‘Modi wave’ sweeping Karnataka, says Yeddyurappa

Agencies
April 30, 2018

Bengaluru, Apr 30: Riding a ‘Modi wave’, the BJP will form the next government in Karnataka with absolute majority, its chief ministerial candidate B S Yeddyurappa said on Monday, and ruled out a post-poll alliance with the JD(S) “as of now”.

Pollsters have predicted a hung Assembly in Karnataka, with neither the ruling Congress nor the BJP attaining a majority. They have said the JD(S), of former prime minister H D Deve Gowda, would emerge as the kingmaker.

Yeddyurappa, a Lingayat strongman who had supported the demand for religious minority status for the community when he headed the Karnataka Janata Paksha (KJP) that he had formed after breaking away from BJP, said the issue would not hurt the electoral prospects of the saffron party and instead “backfire” on the ruling Congress.

The state BJP chief also said the saffron party was campaigning as a “united force” to achieve the mission of winning 150 seats in the May 12 Assembly polls.

“The Lingayat issue is not going to affect us. This will backfire on Congress,” Yeddyurappa told PTI in an interview.

The Siddaramaiah government had recently recommended to the Centre religious minority status for Lingayats and its sub-caste Veerashaiva Lingayats, in an apparent move to cut into the solid vote base of the BJP which has traditionally backed the party.

The Lingayats, who account for about 17 per cent of the state’s population, have a large presence in north and central Karnataka, especially in Shivamogga, Davanagere and Chitradurga, where their votes can be critical to the electoral outcome.

The BJP has reacted cautiously to the contentious issue, while the Congress, unsure of the consequences it may have for the party in the elections, has also kept it on the back burner.

The 75-year-old Yeddyurappa, who has won seven times from Shikaripura, said he would triumph with a huge margin from his home seat, as the Lingayats would not let him down.

He rejected the Congress’ allegation that the BJP was stoking caste and communal sentiments to win the elections. “Not at all,” he said.

“Had the Congress been secular, Chief Minister Siddaramaiah would not have been contesting from a second place, Badami, a constituency with a sizeable population of Kuruba,” he said. Siddaramaiah hails from the Kuruba community.

Siddaramaiah is “scared” of losing his traditional Chamundeshwari seat, from where he has won five times since 1983, he added.

The BJP has fielded its resourceful Ballari MP B Sriramulu against Siddaramaiah in Badami in North Karnataka.

“We are confident that Sriramulu will win that seat,” Yeddyurappa said.

Asked if the BJP’s alleged “communal politics” would work for it in coastal Karnataka, Yeddyurappa said, “There is no such thing out there. Congress is spreading lies. There is only Modi wave and we are going to sweep not only the coastal region but the entire state.”

He said the party would secure a majority and form the government. “There is no question of post-poll alliance with JD(S) as of now,” Yeddyurappa said.

JD(S)’s chief ministerial nominee H D Kumaraswamy, a son of Dewe Gowda, had told PTI yesterday that he would emerge as the “king” and not a “kingmaker” after the elections.

The JD(S) and BJP had cobbled together a coalition and formed the government headed by Kumaraswamy in 2006.

It collapsed in October 2007, after the JD(S) backtracked on its promise and refused to hand over the reins of power to Yeddyurappa under the agreement the two parties had entered into over rotational chief ministership.

This paved the way for polls which saw the saffron party form its first government in the south in 2008.

Replying to a query on whether Siddaramaiah’s repeated reference to his incarceration for alleged corruption at election meetings was harming his image, Yeddyurappa said, “He is confusing and misleading public because all corruption charges against me have been set aside by the court.”

Yeddyurappa was the first chief minister of Karnataka to have been jailed over allegations of corruption, and had spent 25 days behind bars.

Karnataka will go to polls on May 12 to elect the 224- member assembly. The results will be declared on May 15.

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Hasan
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Tuesday, 1 May 2018

Modi Wave is sweeping under carpet in Karnataka

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News Network
February 17,2020

Mandya, Feb 17: About 40 passengers were injured in a collision between a KSRTC bus and a tipper lorry near Srirangapatna in the district on Monday.

Police said that the incident occurred when the bus was stopped to allow passengers to alight when the tipper lorry rammed against the bus.

The victims have been admitted to the Taluk hospital and the severely injured have been shifted to a hospital in Mysuru.

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News Network
January 25,2020

Mangaluru, Jan 25: Hotelier Samtappa reportedly committed suicide by consuming poison in Kadaba taluk in the district on police said on Saturday.

The deceased was running a hotel named Hotel Samtappa here.

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Agencies
January 1,2020

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.

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