Will resign as chief minister on Sunday: Yeddyurappa

“The month of ‘Ashada’ (considered inauspicious) will be over on 30th July. I will be tendering my resignation as chief minister on the forenoon of 31st July,” Karnataka chief minister BS Yeddyurappa said in a statement late Thursday

Bangalore: Breaking his silence after the party asked him to step down in the wake of the Lokayukta indictment in illegal mining scam, Karnataka chief minister BS Yeddyurappa has said he will step down from the post on Sunday as per the directions of his party, reports PTI.

In his first comments after keeping the BJP on tenterhooks, Mr Yeddyurappa said he had toiled for 40 years to build the party in Karnataka from scratch and it was his ‘committed desire’ to work for its development in future also.

Stating that he is a disciplined worker of the BJP, Mr Yeddyurappa said he has decided to tender his resignation from the post of chief minister as per the direction of the party.

“The month of ‘Ashada’ (considered inauspicious) will be over on 30th July. I will be tendering my resignation as chief minister on the forenoon of 31st July,” he said in a statement late last night.

“I have consistently toiled for 40 years to build the party from scratch and have got satisfaction of bringing the party to this level. It is my committed desire to work for the development of the party in future also,” he said.

Sources close to the chief minister had said yesterday that 68-year-old Mr Yeddyurappa, heading the BJP’s first government in the south since May 2008, agreed to fall in line with the BJP Central Parliamentary Board’s diktat.

The board, the party’s highest decision making body, had also decided to send senior leaders Rajnath Singh and Arun Jaitley as observers to Bangalore today to oversee the election of the new leader of the BJP legislature party.

Along with Mr Yeddyurappa, the Reddy brothers have been strongly indicted in his findings on illegal mining by the Lokayukta Santosh Hegde, which have plunged the state into a political turmoil.

Mr Yeddyurappa’s indictment pertained to violations of the Prevention of Corruption Act, and the Lokayukta also submitted a copy of his report to governor HR Bhardwaj recommending to him to initiate ‘further steps’.


Moneylife stand on SEBI-NSDL vindicated

The scandalous ganging up of some SEBI members to protect CB Bhave and NSDL was reported extensively only in Moneylife and conveniently glossed over by the mainline media. SEBI's decision to release orders from the Mohan Gopal report to NSDL for compliance, just vindicates the stand taken by us

The Securities and Exchange Board of India (SEBI), which had last year given a clean chit to the National Securities Depository Ltd (NSDL) in the IPO scam of 2003-06, has now re-opened this case vindicating the stand taken by Moneylife

The market regulator announced last evening that following the orders by the Supreme Court, it has been decided to release the orders of the two-member Mohan Gopal Committee, in the matter of the IPO irregularities and DSQ Software case to NSDL for compliance.
Speaking to journalists after a meeting of the SEBI board, chairman UK Sinha said that the regulator has decided to implement the committee report on the role of the NSDL in the scam.
The committee, comprising the then SEBI board members G Mohan Gopal and V Leeladhar, was constituted in 2008 to look into NSDL's role in the IPO scam and it found various lapses on the part of the depository, as well as SEBI itself.
Moneylife has been the only publication to point out that the spate of eulogies by the mainline media about CB Bhave’s tenure as chairman of SEBI (like “best SEBI chairman” and “the best three years of SEBI ever”) were motivated and highly misplaced.
Moneylife has long pointed out how the government had erred in appointing CB Bhave as chairman when there was this pending matter between SEBI and the NSDL, which Mr Bhave himself founded and headed for over a decade. The SEBI action against NSDL was based on an independent inspection ordered by the regulator into the systems, processes and multiple IPO applications scam that went unnoticed by both depositories, indicating serious flaws in their operations.
The finance ministry came up with a dubious strategy to “ring-fence” Mr Bhave as SEBI chairman from the NSDL-SEBI litigation, by appointing a two-member bench of the SEBI board to investigate the allegations afresh. It comprised Dr Mohan Gopal, who headed the National Judicial Academy and Reserve Bank of India’s former deputy governor V Leeladhar.
However, it was soon clear that the ‘ring-fence’ was a sham and SEBI moved rapidly to eliminate all traces of the IPO scam, clearing NSDL and exonerating Mr Bhave. Almost everyone accused was cleared through consent orders. The most outrageous was the one-line order closing the case against CDSL, with no attempt to ensure that it has cleaned up its act.

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5 years ago

I have been following the relentless pursuit of Ms Dalal regarding this for a long time now. Kudos to her for the perseverance.Please continue to expose the misdeeds of the 'old boy's club'

US debt-ceiling Bill may be rejected

The US has cancelled a vote on the deficit-reduction plan after a rebellion from conservatives.

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