IL&FS
Look at how many infra companies are in the red despite enjoying good credit ratings,” said a senior member of the panel.
Credit rating agencies are currently regulated by market regulator Sebi through regulations formed in 1999. Such agencies usually engage in the rating of financial instruments.
The ratings assigned by agencies reflect their opinion about the credit risk associated with the financial product taking into account factors such as business and industry situation, financial aspects, and capabilities of the management.
Currently there are seven such agencies registered with Sebi o ut o f which t hree — CRISIL, ICRA and CARE—ARE listed in the stock market.
Several restrictions are already in place for the rating bodies and the Reserve Bank of India (RBI) also conducts an annual review. Guidelines on their objectivity, independence, transparency and disclosures are issued periodically. The law regulating them was amended last year to hike the minimum net worth requirement of credit agencies, from ~5 crore to ~25 crore, and to restrict cross-holdings at a maximum of 10%. ference.
In the clip, a male voice is heard offering money and a ministerial berth, besides assuring Sharan Gouda about “taking care” of the speaker and the judges in case of the anti-defection law is invoked against them.
Hitting back, Yeddyurappa dismissed the audio clips as “fake” and “a concocted story” and said he had not met anyone to woo Nagana Gouda as alleged. Yeddyurappa said he went to Devadurga to visit a temple and flew back to the city. Kumaraswamy had “concocted” the story to hide his failures and inability to keep the JD(S) and Congress flock together, Yeddyurappa told reporters.
“It is a fake audio. I have not met anyone. Kumaraswamy is trying to hide his failures. All this is drama,” Yeddyurappa said. He said the Kumaraswamy government had lost the trust of the people and had “no moral right” to continue in office.
The chief minister said during the purported conversation Yeddyurappa had also spoken about a “₹50 crore offer to book” the Assembly speaker. He said Modi was mouthing platitudes about the political system but on the other hand, his party colleagues were “demolishing” it.
“Your friends (BJP in Karnataka) have exposed the real picture of your face. If you have any morality... I demand that the Prime Minister should take appropriate action,” Kumaraswamy said.
Yeddyurappa dismissed the claims. “I will retire from politics if it (the allegation) is proved. If I had spoken like this (about the speaker), if it is proved, I will resign as an MLA and quit politics,” he said.
Karnataka has been reeling under political turmoil for the past few weeks that also saw the resort politics play out with both BJP and Congress sequestering t heir MLAS t o shield t hem poaching bid.
Both Congress and JDS have been accusing the BJP of making “desparate” a t t e mpt s to dethrone the Kumaraswamy government with allurements and even intimidation, and challenged the saffron party to move a no confidence motion.
BJP, on other hand, has dismissed the charge, saying the party was being blamed for the inability of the two coalition partners to keep their flock together.
CONGRESS AND JD(S) HAVE BEEN ACCUSING THE BJP OF MAKING “DESPARATE” ATTEMPTS TO DETHRONE THE GOVT