On paltry security, co-op banks lend Rs 215 cr to Hebbalkar's firm

March 1, 2017

Bengaluru, Mar 1: It is a common fact that one can’t get loans from cooperative banks if one lacks political clout. But it is not difficult if you are Lakshmi R Hebbalkar, president, Karnataka Mahila Congress.

Lakshmi
A consortium of seven co-operative banks, with Apex Bank as the leader bank, has sanctioned a term loan of Rs 215 crore against a total security of 51 acres of industrial land worth not over Rs 1.69 crore in Savadatti taluk of Belagavi district. The huge term loan was offered to Harsha Sugars Pvt Ltd of which Lakshmi is the managing director.

The income tax department had raided the premises belonging to Lakshmi and Minister for Small Scale Industries Ramesh L Jarkiholi in January this year. The documents pertaining to Harsha Sugars were also under the scanner. A close examination of the documents relating to the businesses of Harsha Sugars, which were accessed by DH, revealed that the consortium of seven co-operative banks had sanctioned the term loan seven months after the company acquired 51 acres in Savadatti taluk.

After the purchase of the land, Harsha Sugars had got the clearance of the state high-level clearance committee headed by Chief Minister Siddaramaiah, in June 2015.

The documents show that the term loan agreement was executed between the consortium of co-operative banks and Harsha Sugars on October 13, 2015 and a supplementary deed of equitable mortgage by deposit of title deeds was executed on December 16, 2015.

In both the agreements, Harsha Sugars, a company incorporated under the Companies Act, was represented by its managing director Lakshmi R Hebbalkar and director Channaraj B Hattiholi, Lakshmi's brother.

The consortium of banks is led by Karnataka State Co-operative Apex Bank (Rs 50 crore) and six other co-operative banks which are: The South Canara District Central Co-operative Bank Kodialbail, Mangaluru (Rs 30 crore), The Bajpe Vyavasaya Seva Sahakari Bank, Bajpe, Dakshina Kannada (Rs 20 crore), The Bagalkot District Central Co-operative Bank of Bagalkot (Rs 40 crore), The Bijapur District Central Co-operative Bank of Solapur (Rs 25 crore), The Tumkur District Central Co-operative Bank, Tumakuru (Rs 25 crore) and The Kanara District Central Co-operative Bank Ltd in Sirsi Uttara Kannada district (Rs 25 crore).

Interestingly, Sri Vishwakarma Urban Credit Souharda Sahakari Niyamit of Gokak district and The Bangalore, Bangalore Rural and Ramanagar District Central Co-operative Bank, Chamarajpet, Bengaluru, which were part of the consortium in October 2015 opted out of it in the deed executed in December 2015. The two banks had sanctioned Rs 25 crore each to Harsha Sugars on September 28 and September 11 respectively.

The board of directors of Harsha Sugars had appointed Lakshmi and Hattiholi to approach the leader bank (Apex Bank) and the other banks, seeking sanction of Rs 215 crore loan to set up 5,000 TCD sugar plant with 30 MW co-gen power plant at survey number 411 at Savadatti village in Belagavi district. The lands pledged as security for the loan are in survey numbers 411/1 (4.02 acres), 411/2 (4.2 acres), 411/3 (4.1 acres), 412 (17.01 acres) and 413/1 (22.06 acres).

Hebbalkar didn’t respond to several calls made by DH?to her personal mobile phone. In response to a message texted to her phone, she replied that she would call back.

Land conversion in a jiffy

A certain Panchanagouda Basanagouda Dymanagoudar had purchased the entire 51 acres of agricultural land from different farmers in Savadatti for Rs 1 lakh per acre in December 2014. After buying the land, he filed an application with the Belagavi deputy commissioner seeking conversion of the land for industrial purpose. The application was filed on February 12, 2015 and the order sanctioning conversion was passed on February 26. In March 2015, Dymanagoudar sold the entire land to Harsha Sugars.

Comments

Abdulla Madumoole
 - 
Wednesday, 1 Mar 2017

Generally, when a term loan is granted, it is granted for buying plant & machinery, buildings , etc by pledging the same asset. In the present case, certainly banks would have obtained hypothecation of the assets bought, in addition to mortgage of land records. Though I don't rule out the possibility of misdeeds, the allegation that loan of Rs215 Cr was granted against mortgage of land valuing only Rs1.69 Cr looks too imaginary.

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News Network
March 22,2024

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Bengaluru, Mar 22: An FIR has been registered against BJP MP Tejasvi Surya over a provocative hate post on social media, Election Commission officials said on Friday.

The move comes after a complaint filed by officials of the poll body and Bruhat Bengaluru Mahanagara Palike (BBMP) that the Bengaluru South MP, who is also the President of Bharatiya Janata Yuva Morcha, had in a post apparently targeted a minority and spread enmity between two communities.

He also made a similar post on March 19 on X and YouTube which went viral. He has 1.3 million followers on X, thereby influencing the voters and disturbing the communal harmony between the communities, it further alleged.

Based on the complaint, an FIR was registered at Halasuru Gate police station on March 20 under sections 153 A (promoting enmity between different groups on grounds of religion, race, place of birth, residence, language, etc., and doing acts prejudicial to maintenance of harmony), 295 A (Deliberate and malicious acts intended to outrage religious feelings of any class by insulting its religion or religious beliefs) of the Indian Penal Code and the Representation of the People Act, the officials said.

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News Network
March 14,2024

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Mangaluru, Mar 14: “Hindutva is my commitment and development is my priority,” said Indian army veteran and entrepreneur Captain Brijesh Chowta after the BJP high command announced a ticket to him from Dakshina Kannada Lok Sabha constituency.

Known as a BJP stronghold, Nalin Kumar Kateel has served as the MP of this constituency for the past 15 years.

Soon after the announcement was made, 42-year-old Chowta, who is also the BJP state secretary from Dakshina Kannada constituency, sought the blessings of his parents and went to Shree Sharavu Mahaganapathi Temple and visited the war memorial to offer tributes.

A BSc graduate from St Aloysius College, he completed his executive business Management program from the Indian Institute of Management, Indore.

He was commissioned into the 7th battalion of the 8 Gorkha Rifles and served in counter-insurgency operations in Assam and Manipur and was part of Elite Ghatak team. He also served as the adjutant to the battalion. He has been associated with the BJP since 2013. He is the president of Mangaluru Kambala and organiser of Mangaluru Lit Fest.

“Humbled and grateful to our party seniors led by our commander-in-chief PM Narendra Modi for giving me this opportunity to be our party’s candidate and representative of his work and vision in Dakshina Kannada. I pledge to continue to work with even greater rigour for the welfare of our region and people driven by the mantra of ‘Nation First’. I humbly bow down to all our karyakartas & everyone who stood by me & toiled with me to make this happen. Our task has just begun, as we work towards making Dakshina Kannada the number one in the state,” Captain Chowta said on X.

Kateel welcomes change 

Meanwhile, sitting Dakshina Kannada MP Nalin Kumar Kateel has welcomed the party’s decision to field Capt Brijesh Chowta as the BJP candidate for Dakshina Kannada Lok Sabha constituency.

He said the change aligns with the party’s strategy of fostering new talent to broaden its base and activities. He hoped that he will win by a margin of more than 3 lakh votes.

Soon after the list was announced on Wednesday, the three-time MP told reporters that he has brought projects worth about Rs 1 lakh crore during the last 10 years, under the Modi government.

He thanked the party for giving him a big responsibility of leading the party in the state. “I have worked honestly,” he said.

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News Network
March 17,2024

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Bengaluru: The Vokkaliga heartland of the old Mysuru region consisting of several southern districts will be the testing ground for the recently forged BJP-JD(S) alliance in Karnataka in the Lok Sabha polls.

The ruling Congress will now look to consolidate its gains that it made in the assembly elections in May last year when it made inroads into the strongholds of the regional party headed by former Prime Minister H D Deve Gowda in these districts.

In the 2019 Pariamentary elections, the Congress and JD(S) fought together but secured only one seat each in the state. The BJP bagged 25 out of the total 28 Lok Sabha seats.

The Congress and JD(S) win, in fact, came in the old Mysuru region -- Bangalore Rural and Hassan, respectively, while Mandya seat went to an independent backed by the BJP.

This time, the JD(S) has an alliance with BJP. According to sources, the JD(S) is likely to be alloted Hassan, Mandya and Kolar seats in the region, from where Deve Gowda's party draws its strength from in Karnataka.

The JD(S) is now looking to bounce back after the drubbing it received in the May assembly polls.

The Congress and JD(S) are considered to be traditional rivals in the region, where the BJP has also been improving its vote-share.

The BJP-JD(S) alliance hopes to counter the Congress' surge in the region, determined to consolidate Vokkaliga votes in their favour and banking on the Modi charisma. Both parties also hope to gain from each other with this alliance.

The Congress is hoping to further its prospects and continue its dominance in the region, with the help of its strong local leadership and riding on its five guarantee schemes.

Both Chief Minister Siddaramaiah and Congress state President D K Shivakumar, who is also the Deputy Chief Minister come from this region, and so does JD(S) patriarch Deve Gowda and his son H D Kumaraswamy, a former CM and that party's state President.

According to a political analyst, 'coordination among local leaders and transfer of votes between the parties are going to be key for the BJP-JD(S) alliance to click.' Lack of trust between sizeable workers and leaders of both parties on the ground had proved to be counterproductive for Congress and JD(S) combine in the 2019 Lok Sabha polls, resulting in their rout and helping the BJP.

Both Congress and BJP have announced candidates for some seats in the region for the 2024 polls.

The Congress has re-nominated D K Suresh, brother of Shivakumar, from Bangalore Rural.

Interestingly, the BJP has fielded the scion of the erstwhile Mysuru royal family Yaduveer Krishnadatta Chamaraja Wadiyar from Mysore and noted cardiac surgeon and Deve Gowda's son-in-law, Dr C N Manjunath, from Bangalore Rural.

In Karnataka, the Lok Sabha elections will be held in two phases on April 26 and May 7.

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