Mangaluru ready to welcome ‘hugging saint’ Amritanandamayi

Dubai, Jul 25: The founder of NMC Health, BR Shetty, has had a worldwide freezing order placed on his assets at the request of a lender that claims he has defaulted on a loan of more than $8 million (Dh29.4m).

The order was granted to Credit Europe Bank (Dubai) last month ahead of a claim filed at the DIFC Courts against Mr Shetty, New Medical Centre Trading and NMC Healthcare.

The lender said in its claim they “are jointly and severally liable” for the repayment of money initially secured through a credit agreement in December 2013 and renegotiated in December last year. Credit Europe Bank is an Amsterdam-headquartered institution specialising in trade and commodities finance with operations in nine countries.

The credit agreement was guaranteed by two security cheques which the bank said in its claim were signed by Mr Shetty – one drawn on his personal account and another on the account of New Medical Centre Trading – that have been "dishonoured upon presentation due to insufficient funds".

The bank claimed Mr Shetty “has now fled the jurisdiction of the UAE to India” and that there was a risk of his “substantial” assets in the Emirates being dissipated.

The assets frozen include properties in Abu Dhabi and Dubai, as well as shares in NMC Health, Finablr, BRS Investment Holdings and other companies. It allows for up to $7,000 per week to be spent on “ordinary living expenses and reasonable sum[s] on legal advice and representation”, a DIFC Courts document granting the freezing order shows.

Credit Europe Bank declined to comment when contacted by The National, stating it does not comment on ongoing litigation proceedings. Representatives for Mr Shetty and for NMC Healthcare, which is now being run by administrators Alvarez & Marsal, also declined to comment.

NMC Healthcare was founded by Mr Shetty in 1975 and grew from a single hospital into the UAE’s biggest privately-owned healthcare operator, which employed 2,000 doctors and 20,000 other staff. The company was listed on the London stock exchange and at its peak was valued at £8.58 billion (Dh40bn). However, its shares slumped after short seller Muddy Waters Research issued a report in December 2019 alleging the company had inflated its cash balances, overpaid for assets and understated its debts. This led to a string of damaging revelations by the company, including the fact that its debt was materially higher – at $6.6bn – than the $2.1bn on its balance sheet. NMC Healthcare was placed into administration in April by its biggest creditor, Abu Dhabi Commercial Bank, but its UAE businesses continue to trade as a going concern.

Mr Shetty said in a statement issued in April that he has been a victim of fraud committed by "a small group of current and former executives” at companies owned by him. He said bank accounts were created in his name and transactions were made without his knowledge, and that loans, cheques and bank transfers were also fraudulently guaranteed in his name using his forged signature.

In response to the claim filed by Credit Europe Bank (Dubai) at the DIFC Courts, Mr Shetty says he did not personally guarantee loans made to NMC Trading or NMC Healthcare and that the signatures used on cheques guaranteeing the loans are forgeries. His defence cites the opinion of “Dr Al Bah, an independent, experienced and qualified forensic document examiner”, that someone other than Mr Shetty signed the lending agreements and cheques.

An application by NMC Trading and NMC Healthcare to the DIFC Courts to have the claim against it heard in private for fear of triggering claims by other lenders – the group owes money to around 80 local, regional and international lenders – was dismissed, given that the appointment of administrators at the group and allegations of fraud at the company are already in the public domain.

Both companies have indicated to DIFC Courts that they intend to contest the claim against them.

New Delhi: The Ministry of Home Affairs of Government of India today clarified to the Lok Sabha in a written reply that the so called “Love Jihad” is not defined under the extant laws and no such cases have been reported by any central agency.

It was ministry’s formal response to questions about whether the central government is aware of the observation of Kerala High Court that there is no case of Love Jihad in Kerala.

“The term ‘Love Jihad’ is not defined under the extant laws. No such case of ‘Love Jihad’ has been reported by any of the central agencies. However, two cases from Kerala involving interfaith marriages have been investigated by the NIA,” said the reply.

Communal and anti-Muslim political outfits backed by a section of media often use the term “Love Jihad” to accuse Muslims of marrying Hindu and Christian girls and then forcing them to change religion. Dr Hadiya’s conversion was also termed ‘love jihad’ by the BJP and media. The Supreme Court finally ruled that it wasn’t.

In January 2020, an influential Catholic Church in Kerala had said that “love jihad is a reality” and alleged that scores of women from Christian community from the southern state were being lured into the trap of Islamic State and used in terror activities.

The Viswa Hindu Parishad (VHP) had welcomed the Church statement and called for a united fight against ‘Love Jihad’ in Kerala Society.

The response comes weeks after the MHA, responding to an RTI query, said it has "no information" concerning the 'Tukde Tukde Gang' -- a term that has been used a number of times by PM Narendra Modi and Home Minister Amit Shah to attack opponents.

The RTI application was filed by activist Saket Gokhle on December 26 last year. In his RTI application, Saket Gokhle said Home Minister "Amit Shah addressed a public event in New Delhi, and in his address said, 'The Tukde Tukde Gang of Delhi needs to be taught a lesson and punished'." Gokhle's RTI asked for details of the 'Tukde Tukde Gang'.

The home ministry, in its reply to Saket Gokhle's RTI application, said, "Ministry of Home Affairs has no information concerning tukde-tukde gang."

Bengaluru, Mar 16: Hundreds of people gathered to felicitate the newly appointed Karnataka Pradesh Congress Committee president DK Shivakumar in Bengaluru on Monday.

"Everyone is a team, I'm not alone. We all are together and we will work together," Kumar had said after his appointment.

Shivakumar was appointed as the chief of Karnataka Congress last week on Wednesday.

Party leaders Eshwar Khandre, Satish Jarkiholi and Saleem Ahmed were appointed working presidents of the Karnataka Pradesh Congress Committee.