BJP demands Siddaramaiah’s resignation after HC dismisses his plea challenging Guv order
Bengaluru (PTI): Karnataka BJP on Tuesday demanded Chief Minister Siddaramaiah's resignation after the High Court dismissed his petition challenging Governor Thaawarchand Gehlot’s approval for an investigation against him in a site allotment case.
The party's state chief B Y Vijayendra noted that the HC has ruled that the Governor’s permission is as per law.
“I request the Chief Minister to keep aside his charges against the Governor, respect the High Court order and, since there are allegations that your (Chief Minister’s) family is involved in the MUDA (site allotment) scam, you should respectfully resign your position as Chief Minister,” he told reporters here.
The Chief Minister had challenged the approval given by the Governor Thaawarchand Gehlot for an investigation against him in the alleged irregularities in the allotment of 14 sites to his wife by the Mysuru Urban Development Authority (MUDA) in a prime locality.
After completing the hearings on the petition in six sittings from August 19, the single judge bench of Justice M Nagaprasanna on September 12 reserved its verdict.
The Governor on August 16 accorded sanction under Section 17A of the Prevention of Corruption Act, 1988 and Section 218 of the Bharatiya Nagarik Suraksha Sanhita, 2023 for the commission of the alleged offences as mentioned in the petitions submitted to him by complainants Pradeep Kumar S P, T J Abraham and Snehamayi Krishna.
On August 19, Siddaramaiah moved the High Court challenging the legality of the Governor's order.
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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.
