Why did you allow police on campus? Chomsky to JNU VC

Bengaluru, Jul 7: Vasudeva Maiya, former CEO of Sri Guru Raghavendra Co-operative Bank, was found dead in his car in Bengaluru on July 6.

The Subramanyapura police have begun an investigation into Vasudeva Maiya's death.  Source said that he committed suicide. He was a native of Kota in Udupi district.

The car was found parked a little away from Maiya's house at around 6.30 pm on July 6.

The Reserve Bank of India (RBI) had in January imposed restrictions on Sri Guru Raghavendra Co-operative Bank and limited withdrawals to Rs 35,000 by customers.

On June 18, Anti-Corruption Bureau (ACB) raided five offices of Sri Guru Raghavendra Co-operative Bank, in relation to alleged misappropriation of Rs 1,400 crore.

The RBI, Enforcement Directorate, Criminal Investigation Department, and Registrar of Cooperative Societies are looking into the financial irregularities at the lender.

The police also conducted searches at residences of Maiya and the bank's chairman K Ramakrishna in relation to the above mentioned case, sources said.

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.

Bengaluru, Jan 9: Some BJP workers created a ruckus on Wednesday at a college here while seeking support for the amended Citizenship Act by raising slogans like 'Go back to Pakistan' outside the campus on Wednesday, as girl students opposed a pro-CAA banner on the wall of their institution.

A video of the incident went viral on social media.

A group of BJP workers, supporters of local party leader M M Govindaraj, had put up a poster "India Supports CAA" on the wall of Jyothi Nivas College near Koramangala.

This was opposed by girl students, who said they would not allow any such poster to be put up on the college property.

The BJP workers then tried to shout down the students.

"You are not concerned about citizenship, you are concerned about yourself. You should be concerned about India first. You are not an Indian then," a BJP worker is heard screaming at the girls in the video.

They also questioned the students if they had valid reasons to oppose the Citizenship Amendment Act and sought to know whether they wanted an argument or a debate.

The BJP workers purportedly told the girls that they were only the students of the college and not the owner.

"What's your problem madam with the CAA? Are you the owner of the college?" they asked.

Amid the heated argument, the BJP workers resorted to sloganeering like 'We want CAA' and "Go back to Pakistan', as seen in another video shot by the students.

BTM Layout Congress MLA Ramalinga Reddy visited the college on Thursday after learning about the incident and spoke to its management.

Later, he told reporters that the campus should not be allowed for any political activities.

"Any signature campaign whether in favor or against it (CAA) should be done outside the campus," Reddy said.

He cautioned the pro-CAA protesters he will not let any violent incidents like the one at Jawaharlal Nehru University in New Delhi happen at the city college.

Reddy's daughter Sowmya Reddy, who is the Jayanagar MLA, tweeted, "A few videos & photos of outside #JyotiNivascollege are being circulated on social media."

"MLA Ramalinga Reddy & I have spoken to cops and the Prinicipal about this incident. Spoke to DCP South East Bengaluru and she said that Koramangala cops went there immediately & they are picketing even now," she added.