Banks asked to search and seize B R Shetty’s accounts in UAE

News Network
April 26, 2020

Dubai, Apr 26: The Central Bank of the UAE (CBUAE) has instructed financial institutions in the country to search and freeze all bank accounts of Indian billionaire BR Shetty and his family along with those of companies where he has a stake.

The apex bank has also blacklisted several firms associated with Shetty along with their entire senior management.

In an advisory issued last week, CBUAE cited decisions of the Federal Attorney General and asked financial institutions to search and freeze any bank accounts, deposits or investments in the name of Shetty or his family members.

Financial institutions have been directed to stop transfers from these accounts and deny access to deposit boxes.

Currently in India and facing a string of charges, Shetty is the founder of NMC Health.

The heathcare provider was placed into administration by a UK court recently following an application by the Abu Dhabi Commercial Bank (ADCB) which alone has an exposure of $981 million (Dh3.6 billion).

Overall, UAE banks have a combined exposure of more than Dh8bn to NMC which owes money to Oman-based banks and financial institutions as well.

Probing credit facilities
The Central Bank has sought information about credit facilites extended to the Shettys along with details of their safe deposit boxes and the financial transfers they have made till date.

A similar advisory has been issued for NMC Healthcare and NMC Holding, based on the decision of the Head of Plenary Fund Prosecution.

The Central Bank has also blacklisted several companies associated with Shetty. Key staff members of these firms have been similarly blacklisted.

Comments

Angry Indian
 - 
Monday, 27 Apr 2020

when you make money with good country you should not make doka to that country, first of all we indian have bad name in GCC now this will make more dought on indian hindus..

 

after BJP come to power in india,our country is acting like maron, this will only end with final WAR.

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
June 7,2020

New Delhi, Jun 7: India registered its highest single-day spike of COVID-19 cases for the fifth consecutive day on Sunday, with 9,971 new infections taking the country's tally to 2,46,628, while the death toll rose to 6,929, according to the Union Health Ministry.

India registered 287 deaths in the 24 hours since Saturday morning.

India had raced past Spain on Saturday to become the fifth worst-hit nation by the COVID-19 pandemic. Now, only the US, Brazil, Russia and the UK are ahead of it.

The number of active COVID-19 cases stands at 1,20,406, according to the Health Ministry.

A total of 1,19,292 people have recovered and one patient has migrated, the Ministry said.

During the last 24 hours, a total of 5,220 COVID-19 patients have been cured, the ministry said.

"Thus, around 48.37 per cent patients have recovered so far," a senior ministry official said.

The tally of confirmed cases includes foreigners.

The Indian Council of Medical Research has further ramped up the testing capacity for detecting the novel coronavirus in infected persons.

The number of government labs has been increased to 531 and private labs to 228, taking the total number of labs to 759.

As many as 1,42,069 samples were tested in the last 24 hours, taking the total number of samples tested till now to 46,66,386.

Deaths in India per lakh population (0.49) are much lower than the world average of 5.17 and are the lowest among countries that have eased lockdown such as Germany (10.35), Italy (55.78), the UK (59.62) and Spain (58.06), as per a WHO situation report cited by the Health Ministry.

Cases in India per lakh population (17.32) are much lower than the world average of 87.74 and are the lowest among countries that have eased lockdown such as Germany (219.93), Italy (387.33), the UK (419.54) and Spain (515.61).

Of the 287 deaths reported since Saturday morning, 120 were from Maharashtra, 53 from Delhi, 29 from Gujarat, 19 from Tamil Nadu, 17 from West Bengal, 15 from Madhya Pradesh, 13 from Rajasthan, 10 from Telangana, three from Jammu and Kashmir, two each from Karnataka, Punjab and Chhattisgarh and one each from Kerala and Bihar.

Of the total 6,929 fatalities, Maharashtra tops the tally with 2,969 deaths, followed by Gujarat with 1,219 deaths, Delhi with 761, Madhya Pradesh with 399, West Bengal with 383, Uttar Pradesh with 257, Tamil Nadu with 251, Rajasthan with 231, Telangana with 123 and Andhra Pradesh with 73 deaths.

The death toll reached 59 in Karnataka and 50 in Punjab.

Jammu and Kashmir has reported 39 fatalities due to the disease, Bihar has 30, Haryana has 24 deaths, Kerala has 15, Uttarakhand has 11, Odisha has eight and Jharkhand has reported seven deaths so far.

Himachal Pradesh and Chandigarh have registered five COVID-19 fatalities each. Assam and Chhattisgarh have recorded four deaths each.

Meghalaya and Ladakh have reported one COVID-19 fatality each, according to the Health Ministry data.

According to the Ministry's website, more than 70 per cent of the deaths are due to comorbidities.

The highest number of confirmed cases in the country are from Maharashtra at 82,968, followed by Tamil Nadu at 30,152, Delhi at 27,654, Gujarat at 19,592, Rajasthan at 10,331, Uttar Pradesh at 9,733 and Madhya Pradesh at 9,228, according to the Health Ministry data updated in the morning.

The number of COVID-19 cases has gone up to 7,738 in West Bengal, 5,213 in Karnataka, 4,915 in Bihar and 4,510 in Andhra Pradesh.

It has risen to 3,952 in Haryana, 3,496 in Telangana, 3,467 in Jammu and Kashmir and 2,781 in Odisha.

Punjab has reported 2,515 coronavirus infections so far, while Assam has 2,397 cases. A total of 1,807 people have been infected with the virus in Kerala and 1,303 in Uttarakhand.

Jharkhand has registered 1,000 cases, Chhattisgarh has 923, Tripura has 747, Himachal Pradesh has 400, Chandigarh has 309 cases, Goa has 267, Manipur has 157, Nagaland has 107, and Puducherry and Ladakh have 99 cases.

Arunachal Pradesh has 47 COVID-19 cases, while Andaman and Nicobar Islands and Meghalaya have registered 33 infections each.

Mizoram has reported 24 cases and Dadar and Nagar Haveli has 19 cases, while Sikkim has reported seven cases till now.

"8,605 cases are being reassigned to states," the Ministry said on its website adding, "our figures are being reconciled with the ICMR."

State-wise distribution is subject to further verification and reconciliation, it added.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
February 10,2020

New Delhi, Feb 10: The government is set to privatise Central Electronics Ltd, a CPSE under the Department of Science and Technology, by selling its 100% stake with management control and has invited the Expression of Interest for the same by March 16.

The selected bidder will be required to lock in its shares for a period of three years during which it cannot undertake the sale of its stake in CEL, the PIM (Preliminary Information Memorandum) said.

"The government of India has 'in-principle' decided to disinvest 100 per cent of its equity shareholding in CEL (which is equivalent to 100 per cent of the total paid up equity share capital of CEL) through Strategic Disinvestment with transfer of management control (Strategic Disinvestment or Transaction)," DIPAM, the Disinvestment Department, said.

The process for the transaction has been divided into two stages, namely, Stage I and Stage II.

After BPCL and Air India, this is yet another CPSE which government is slated to privatise if it gets offers from bidders.

The government has set a challenging target of Rs 2.1 lakh crore disinvestment proceeds from CPSE sell-offs and IPOs, OFSs (Offer for sale) in the next fiscal and it going out all guns blazing to meet that target after revising this fiscal target of Rs 1.05 lakh crore to Rs 65,000 crore.

The Interested Bidders (which can also include employees of CEL) must have a minimum net worth of Rs 50 crore as on March 2019. DIPAM has released complete invitation Preliminary Information Memorandum (PIM) of CEL. Resurgent India Limited is the advisor to the Transaction.

CEL is a pioneer in the country in the field of Solar Photovoltaic (SPV) with the distinction of having developed India's first Solar cell in 1977 and first Solar panel in 1978 as well as commissioning India's first solar plant in 1992.

More recently, it has developed and manufactured the first crystalline flexible solar panel especially for use on the passenger train roofs in 2015.

Its solar products have been qualified to International Standards IEC 61215/61730. CEL is further working on development of a range of new and upgraded products for signaling and telecommunication in the railway sector.

In the SWOT analysis of the CPSE, DIPAM has stated under weakness that "the company has weak financial loss due to past losses, high manufacturing cost and non payment of dues by state nodal agencies affecting the financial position of the company".

The CPSE has adequate land for expansion, the SWOT analysis said adding "the CPSE faces threat of dumping of solar cells at very low rates which makes solar PV manufacturing industry unviable".

Entry of new players in the market for solar products and railway signalling systems also is cited as a threat.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
May 27,2020

Global health experts on Wednesday said novel coronavirus is here to stay for more than a year and called for aggressive testing to prevent its spread.

In an interaction with Congress leader Rahul Gandhi, health experts Professor Ashish Jha and Professor Johan Giesecke talked about the COVID-19 pandemic as part of the series being aired on Congress social media channels.

While Jha exuded confidence that a vaccine will be available in a year's time, Prof Giesecke said India should practice a lockdown that is as 'soft' as possible, as a severe lockdown will ruin its economy very quickly.

"When the economy is opened up after lockdown, you have to create confidence among people," Harvard health expert Ashish Jha told Gandhi.

Jha is a professor of Global Health at TH Chan School of Public Health and Director, Harvard Global Health institute.

He said coronavirus is a '12-18 months' problem and the world is not going to be free of this till 2021.

The expert also called for the need for aggressive testing strategy for high-risk areas.

Gandhi, while interacting with the experts, said life is going to change post COVID-19.

"If 9/11 was a new chapter, this will be a new book," he remarked.

Professor Johan Giesecke, former chief scientist, European Centre for Disease Prevention and Control said India should have a 'soft lockdown'.

"The situation that India is in, I think, you should have a soft lockdown, as soft as possible," he said.

"I think for India, you will ruin your economy very quickly if you have a severe lockdown. It is better, skip the lockdown, take care of the old and the frail...," he noted.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.