DYFI accuses Mangaluru MLA Vedavyasa Kamath of TDR scam
Mangaluru: On Monday, Muneer Katipalla, the state president of the Democratic Youth Federation of India (DYFI), leveled allegations against Mangaluru MLA Vedavyasa Kamath, accusing him of involvement in a Transfer of Development Rights (TDR) scam. Katipalla called upon the state government to halt the proceedings and initiate an investigation into the matter.
Katipalla highlighted concerns regarding the TDR process, stating that under normal circumstances, land transactions must involve the direct participation of the legitimate landowner. However, he questioned the Mangaluru Municipality's acquisition of 10.8 acres of land adjacent to the Pachanadi waste dump through an agreement holder named Giridhar Shetty.
Allegations surfaced suggesting that Shetty had entered into an agreement with the actual landowner to purchase the property for a total sum of 7 crores, with an initial advance payment of 1 crore already made. However, Katipalla revealed discrepancies in the TDR land sale agreement, indicating an inflated valuation of 50 crores. This, according to him, implied an intent to invest a nominal amount while unlawfully profiting from a significant margin.
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Katipalla further implicated Mangaluru Urban Development Authority (MUDA) Commissioner Mansoor Ali, alleging that Ali, upon recognizing the technical irregularities in the deal, refused to endorse the agreement and pledged to inform the government. However, purportedly under pressure from MLA Vedavyasa Kamath, Ali was coerced into signing the document. Subsequently, Ali's resistance reportedly triggered an investigation by the Lokayukta against him.
Demanding a comprehensive inquiry into the matter, Katipalla urged the government to probe the alleged malpractice and bring those responsible to justice.
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Rupee falls 9 paise to all-time low of 90.58 against US dollar in early trade
Mumbai (PTI): Rupee depreciated 9 paise to an all-time low of 90.58 against US dollar in early trade on Monday, weighed down by uncertainty over an India-US trade deal and persistent foreign fund outflows.
Forex traders said rupee is trading with a negative bias as investors are in wait and watch mode and awaiting cues from the India-US trade deal front.
At the interbank foreign exchange market, the rupee opened at 90.53 against the US dollar, then fell further to an all-time intraday low of 90.58 against the greenback, registering a fall of 9 paise over its previous close.
On Friday, the rupee had slipped 17 paise to close at an all-time low of 90.49 against the American currency.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent lower at 98.35.
Brent crude, the global oil benchmark, was trading higher by 0.52 per cent at USD 61.44 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex was trading 298.86 points lower at 84,968.80, while the Nifty was down 121.40 points at 25,925.55.
Foreign Institutional Investors sold equities worth Rs 1,114.22 crore on Friday, according to exchange data.
"FPIs continue to be in selling mode in equity and debt while RBI has been selling dollars to fund their long positions," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
