U R Sabhapathi quits Congress, joins JD(S)

March 4, 2012

Sabhapathi


Udupi, March 4: Amidst fierce campaign for impending Udupi-Chikmagalur bypoll, former MLA U R Sabhapathi on Sunday joined Janata Dal (Secular) in a formal programme here.

JD(S) workers welcomed the former Congress leader to the regional party with a giant garland and shawl. JD(S) candidate for bypoll Bhojegowda, and party leader Madhu Bangarappa, Mahendra Kumar and Devi Prasad Shetty formally inducted Mr Sabhapathi.

Speaking on the occasion Mr Madhu Bangarappa said Sabhapathi was a staunch political supporter of Bangarappa. “Late Bangarappa had a dream of a progressive government and JD(S) is now committed to fulfill his dream”, he said.

Calling BJP a corrupt party, he said people of Karnataka were looking ahead for a good government. “Yes, people have already initiated a struggle under the leadership of JD(S)”, he said.

He said that JD(S) fielded Bhojegowda for Udupi-Chikmagalur pypoll to win and not to make any adjustments with BJP. More young leaders from BJP and Congress would join JD(S) soon, he added.

Mr Sabhapathi said he delayed joining JD(S) to take up anti-Nagarjuna protest apolitical.


Lashing out at the State government he said there was neither social justice nor political values in BJP rule. He also condemned the government's inaction during attack on media persons at civil court premises in Bangalore.


Mr Bhojegowda said that a large number of Sabhapathi's supports would follow him and they would be inducted into the party in another programme in the presence of JD(S) state president H D Kumaraswamy.

President of the district unit of JD (S) Deviprasad Shetty on Saturday had announced the induction of Mr Sabhapathi into JD(S).

Mr. Sabhapathi was elected MLA from the Udupi Assembly constituency in 1994 on the Karnataka Congress Party (KCP) ticket. Later the KCP merged with Congress.

Mr. Sabhapathi was re-elected from Udupi Assembly constituency in 1999 as a Congress candidate, but lost against BJP's K Raghupati Bhat in 2004.


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News Network
June 6,2020

Jun 6: Private sector lender Karnataka Bank has reported to the RBI that it has been defrauded of over Rs 285 crore consequent to loans gone bad to four entities including DHFL.

A total of Rs 285.52 crore has been reported as fraud wherein the bank was one of the consortium lenders during 2009 to 2014 to Dewan Housing Finance Corporation Ltd (DHFL), Religare Finvest, Fedders Electric and Engineering Ltd and Leel Electricals Ltd, Karnataka Bank said in a regulatory filing on Friday.

The maximum is owed by DHFL at Rs 180.13 crore, followed by Religare Finvest Rs 43.44 crore, Fedders Electric Rs 41.30 crore and Leel Electricals Rs 20.65 crore.

"DHFL (defaulted entity) dealing with us since 2014 had availed various credit facilities under consortium arrangement wherein, we were one of the member banks. In view of Early Warning Signals (EWS) in the conduct of the account and other developments, the account was red flagged on November 11, 2019.

"The borrowing account was classified as Non-Performing Asset on October 30, 2019 and now, for misappropriation & criminal breach of trust & diversion of funds in the credit facilities extended earlier to the company, a fraud amounting Rs 180.13 crore has been reported to RBI," Karnataka Bank said.

Likewise, Religare Finvest Ltd (RFL) was dealing with the bank since 2014, availing various credit facilities.

Following classification of this account as non-performing in October 2019 by a consortium member, Karnataka Bank reported to RBI a fraud amounting to Rs 43.44 crore in the credit facilities extended earlier, on account of diversion of funds.

Leel Electricals was classified as NPA account in March 2019 and it reported to RBI a fraud amounting to Rs 20.65 crore in the credit facilities to the company on account of diversion of funds.

"In all the referred three non-performing accounts, necessary provisions have been made in full to be spread across four quarters," it said.

Fedders Electric and Engineering Limited was reported as NPA in July 2018 by a member bank in consortium, subsequent to which Karnataka Bank reported fraud of Rs 41.30 crore on account of fund diversion.

The account has already been fully provided for, it added.

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News Network
January 8,2020

Udupi, Jan 8: Senior journalist Raviraj Valalambe passed away due to suspected cardiac arrest on Tuesday night at his residence in Kinnimulki, here. He was 50.

Raviraj was rushed to a hospital after he complained of chest pain. He breathed his last on way to medical facility.

He was the director of Prime TV, a local Kannada news channel.

He had worked as a reporter for ETV and Suvarna News channel earlier.

He is survived by wife and two daughters.

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News Network
April 6,2020

Bengaluru, April 6: The total number of positive cases in Karnataka climbed to 163 after 12 more cases were reported, state government officials said on Monday.

Out of the 12 new cases, three of them have a history of travelling to Delhi.

The tally includes four deaths and 18 people have recovered and discharged.

The total number of COVID-19 positive cases in India crossed the 4,000 mark, mounting to 4,067, said Ministry of Health and Family Welfare on Monday.

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