Kerala: India's first Islamic bank gets RBI approval

Newsroom, Apr 30: Beleaguered billionaire B R Shetty, who went into hiding after after a multi-billion fraud at UAE-based NMC Health came to light, has now put the blame on his companies employees.

The former chairman of the Abu Dhabi headquartered hospital operator said, investigations he commissioned found following things:

1. The fraudulent creation and operating of bank accounts in my name including many fraudulent transfers that I neither authorised, consented to, or had any knowledge of.

2. The fraudulent creation of loans, personal guarantees, cheques and bank transfers in my name, and using my forged signature, that I neither authorised, consented to, or had any knowledge of.

3. The creation and set-up of companies in my name that I neither authorised, consented to, or had any knowledge of, and that were seemingly created with the express intention to commit or conceal fraud.

4. The fraudulent creation of powers of attorney, and the misuse of existing powers of attorney, again in my name, that I that I neither authorised, consented to, or had any knowledge of.

5. The creation and provision to me of false and misleading financial statements and information regarding the performance of some of my private companies and investments by members of my own management team.

6. The payments of expenses using my private companies and personal bank accounts, I believe to hide the true financials of the public companies."

This is the first time Dr. Shetty, who is reportedly hiding in India for the last couple of months, issued a statement based on investigations he commissioned privately. He had brought in a consultancy to conduct it after initial revelations came to light that NMC Health had not been fully transparent with its finances.

Dr. Shetty had stepped down as executive chairman after the then Board of Directors barred him from attending any meetings. “I intend to work tirelessly to clear my name and assist any authorities in getting to the truth and help them ensure that misappropriated or missing funds are returned by the perpetrators to their rightful owners,” said Dr. Shetty.

This month, ADCB, which has the highest exposure among UAE banks to NMC Health, brought charges against five former officials, including ex-board of directors, with Abu Dhabi prosecution. The former CEOs of NMC Health and Finablr are also currently not in the UAE.

Kochi, Mar 30: Kerala High Court, while hearing a petition filed against Karnataka's decision to block the border with Kerala, on Monday said that no lives should not be lost in the name of fighting coronavirus.

Kerala High Court also said that "the current problem should be resolved amicably. Both the Union government and the Karnataka government should rise to the occasion."
The Central government has informed Kerala High Court that the movement of goods and medical services qualify under essential services, which is permitted despite the lockdown, and added that directions have been issued to give priority to the movement of such goods and services.
Meanwhile, the Karnataka government has sought a day's time to clarify their stand.

The matter will be taken up for further hearing via video conference tomorrow.
Kerala government has submitted that the action of Karnataka government to close the border is illegal as all the national highways in the country come under the jurisdiction of the National Highway Authority.

Meanwhile, Congress MP Rajmohan Unnithan has also approached the Supreme Court seeking directions to open the Karnataka-Kerala border to allow movement of ambulances and other emergency vehicles for the transport of essential items to Kerala.

Bengaluru, Jan 2: The Congress leadership in Delhi is expected to start the process of selecting a new party chief for Karnataka next week. There are strong indications the race has narrowed to DK Shivakumar and MB Patil.

Party insiders said the leadership almost finalised Shivakumar’s name as the president of Karnataka Pradesh Congress Committee (KPCC), but the decision was put on hold after requests by some senior members.

“It’s not that we are against Shivakumar. We think the party should have a Lingayat at the helm since community strongman and chief minister BS Yediyurappa is at the fag end of his long political career. There’s an opportunity here for a Congressman to occupy that space,” said a senior Congress politician, who didn’t want to be named.

That’s where the candidacy of Patil, a Lingayat, scores high.

The party, however, doesn’t want to compromise on quality and wants an efficient KPCC president who can unite two rival factions within the party, one led by Siddaramaiah and another by former union minister KH Muniyappa.

The need to pick a new state president arose after Dinesh Gundurao resigned from the post last month, taking moral responsibility for Congress’s poor showing in the byelections. Siddaramaiah also stood down as Congress party legislature leader.

The insiders said the new KPCC chief could be announced after January 16. The party might also appoint two working presidents and a new legislature party leader, who will automatically become the opposition’s voice in the assembly.

For the latter position, the name of senior Dalit politician and former deputy chief minister G Parameshwara is doing the rounds. But the party, the sources said, could still ask Siddaramaiah to reconsider his decision and stay on.

Many Congress members had raised questions over his stewardship after the bypoll disappointment. They said on his watch, the party had also fared badly in the assembly and Lok Sabha elections, demanding that he be held accountable.

Siddaramaiah is expected to visit Delhi next week to discuss the leadership issue with party boss Sonia Gandhi. Some other senior Congress members, including BK Hariprasad, are also likely to meet her.