Youth commits suicide in Udupi after his business comes to a halt due to lockdown

News Network
July 20, 2020

Udupi, July 20: A youth, who was under depression after his business came to a halt due to lockdown, has killed self in Kundapura taluk of Udupi district. 

The deceased has been identified as Nitish Shetty (31), son of Prabhakar Shetty, a resident of Giliyaru in Kota area of Kundapura. 

Shetty was running a secondhand car business in Bengaluru. The business had completely stopped due to covid-19 lockdown. 

After returning to his hometown, he could not find any other job. Hence he was under depression. Hence on July 18 he handed himself to death in his house, police said. 

A case has been registered at jurisdictional Kota police station.

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News Network
September 25,2020

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Bengaluru, Sept 25: Tata Coffee has reportedly started negotiations to acquire 12,000 hectares of coffee plantations belonging to Cafe Coffee Day founder V G Siddhartha for Rs 1,200-1,500 crore.

Coffee Day's operations, including personal assets and coffee plantations, is currently being handled by Siddhartha's wife, Malavika Hedge, after he died by suicide last year in August amid allegations that he faced pressure from lenders, a private equity firm and harassed by tax officials.

This development comes on the heels of Tata Consumer Products (TCP) approving an exploration of acquisition of Cafe Coffee Day's vending machine business. CCD is looking for a valuation of about Rs 2,000 crore for the same, a Bloomberg report said.

Siddhartha is believed to have availed loans worth Rs 2,000 from banks like HSBC, Rabo Bank, Lakshmi Vilas Bank, RBL and IndusInd Bank. Some of the lenders have already initiated recovery proceedings against the plantation assests last November.

"Discussions between Tata Coffee and Hedge started in February but were put on hold because of Covid," a source told the publication. "Talks have resumed, though the deal may be in preliminary stages," he added.

A family representative, however, told that the information is speculative and is to be treated as baseless rumours. The representative further stated that none of the lenders have invoked recovery procedings on plantation assets.

Apart from the coffeee plantations, Siddhartha also owned silver oak and timber plantations priced at about Rs 2,000 crore. His personal assets included The Serai Resorts, a luxury hospitality resorts.

Tata group has completed the restructuring of the consumer business and TCP’s joint venture with Starbucks progressing well. Deliberations to acquire the plantations are largely with the view of scaling up Tata Coffee’s land base. TCP holds 57.48 per cent stake in Tata Coffee.

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News Network
September 23,2020

Bengaluru, Sept 23: A group of Farmers Associations, who were agitating against the state government to bring amendment to the Land Reforms Act and other issues, have decided to call for a 'Karnataka Bandh' on 28th of this month.

Speaking to newsmen here today, State Farmers Association president Nagendra informed that a decision had been taken to intensify the agitation against the anti-farmers policies being adopted by both the Union as well as the State Governments.

He said that while the members of the Farmers associations would stage dharna in Bengaluru on 25th of this month, a total bandh would be observed on 28th of this month.

However, the State Sugarcane Growers Association, president Kadabur Shanthakumar said that his Group of farmers are yet to take a decision on participating or supporting the September-28 State Bandh.

Informing that the members of the Sugarcane Growers Association will stage dharna on 25th of this month at all the District and Taluk Headquarters, he said that "A final decision on supporting State-Bandh is yet to be taken".

It may be recalled that various Farmers Association are holding dharna near Freedom Park in protest against the state government's decision to bring amendment to the Land Reforms Act as well as APMC Act, which according to them 'anti-farmers'.

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News Network
September 17,2020

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Bengaluru, Sept 17: SSLC students writing the supplementary exams could travel free in KSRTC buses between their residence and examination centre from September 21 to 28.

According to a statement on Thursday, students have to produce their admission ticket to avail services in the city, suburban, ordinary and express buses across the state.

The Bangalore Metropolitan Transport Corportion (BMTC) too has provided similar facility.

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