bagh, the venue of mega protests. The man had walked into the protest ground and allegedly brandished the weapon till he was overpowered by the surrounding protesters, eyewitnesses said.

Bengaluru, Jul 8: Karnataka on Wednesday reported the biggest single-day spike of 2,062 coronavirus cases and a record 54 fatalities, taking the total number of infections to 28,877 and the death count to 470, the health department said.

778 COVID-19 patients were also discharged after recovery in the state.

Out of the fresh cases reported today, 1,148 cases were reported from Bengaluru alone with 22 deaths.

The previous biggest single-day spike was recorded on July 5 with 1,925 cases.

As of July 8 evening, cumulatively 28,877 COVID-19 positive cases have been confirmed in the state, which includes 470 deaths and 11,876 discharges, the health department said in its bulletin.

It said out of 16,527 active cases, 16,075 patients are in isolation at designated hospitals and stable, while 452 are in ICU.

The dead include 22 from Bengaluru urban, Dharwad seven, Ballari four, three each from Hassan and Raichur, two each from Ramanagara, Chikkaballapura, Vijayapura, Tumakuru, Mysuru, and one each from Bidar, Dakshina Kannada, Kalaburagi, Chikkamagaluru and Bengaluru rural.

Among the districts where the new cases were reported, Bengaluru urban accounted for 1,148 cases, followed by Dakshina Kannada 183, Dharwad 89, Kalaburagi 66, fifty nine each from Ballari and Mysuru, Bengaluru rural 37, Ramanagara 34, Chikkaballapura 32, 31 each from Udupi and Haveri, Bidar 29, Belagavi 27, Hassan 26, and 24 each from Bagalkote and Tumakuru.

While Chikkamagaluru reported 23 cases, it was 20 in Mandya, Uttara Kannada 19, Davangere 18, 17 each from Raichur and Shivamogga, Kolar 16, 11 each from Yadgir and Koppal, Gadag five, Vijayapura four, and Chitradurga two.

Bengaluru urban district tops the list of positive cases, with 12,509 infections, followed by Kalaburagi 1,816 and Dakshina Kannada 1,534.

Among discharges, Bengaluru urban tops the list with 2,228 discharges, followed by Kalabuagi 1,351 and Udupi 1,178.

A total of 7,59,181 samples were tested so far, out of which 19,134 were tested on Wednesday alone.

According to the bulletin, so far 7,11,319 samples have been reported as negative, and out of them 16,503 were reported negative today.