Karnataka witnesses a politically turbulent 2012

December 23, 2012
yeddy


BS Yeddyurappa breaking ranks with BJP and floating his own party, another change of guard, the Cauvery issue, busting of a terror module and an ugly incident of three ministers watching porn clippings in the assembly marked the year 2012 for Karnataka.

The year also saw attacks on girls and boys at a home stay in Mangalore, clash between lawyers and police in the wake of men of legal fraternity attacking journalists and exodus of people from northeastern states following rumours of attack.

The Cauvery water sharing row returned to haunt Karnataka, with Tamil Nadu managing to get court orders for release of water on two occasions and Cauvery basin districts plunged into agitation opposing water release.

The first-ever saffron party government in south India continued to be hit by political turmoil following a banner of revolt launched by its strong man Yeddyurappa, who later launched Karnataka Janata Party with the sole aim of decimating BJP in next year's election.

The other notable events that marked the year was a problem of mounting garbage in the city, which also tarnished the brand name of Bangalore at the international level, resignation drama by ministers and legislators to seek the sacking of D V Sadananda Gowda as chief minister.

There were private complaints pouring against Chief Minister Jagadish Shettar, which the Lokayukta court quashed, Law Minister S Suresh Kumar, former chief minister Sadananda Gowda , BBMP Mayor Venkatesh Murthy and former chief ministers H D Devegowda, S M Krishna and Yeddyurappa accusing them of abusing their power.

The year also witnessed an unprecedented scene of ministers and ruling party legislators boycotting the budget session to press for their demand to sack Gowda and make Shettar as chief minister.


In a continued collision-course between Governor HR Bhardwaj with the government, the former rejected in February the recommendation to appoint retired judge S R Bannurmath as Lokayukta in the wake of him facing a land allotment row.

The image of the BJP government took a beating when two of its ministers, Laxman Savadi and C C Patil, were caught on camera watching porn clippings in the state assembly when the house was debating the hardships faced by drought-hit people.

The footage aired by a regional channel and later by others led to the resignation of three ministers-- J Krishna Palemar, who was accused of providing the clippings, besides Savadi and Patil.

Yeddyurappa got a major relief from the high court in March when it quashed the FIR registered against him in illegal mining case on Lokayukta report and also a chapter in the report that indicted him. This prompted the 70-year-old Lingayat leader to stake claim for re-instating himself as chief minister, a post he was forced to quit in July 2011, but the BJP high command rejected the demand, which ultimately led him to bid adieu to the saffron party and launch KJP.

However, Yeddyurappa suffered a major setback when the Supreme Court ordered a CBI probe in May into illegal mining and mysterious disappearance of iron ore from Belekeri Port in Uttara Kannada district.

The year saw the tragic death of two officials -- Karnataka Administrative Service (KAS) officer Mahantesh, who was murdered by some individuals in Bangalore City and an Assistant Conservator of Forest Madan Naik in Dandeli, who was assaulted by a group of tourists to death for warning them to be beware of crocodiles in the lake, triggering off protests from government servants.


The internal feud that has been simmering in the ruling BJP ever since it came to power in 2008 continued unabated in 2012 and led to sacking of Sadananda Gowda as chief minister by the rebels led by Yeddyurappa.

Yeddyurappa ensured that nine ministers loyal to him quit seeking Gowda's replacement with Shettar on June 29 and they withdrew the resignation on July 2 after BJP high command accepted the demand for change of guard.

Gowda quit as chief minister on July 8 and Shettar, another Lingayat leader, assumed office on July 12. But the rumblings in the government and also the party continued.

People of the state were for a rude shock when the city police announced that they have uncovered a terror module with the arrest of 11 terror suspects who had planned to eliminate prominent politicians and journalists on August 30.


The reputation of the state suffered a major dent when the activists of Hindu Jagaran Vedike stormed a home stay in Mangalore, beat up girls and boys partying there in July. The attack evoked nationwide outrage.



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Agencies
June 7,2020

New Delhi, Jun 7: The Government of India (GoI) must strengthen the laws to protect animals, said People for the Ethical Treatment of Animals (PETA) India CEO Dr Manilal Valliyate on Sunday, following an elephant's death in Kerala and cow injured due to ingestion of explosives in Himachal Pradesh.

"Such incidents are not just restricted to certain regions but are happening all across the country. PETA receives more than 100 similar cases every day. People send in their complaints to us, not just for cows and elephants but for so many other animals as well," he said.

The PETA chief urged the GoI to strengthen the laws established to protect animals.

"As per the current laws set out against animal cruelty, the perpetrator would only be charged Rs 50,000 as a fine. That is equivalent to no punishment at all," added PETA India CEO.

He expressed his anguish against municipal agencies as well, saying that they are not doing "serious" work. He also highlighted how cows are left on the roads to wander, after milking them, to feed on garbage, in several parts of the country.

"These injustices against animals through explosives has been going on for quite a while. But for the first time, it has received such public attention," he said.

After a pregnant elephant was fed cracker-filled pineapple and her eventual death on May 27 in Kerala's Palakkad district, a pregnant cow sustained fatal injuries on May 25 due to accidental ingestion of explosives in Dadh village of Bilaspur district of Himachal Pradesh.

One person has been arrested in the Dadh village for allegedly hurting the cow.

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News Network
July 9,2020

U.S. electric vehicle maker Tesla Inc is "very close" to achieving level 5 autonomous driving technology, Chief Executive Elon Musk said on Thursday, referring to the capability to navigate roads without any driver input.

"I'm extremely confident that level 5 or essentially complete autonomy will happen and I think will happen very quickly," Musk said in remarks made via a video message at the opening of Shanghai's annual World Artificial Intelligence Conference (WAIC).

"I remain confident that we will have the basic functionality for level 5 autonomy complete this year."

Automakers and tech companies including Alphabet Inc Waymo and Uber Technologies are investing billions in the autonomous driving industry.

However industry insiders have said it would take time for the technology to get ready and public to trust autonomous vehicles fully.

The California-based automaker currently builds cars with an Autopilot driver-assistance system.

Tesla is also developing new heat-projection or cooling systems to enable more advanced computers in cars, Musk said.

Industry data showed Tesla sold nearly 15,000 China-made Model 3 sedans last month.

Tesla has become the highest-valued automaker as its shares surged to record highs and its market capitalisation overtook that of former front-runner Toyota Motors Corp.

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News Network
February 5,2020

Feb 5: Tesla is making Elon Musk a lot richer without paying him a dime.

A blistering stock rally has bolstered the value of CEO Musk's 19% stake in the electric car maker by $16 billion since the start of 2020, to $30 billion.

Tuesday's steep climb in the share price could sweeten Musk's payday under his record-breaking compensation package, which is built on stock options that rely on market value targets. Two milestones have now been achieved that could see Musk unlock options worth $1.8 billion.

The controversial chief executive, who is also the majority owner and CEO of rocket maker SpaceX, recently testified that he did not have a lot of cash as he successfully defended himself in a defamation lawsuit. He previously has taken loans using his Tesla shares as collateral.

Musk does not take a salary, choosing instead a risky options package that envisions the stock market value of Tesla rising to $650 billion over 10 years, a prospect that was derided by some investors when the deal was announced in 2018.

That target now looks less crazy. Shares of Tesla have rallied over 50% since the company posted its second consecutive quarterly profit last Wednesday, which was viewed as a major accomplishment for a company competing against established automotive heavyweights including General Motors Co  and BMW.

Tesla shares have climbed about 400% since early June, helped by the company's better-than-expected financial results and ramped-up production at its new car factory in Shanghai.

On Tuesday, Tesla surged as much as 24% before falling back in the final minutes of the trading session to end the day up 13.7%. That put its market capitalization at $160 billion, almost twice the combined value of Ford Motor and General Motors.

The shares had also rallied on Monday, partly fueled by Panasonic Corp's 6752.T saying its automotive battery venture with Tesla was profitable for the first time.

The options Musk was awarded in 2018 vest incrementally based on targets for Tesla's stock market value and its financial performance. The market capitalization would have to sustainably rise by $50 billion increments over the agreement's 10-year period, with the full package payout reached if the market cap reaches $650 billion, as well as the company's meeting revenue and profit targets.

Musk is on his way to seeing his first two tranches of options vest. He achieved operational targets on revenue and adjusted earnings last year.

The rise in Tesla's market capitalization last month to a target of $100 billion opened the way for Musk's first tranche of options to vest. With Tuesday's surging share price, the market capitalization blew past the second target of $150 billion, opening the way for the second tranche to vest. Tesla's market capitalization must stay at or above each target level for one- and six-month averages for each set of options to vest.

Tesla was valued at about $52 billion when shareholders approved the pay package in March 2018, a time when the company faced a cash crunch, production delays and increasing competition from rivals.

A full payoff for Musk would surpass anything previously granted to U.S. executives, according to Institutional Shareholder Services, a proxy advisor that recommended investors reject the pay package deal at the time.

Musk currently owns about 34 million Tesla shares, and his compensation package would let him buy another 20.3 million shares if all his options tranches vest.

When Tesla unveiled Musk’s package, it said he could in theory reap as much as $55.8 billion if no new shares were issued. However, Tesla has since awarded stock to employees and last year sold $2.7 billion in shares and convertible bonds, diluting the value of the stock.

Musk has transformed Tesla from a niche car maker with production problems into the global leader in electric vehicles, with U.S. and Chinese factories. So far it has stayed ahead of more established rivals including BMW and Volkswagen.

Many investors remain skeptical that Tesla can consistently deliver profit, cash flow and growth. More Wall Street analysts rate Tesla "sell" than "buy," and the company's stock is the most shorted on Wall Street.

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