Bengaluru court extends judicial custody of Darshan, other accused till Sept 17
A court here on Friday extended till September 17 the judicial custody of Kannada actor Darshan Thoogudeepa along with his friend Pavithra Gowda and others, who are accused in the Renukaswamy murder case.
All the 17 accused, including Darshan and Pavithra, were produced before the 24th Additional Chief Metropolitan Magistrate court through video conferencing from various prisons across the state, where they are lodged, as their judicial custody ended today.
Police on September 4 had submitted to the court a 3,991-page preliminary chargesheet to the court in the case.
The 47-year-old actor is currently lodged in Ballari prison. He was shifted there from the Parappana Agrahara Central jail here by obtaining court permission, after a photograph of him hanging out with three others, including a rowdy-sheeter, on the lawns of the jail had gone viral, sparking an uproar.
In the picture, the actor is seen in a relaxed mood, sitting on a chair and holding a cigarette and a coffee mug. Also, a purported video of Darshan speaking to a person over a video call from the prison too had surfaced on social media.
The court had also permitted shifting of other co-accused in the murder case to various prisons in the state.
Other accused -- Pawan, Raghavendra and Nandish -- are now lodged in Mysuru, Jagadish and Lakshmana in Shivamogga, Dhanraj in Dharwad, Vinay in Vijayapura, Nagaraj in Kalaburagi/Gulbarga Jail, and Pradosh in Belagavi Jail.
Three accused -' Pavithra Gowda, Anukumar, and Deepak -- continue to remain at Parappana Agrahara Central Jail here. Four accused -- Ravi, Karthik, Nikhil and Keshavamurthy -- were earlier shifted to Tumakuru prison and they continue to remain lodged there.
Nine prison officials, including the Chief Superintendent of the Parappana Agrahara jail, were suspended over their "lapses" after a preliminary probe into "special treatment" to Darshan.
Also, three FIRs were registered, including against Darshan, under sections of the Prisons Act and the Bharatiya Nyaya Sanhita.
According to police sources, 33-year-old Renukaswamy, a fan of the actor, had sent obscene messages to Pavithra, which enraged Darshan, allegedly leading to his murder. His body was found near a stormwater drain next to an apartment in Sumanahalli here on June nine.
Raghavendra, one of the accused who is part of Darshan's fan club in Chitradurga, had brought Renukaswamy to a shed in R R Nagar here, on the pretext that the actor wanted to meet him. It was in this shed that he was allegedly tortured and murdered.
According to the post-mortem report, Renukaswamy, a native of Chitradurga, died due to shock and haemorrhage as a result of multiple blunt injuries.
Police sources said Pavithra, who is accused number one, was the "major cause" for Renukaswamy’s murder and claimed that it has been proved from the probe that she instigated other accused, conspired with them, and took part in the crime.
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Adani touts financial strength, shows can grow without external debt
New Delhi (PTI): Billionaire Gautam Adani's conglomerate on Monday touted its financial and credit details of its portfolio companies to investors, showcasing its robust profits and cash flows that can sustain growth without reliance on external debt.
The ports-to-energy conglomerate, which has been hit by an indictment in a US court against its founder chairman Gautam Adani and two other executives for allegedly bribing Indian official to secure solar power contracts, in a presentation to the investors highlighted its consistently expanding profits and cash flows, which over a period have led to lowering dependence on debt for its growth ambitions.
Equity now accounts for almost two third of its total asset creation, a stark contrast to five years ago. In the last six months, the group has invested close to Rs 75,227 crore, against a total debt increase of only Rs 16,882 crore.
A note was also shared with the investors, along with presentations.
Outlining the group's liquidity position, the note said, "Adani Portfolio companies have sufficient liquidity to cover all debt servicing requirements for at least 12 months. As of September 30, 2024, Adani Portfolio companies had a cash of Rs 53,024 crore, which was close to 21 per cent of its total gross debt outstanding".
This amount, it said, was sufficient to cover the next 28 months of debt servicing requirement.
GROWTH WITHOUT DEBT
In the past, the group has announced plans to invest over Rs 8 lakh crore (USD 100 billion) across portfolio companies in the next ten years.
The Fund Flows from Operations (FFO) or cash profits stood at Rs 58,908 crore for the last twelve months and is growing over 30 per cent for the past five years. On the basis of this, even after assuming no growth, the group will be able to invest Rs 5.9 lakh crore only from its internal cash accruals over the next ten years, leaving very little dependency on external debt.
Further, at the portfolio level, there is very low debt gearing of 2.46x -- which means it has massive headroom for debt, according to the presentation.
Other highlights from the presentation included EBITDA (earnings before interest tax and depreciation) for the last twelve months, which it said is highly stable and hence predictable due to its infrastructure projects, which grew by 17 per cent to Rs 83,440 crore.
Also, existing annual cash flows alone can pay the entire debt in 3 years.
Gross assets/investments increased by Rs 75,227 crore, against total debt increase of only Rs 16,882 crore. Asset base has now increased to Rs 5.5 lakh crore.
Average cost of borrowing at 8.2 per cent, lowest in the last 5 years, due to upgrade in ratings across group companies, it said.
Adani Group's long-term debt from domestic banks was Rs 94,400 crore. This stood against a cash balance of Rs 53,024 crore, most of which was parked with Indian banks.
Borrowings from global banks were 27 per cent of total debt.
