The agreement had been in the eye of the storm ever since the Cabinet gave its nod to the project in 2016
Shetty’s name also figured in a controversy in 2010 over alleged illegal denotification of government-acquired land
In a big announcement, the Karnataka state cabinet scrapped an agreement with BR Shetty Ventures to develop Jog Falls, on the plea that there was no progress in the project. Owned by Dubai-based businessman BR Shetty, the agreement had been signed in 2016 at a cost of Rs 450 crore. This comes soon after debt-stricken BR Shetty, founder of Dubai based NMC healthcare has been alleged to have misrepresented his shareholdings in the company and is definitely a reflection of Shetty fast losing his credibility in the eyes of Indian government.
The agreement had been in the eye of the storm ever since the Cabinet gave its nod to the project. With no financial commitment on the part of the state government, the state Cabinet decided to allow Shetty’s firm to invest on its own and facilitate tourist flow to the falls. While Shetty’s firm agreed to all the terms and conditions set by the state government such as getting the necessary clearances and not setting up a resort around it, what really whipped a controversy was the fact that despite promising such a huge investment, the businessman really did not ask for anything else in return.