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Will pay all dues to depositors in 3 months if released: Nowhera Shaik tells HC

News Network
August 22, 2019

Hyderabad, Aug 22: Nowhera Shaik, the lady boss of the Heera Group of Companies has appealed to the High Court to release her from prison so that she could pay the dues to the depositors of the Heera Group.

Senior advocate P Venugopal, appearing for Shaik on Wednesday told the Telangana High Court that his client would clear all dues to the depositors concerned in three months if she was enlarged on bail. In this regard, the petitioner would give an undertaking, he noted.

Justice Ghandikota Sri Devi was dealing with the three petitions by the Sheik and Heera Gold Exim private Ltd, stating that the state police had no jurisdiction to investigate and to take her into custody, as the Central Government agency Serious Fraud Investigation Office was carrying out the investigation under the rules of the Companies Act.

Shaik complained that she was intentionally detained in jail by the Telangana police since October 15, 2018 by slapping several cases on her, one after another for the same offence with different complaints at various places.

Venugopal submitted that his client was ready to give an undertaking that she would keep her promise to pay the dues within three months, failing which the court could take action under ‘contempt of court’.

The counsel told the court that it was political vendetta against his client to keep her in jail, as she had started a new political party. He added that several complaints were lodged against her in various police stations since August 2018, just prior to the elections in the state and the state police had taken her in custody in October.

Further, he submitted that the complaints were made only after the Serious Fraud Investigation Office (SFIO) started the investigation into the allegations under the Companies Act for not paying dividends to the depositors.

He also submitted that as the Muslim Law does not allow taking an interest, the Company had collected deposits in the form of units and for every unit there was a lock-in period in which the depositors could not withdraw the money.

As the SFIO had started the investigation against the company for not paying dividends, the state police and state machinery had no role to play in the issue, the counsel concluded. This matter was adjourned to August 28, for the submission of the contention of the complainants, the state police and SFIO.

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coastaldigest.com news network
June 29,2020

Mangaluru, Jun 29: An elderly woman who was tested positive for coronavirus, breathed her last at the designated covid hospital in the city today.

The deceased was a 60-year-old resident of Ullal.

According to sources, the woman, was getting treated for ailments related to liver and heart.

More details awaited:

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News Network
March 8,2020

Bengaluru, Mar 8: The economic slowdown in the country had a cascading effect on Karnataka, as its growth rate for outgoing fiscal 2019-20 is projected to be 6.8 per cent against 7.8 per cent in the last fiscal (2018-19), a senior official said on Saturday.

"The Gross State Domestic Product (GSDP) is estimated to be 1 per cent less at 6.8 per cent for this fiscal from 7.8 per cent in the last fiscal due to slowdown in manufacturing (industry) and services sectors," an official of the state finance department told media.

Though the agriculture sector has revived from 1.6 per dent in the drought-hit last fiscal (2018-19) to register 3.9 per cent this fiscal, growth rates of industries and services will be 4.8 per cent and 7.9 per cent for 2019-20 against 5.6 per cent and 9.8 per cent respectively in 2018-19.

"The GSDP is projected to grow at 6.3 per cent in the ensuing fiscal of 2020-21 due to continued slowdown in the national economy," the official hinted.

According to the state's economic survey for 2019-20, the farm sector grew more than double to 3.9 per cent from 1.6 per cent a year ago due to increase in the production of foodgrains, dairy products and fish catch.

Foodgrain production across the state rose to 136 lakh tonnes from 128 lakh tonnes a year ago, the survey revealed.

"In line with the national Gross Domestic Product (GDP) growth rate decline, Karnataka's GSDP has declined from a high of 13.3 per cent in 2016-17 to a low of 6.8 per cent in 2019-20.

"The GSDP has declined from a double-digit growth of 10.8 per cent in 2017-18 to 7.8 per cent in 2018-19 and 6.8 per cent in 2019-20," the survey pointed out.

The survey has adopted the all-India growth rate for the services sector growth in the state, which reflects the impact of slowdown in the key sector.

At current prices, the southern state's GSDP is expected to be Rs 16,99,115 crore (budget estimates) with a 10 per cent growth rate in the next fiscal (2020-21).

"Real estate, professional services and ownership of dwellings contributed 35.31 per cent to the GSDP in 2019-20, followed by manufacturing with 15.32 per cent, trade and repair services 9.51 per cent and crops 7.44 per cent," said the survey findings.

Per capital income in the state at current prices is estimated to be Rs 2,31,246 in 2019-20, an increase of 8.8 per cent from Rs 2,12,477 in 2018-19.

"The per capita income in the state is 58.4 per cent more than that of all-India rate at Rs 1,35,050 in this fiscal," the survey added.

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News Network
February 2,2020

Bengaluru, Feb 2: Karnataka Chief Minister B S Yediyurappa on Sunday said that the cabinet expansion would take place on February 6, with 13 MLAs taking oath of office. “The cabinet expansion will take place on February 6 with the oath-taking ceremony at the Raj Bhavan at 10.30 AM,” he told reporters in Bengaluru.

Thirteen MLAs, including 10 who had joined BJP from parties, including Congress and the JD(S), will take oath, he said. The cabinet expansion is on the cards for nearly two months ever since the BJP won the maximum number of seats in the December 5 2019 bypolls and got a majority in the Karnataka assembly.

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