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.
The PIL, filed by seven Uttar Pradesh residents, has sought the court's direction to ensure that no animal is killed during the festival, called the feast of sacrifice, which is to be celebrated early next week.
Comments
they train how to slit the throat for their kids .. no wonder ISIS militrants love throat slitting and beheading ...they rejoice the kill ... it must be banned ...countries throat slitting activities are terrorism , rapes , smugling , hawala , robbing and thefts .. needless to say who are in large no ... hahaha ... so it is the effect of this ..makla justification nodri .. upper part na slice maadi pain agda haage koltaranthe ...adu dodda rocket science nanmaklige ...haha.. 150 crores iddu ondu nobel tegello yogyathe illa ...science bagge maatu .. hogree hogree fish sales madi hogi ... delivery time aithu :)
Halal best method.
Even yogesh also certified that halal is best way. In halal method. Animals and plants doesnt feel pain.
@yogesh
Well said, that's why we say that halal method either veg or animal, is the best method. because of the speed both doesn't feel pain at all.
at last u agree Halal is the best Method. When u accidentally cut ur finger, u wont
in halal method animals don't feel pain. what about fish, which die very painfully.
stop eating fish also. fish is also vishnu's avatar, which is more holier than cow.
muslims don't eat pig, because it is dirty and filthy, carries lots of diseases
hindus don't eat cow. why. is it dirty and filthy too.
in halal method, animals feel zero pain, proved by science. it is also proved that halal food is more tastier than non halal. and there is no blood in the meat in halal method, even science says halal is the best method. even non-muslims in western countries wants halal chicken, just check the restaurant in usa name is halal guys restaurant. people stand in queue, most of them are non-muslims. next to the restaurant there is one more restaurant, which is non-halal. which is fully empty
Do animals have rights?
The vegetarian argument is that killing animals for the benefit of humans is cruel and an infringement of their rights. They put both on the same level without conceding any superiority to humans over animals. This argument is seriously flawed, because if animals had rights comparable to those of humans, they must also have equivalent duties. In other words, we must be able to blame them and punish them if they violate the rights of others. It is absurd that it should be considered a crime for humans to kill a sheep, but natural for a lion to do so. The problem stems from a misconception of the role of human life within the animal kingdom: a denial of purposeful creation within a clearly defined hierarchy degrades humans to the level of any other creature. Yet even then, the argument is illogical: Why should plants, for example, be denied the same protection from a violation of the sanctity of their life?
Is Islamic slaughter cruel?
The question of how an animal should be slaughtered to avoid cruelty is a different one. It is true that when the blood flows from the throat of an animal it looks violent, but just because meat is now bought neatly and hygienically packaged on supermarket shelves does not mean the animal didn’t have to die? Non-Islamic slaughter methods dictate that the animal should be rendered unconscious before slaughter. This is usually achieved by stunning or electrocution. Is it less painful to shoot a bolt into a sheep’s brain or to ring a chicken’s neck than to slit its throat? To watch the procedure does not objectively tell us what the animal feels.
The scientific facts
A team at the university of Hannover in Germany examined these claims through the use of EEG and ECG records during slaughter. Several electrodes were surgically implanted at various points of the skull of all the animals used in the experiment and they were then allowed to recover for several weeks. Some of the animals were subsequently slaughtered the halal way by making a swift, deep incision with a sharp knife on the neck, cutting the jugular veins and carotid arteries of both sides together with the trachea and esophagus but leaving the spinal cord intact. The remainder were stunned before slaughter using a captive bolt pistol method as is customary in Western slaughterhouses. The EEG and ECG recordings allowed to monitor the condition of the brain and heart throughout.
The Halal method
With the halal method of slaughter, there was not change in the EEG graph for the first three seconds after the incision was made, indicating that the animal did not feel any pain from the cut itself. This is not surprising. Often, if we cut ourselves with a sharp implement, we do not notice until some time later. The following three seconds were characterized by a condition of deep sleep-like unconsciousness brought about by the draining of large quantities of blood from the body. Thereafter the EEG recorded a zero reading, indicating no pain at all, yet at that time the heart was still beating and the body convulsing vigorously as a reflex reaction of the spinal cord. It is this phase which is most unpleasant to onlookers who are falsely convinced that the animal suffers whilst its brain does actually no longer record any sensual messages.
The Western method
Using the Western method, the animals were apparently unconscious after stunning, and this method of dispatch would appear to be much more peaceful for the onlooker. However, the EEG readings indicated severe pain immediately after stunning. Whereas in the first example, the animal ceases to feel pain due to the brain starvation of blood and oxygen – a brain death, to put it in laymen’s terms – the second example first causes a stoppage of the heart whilst the animal still feels pain. However, there are no unsightly convulsions, which not only means that there is more blood retention in the meat, but also that this method lends itself much more conveniently to the efficiency demands of modern mass slaughter procedures. It is so much easier to dispatch an animal on the conveyor belt, if it does not move.
Yogesh, Lol, you explained halal veg in best way... anyone can understand now.. all doubts cleared.
after sacrifice animal we are not throwing meat and not keeping meat to eat ghost. we share all the meat to poor people and our family.we are not wasting the meat. if you care that much about animal you should ban eating non veg (chicken mutton)
I am surprised to see why they dont file PIL from banning export of beef meat. Very strange. Why they are maintaining double standard.
Government can allow Indian cow meat for foreigners to eat....this is very bad and disgusting policy....
On Eid day he feels \Cruel\" other days ?
What about vegetables right? even number of studies prove that plants feel pain. Can people stop using plant and vegetable ?
Court should have right to panish if some one file the IPL which does not make any sence and causing unnessary focus, contradict the constituional rights and waste of court time etc.,"
We Muslims sacrifice animals once in a year.But our Hindu brother's sacrifices animals every now and then in the name of Balidhan.We Muslims are not bothered about the PIL.Bec we blindly believe in Almighty Allah.
You have to file PIL against killing of HUmans first
Add new comment