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.

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News Network
March 21,2020

Beijing, Mar 21: China reported no domestically transmitted coronavirus cases for the third consecutive day even as seven more fatalities have been confirmed, taking the death toll in the country to 3255.

No new domestically transmitted cases of COVID-19 were reported on the Chinese mainland for the third day in a row on Friday, China's National Health Commission (NHC) said on Saturday.

The overall confirmed cases on the mainland had reached 81,008 by the end of Friday, which included 3,255 who died, 6,013 patients still undergoing treatment, 71,740 patients who had been discharged after recovery, the NHC said.

The NHC said 41 new confirmed COVID-19 cases were reported on the Chinese mainland on Friday from the people arriving from abroad, taking the total number of imported cases to 269.

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Agencies
January 15,2020

New Delhi, Jan 15: A Delhi court on Wednesday granted bail to Bhim Army chief Chandrashekhar Azad in connection with the Daryaganj violence case.

The court has ordered him not to hold any protest in Delhi till February 16th.

While hearing the case, the Judge had asked Azad's counsel to read out some of his social media posts.

Advocate Mehmood Pracha, representing Azad, had on Tuesday said that the petitioner was sent to jail without any evidence in connection with anti-CAA protests in Delhi's Darya Ganj area last year.

"I think the court's comments should become a precedent for the country. The Public Prosecutor at the behest of police tried to make this a communal issue. We told the court that the government has a problem with Azad because he made the CAA-NPR-NRC an issue for everyone. 
The Court also sought evidence," Pracha told ANI after Delhi's Tis Hazari court deferred the bail plea of Azad till today.

On Wednesday, the court pulled up the Delhi Police for failing to show any evidence against Azad.

Azad was arrested on December 21 last year after he led a march from Jama Masjid against the Citizenship (Amendment) Act. He was sent to judicial custody till January 18 at Tihar jail.

The Bhim Army chief was charged with rioting, unlawful assembly and inciting the mob to indulge in violence after vandalism in Delhi's Daryaganj area.

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News Network
January 20,2020

New Delhi, Jan 20: Surging inflation and slowing growth are raising serious concerns about the future growth prospects of the economy and as a remedial measure the government should resolve supply-side hurdles and ensure more stringent governance norms, a report said on Monday.

According to the Dun and Bradstreet Economy forecast, even though the Index of Industrial Production (IIP) turned positive in November 2019, it is likely to remain subdued.

"Slowdown in consumption and investment along with high inflationary pressures, geopolitical issues and uncertainty over the recovery of the economic growth are likely to keep IIP subdued," the report noted.

Dun and Bradstreet expect IIP to remain around 1.5-2.0 percent during December 2019.

As per government data, industrial output grew 1.8 percent in November, turning positive after three months of contraction, on account of growth in the manufacturing sector.

On the price front, uneven rainfall along with floods in many states and geopolitical issues have led to a surge in headline inflation even as demand remains muted.

The Consumer Price Index (CPI) in December rose to about five-and-half year high of 7.35 percent from 5.54 percent in November, mainly driven by high vegetable prices.

"The sharp rise in inflation has constrained monetary policy stimulus while revenue shortfall has placed limits on the government expenditure," Dun & Bradstreet India Chief Economist Arun Singh said.

According to Singh, growth-supporting measures and deceleration in growth are likely to cause slippage in fiscal deficit target by a wider margin.

"The government should focus on taking small steps to address the slowdown; in particular, resolve the supply-side hurdles and ensure more stringent governance norms," Singh said.

Unless these concerns are addressed through a comprehensive policy framework, it will not be easy for India to clock a sustainable growth rate to become a USD 5 trillion economy, he added.

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