Suspension of loan: Mall developer moves court seeking ₹102-cr in damages

News Network
August 20, 2017

Bengaluru, Aug 20: A city civil court has ordered issue of summons to a private bank on a suit filed by a real estate development company seeking a whopping ₹101.77 crore as damages with 36% interest per year from the bank for causing loss to a project because of illegal suspension of disbursement of sanctioned loan amount and forcing the company to borrow money at an exorbitant rate of interest from private lenders suggested by the bank’s senior officials.

The 10th Additional City Civil and Sessions Court, Bengaluru, on August 14, passed an order on the suit filed by Lotus Shopping Centre Pvt Ltd., a developer of malls, seeking damages from the Axis Bank Ltd. and three of its senior executives.

It was pointed out in the suit that the company prepared a project to construct a mall in Mangaluru city at an estimated cost of ₹300 crore by investing around ₹104 crore through its investors.

And the Axis Bank, in April 2012, came forward to provide a loan of ₹150 crore with an assurance to sanction loan within two months.

However, the company alleged in the suit that the bank’s senior officials delayed sanctioning the loan for several months in violation of guidelines of the Reserve Bank of India (RBI) and this had resulted in escalation of the cost.

After releasing ₹100 crore, the bank suspended disbursal seeking various additional securities, documentations, among others, without responding to the companies plea of enhancing the loan amount and disbursal of the sanctioned loan of ₹150 core.

Keeping the disbursal suspended, an economic duress situation was created and banks’ senior officials forced the company to borrow several crores of money from two private financial firms at an exorbitant rate of interest, it has been alleged in the suit.

The bank officials secured certain documents from the company by adopting blackmail tactics and made an attempt to force the company to sell the project as “a distress sale” by creating such a scenario by their dubious methods.

Pointing out that the bank violated several RBI guidelines and failed to adopt transparency in the process of granting loan, the company has sought declaration from the court that the conduct of the bank and its officials as fraudulent, illegal, and contrary to RBI’s circulars/guideline.

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coastaldigest.com news network
December 2,2025

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Udupi, Dec 2: A wave of regional pride is sweeping through Udupi district as Shagun S Verma Hegde, a talented Class 9 student from Christ King English Medium High School, Karkala, has been named the captain of the Indian National Team for the Under-15 Girls’ Volleyball Championship.

Shagun holds the unique distinction of being the sole player from Karnataka selected to represent the country in the prestigious international tournament. The championship, organized by the School Games Federation, is scheduled to take place in Shangluo, China, from December 3 to 13, where Shagun will lead the national squad.

A Remarkable Journey to the Top

Shagun’s selection is a testament to her dedication and exceptional skill on the court. Her journey included several rigorous rounds of selection:

•    She was the only player from Udupi district to qualify for the state-level selection camp.

•    Out of eight players from Karnataka who advanced to the national selection camp in Pune, Maharashtra, Shagun was the only one to secure a place in the final national squad.

•    The national camp saw participation from approximately 200 players, which was shortlisted to 23. Shagun not only made the final cut but was also ranked as the second-best player overall, solidifying her leadership role.

Shagun, who is the daughter of Sandesh Verma and Shruthiraj of Kallotte, Karkala, has trained under experienced coaches Santosh D’Souza, Jeevan D’Silva, Jairaj Poojary, and Ramesh. Her selection as the team captain has brought profound honour to her family, school, the Udupi district, and the entire state of Karnataka.

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News Network
December 5,2025

Mangaluru: In a significant step to curb online hate and intimidation, Mangaluru City Police have registered a suo motu case against multiple Instagram accounts accused of circulating alleged provocative and threatening content.

While monitoring social media activity on Tuesday, Kankanady Town PSI Anitha Nikkam identified the Instagram handle ‘team_targetttt_900’ for posting a hate message alongside images of lethal weapons. Another account, ‘team_nagara_900’, allegedly shared a threatening post targeting activist Bharath Kumdelu, tagging additional pages such as KARAVALI-OFFICIAL.

Several other accounts — including ‘immu_bhai.fan’, ‘target_boy_900’, ‘kings_of_manglore’, ‘team_target_boys.900’, ‘arshad_mangalore’, ‘target_ka19_ullal’, ‘team_target__’, ‘troll_tigersz_900’, ‘tr_group_900’, and ‘team_target_900’ — are also under scrutiny for spreading similar inflammatory material, police said.

Authorities have urged citizens, especially young social media users, to report suspicious pages and avoid engaging with groups that glorify violence or threaten individuals. Online hate can quickly escalate into real-world harm, and police stress that sharing or promoting such content can attract legal consequences.

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News Network
November 30,2025

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Udupi: The pontiffs of Sri Paryaya Puttige Mutt, the sacred seat of Jagadguru Shrimad Madhvacharya Moola Samsthanam, have submitted a proposal to the Prime Minister seeking comprehensive development for Udupi district. 

Proposal for International Airport

A key request is the establishment of an international airport. Highlighting that around 1,000 acres of land are available and suitable, the pontiffs noted that the existing Mangalore Airport provides limited international connectivity. They suggested the airport be developed under a Public-Private Partnership (PPP) or as a Greenfield Airport to boost trade, education, healthcare, and spiritual tourism.

Metro and Rapid Transit Connectivity

The proposal also calls for Metro Rail or Rapid Transit between Mangaluru and Udupi. The 55 km coastal stretch experiences heavy daily commuter traffic, causing congestion. The district administration is ready to prepare an initial project report for a Mass Rapid Transit corridor and requested inclusion under national urban mobility programmes to ensure safe, green, and time-efficient regional transport.

Port and Coastal Development

The pontiffs urged the development of an international-standard port with a cruise terminal along Udupi’s coast. They also requested fast-tracking of pending coastal tourism projects and revising Coastal Regulation Zone (CRZ) norms to encourage sustainable infrastructure and hospitality investment.

IT, AI and Technological Infrastructure

Support was sought for an IT and AI Innovation Park with incubation facilities under Digital India and Startup India initiatives. The proposal also emphasized the need for strengthened data security and cloud computing infrastructure to boost India’s technological independence.

Sports and Education Initiatives

The pontiffs requested national sports status for Kambala, along with financial and infrastructure support. They also sought the establishment of an AIIMS in Udupi, a new IIT campus, and approval for an IIM to promote higher education in the district.

Representation to the Prime Minister

Sri Sugunendra Tirtha Pontiff and Sri Sushrendra Tirtha Swamiji represented the pontiffs in submitting the comprehensive development proposal to the Prime Minister during his recent visit.

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