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
May 5,2024

Karwar, May 5: What commenced as a mere exchange of words between spouses swiftly transmuted into a calamitous ordeal, resulting in the heartbreaking loss of their innocent offspring. The heart-wrenching incident unfolded in the serene confines of Halamaddy village in the picturesque expanse of Dandeli, nestled within the idyllic expanse of Uttara Kannada district.

In the throes of a fervent dispute with her spouse, the aggrieved wife, succumbing to an overwhelming surge of emotions, callously propelled their tender six-year-old progeny into the somber depths of a nearby canal, thereafter alerting the local populace to her grievous act.

Promptly apprised of the distressing occurrence by concerned bystanders, the authorities were swiftly summoned to the scene to confront the harrowing aftermath.

Responding to the distress call, the diligent officers of Dandeli rural police swiftly converged upon the site where the innocent child had been cast into the unforgiving waters of the canal, subsequently effecting the retrieval of the child's lifeless form. 

Regrettably, it was discerned that a portion of the child's remains had been tragically claimed by the lurking jaws of a predatory crocodile.

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News Network
May 19,2024

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Mangaluru: Disgruntled BJP leader and former MLA K Raghupathi Bhat, who is contesting the legislative council election as an independent candidate from the South West Graduates constituency, said the BJP has adopted the “godfather culture” of the Congress.

Bhat told reporters here on Saturday, that he has not tried to appease any senior BJP leaders to get a party ticket to contest the MLC poll.

“I am contesting and seeking votes based on my achievements. My contesting may have a negative impact on the BJP. However, I want to go back to the BJP after winning this election,” Bhat said, and refused to answer the actual reason for the denial of a BJP ticket to him.

“I have no idea who played from behind that I was denied a ticket for the MLC poll.

Earlier, the BJP had a culture of selecting candidates for MLA and MLC polls by seeking the opinion of party workers at the booth level, followed by discussions at mandal and district levels.

Now the situation is such that even if one person’s name was sent from the state, the final list will be different. The godfather culture of the Congress has stretched into our party too. Only those who appease leaders get a ticket in the BJP. However, I have not appeased any leader. I believe in the support of party workers, and with this confidence I am contesting the election,” Bhat said.

To a query, Bhat said that he has not contacted by BJP leaders after deciding to contest the MLC poll.

“I have already requested all leaders that I should get the party’s Form B to contest the MLC poll from the South West Graduates constituency. I have told them that I am also contesting as an independent candidate on behalf of the BJP. The ultimate aim of my contesting the election is that senior leaders should know the injustice that honest party workers are facing in the BJP,” he said.

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News Network
May 6,2024

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Several women, believed to be victims of Prajwal Revanna, have left their homes in Karnataka's Hassan district over the last ten days, according to media reports.

These departures reportedly come amid fear and stigma after their identities became public due to the circulating video clips showing the women who were allegedly sexually assaulted by Prajwal Revanna.

"The entire district is in H D Revanna’s control. You speak ill about them and chances are high that it will reach them, because the family and the party have a large following," a shopkeeper in Hagare - 20 km from Hassan – was quoted as saying by the news paper. 

Hassan is the bastion of the JD(S) supremo Deve Gowda, and Prajwal, his grandson, is the sitting MP.

The family of the woman whose complaint was the basis of the first FIR against Prajwal has now left their home, the publication reported, citing a neighbour who said, "The woman worked at Revanna’s house as a house help. Some of her videos started to circulate and then, her house was seen locked. We don’t know when she left."

Notably, a former Zilla Panchayat member has also filed a rape case against Prajwal, and in that village many women who worked for the party formerly are now incommunicado, a JD(S) leader told the publication. "We noticed many of the party women deleting their photos with Prajwal on social media. In some instances, men are questioning their wives about their association with the MP. It is shattering the lives of many women in the district," he said.

The local leader added that the former Zilla Panchayat member was there on April 24, but no one had seen the family since the videos came out.

The case is currently being probed by an SIT team and when they reached the Revanna residence, party workers were reportedly heard talking about the women. "I know this woman, she lived close to our residence and was very active in JD(S) activities. Her house is locked… she has small children," one said, as per IE.

Another shopkeeper added, "It was really wrong to reveal the faces of the women. I know some of them, and they have gone into hiding. We don’t know whether they can return."

He noted that it is impossible to survive in Hassan while fighting a case against the Revanna family.

While Prajwal's father, H D Revanna is in SIT custody, a Blue Corner notice has been issued against the sitting MP.

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