Either BJP will take over power in Karnataka or there will be mid-term polls: Muralidhar Rao

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 12: Protesters plan to intensify their anti-Citizenship (Amendment) Act movement from sit-down satyagrahas and rallies to street and door-to-door campaigns in different parts of the city.

The street campaigns began on January 1 with 20-30 volunteers of Hum Bharat Ke Log, reaching out to people in Koramangala and Whitefield and explaining the CAA, National Population Register (NPR), National Register of Citizens (NRC) and related issues. They have organised four campaigns.

According to Zia Nomani, member of Hum Bharat Ke Log, the campaign will intensify soon. “Over 200-400 volunteers will organise nukkad sabhas and other activities around JP Nagar and Banashankari,” Nomani said.

She added that though protests began as a medium for people to vent their concerns, more needs to be done.

“We have realised that many people have begun working on their personal documents and want to help them understand what CAA is all about,” Nomani said.

Volunteers will talk to people at street junctions, discuss issues and run signature campaigns. They say: “Our movement is focussed on reaching out to people. Pro-CAA workers too started a door-to-door campaign last week.”

Avani Chokshi, an advocate who participated in a campaign, said though people had a cursory idea about these issues, they didn’t know the details. “It through such campaigns that we can reach more people. It’s important to talk to people who haven’t made up their mind about the issues or are even pro-CAA,” said Avani, adding, “It hard to combat hatred in a short span of time. The movement needs to be sustained.”

Activist Geeta Menon, who has been at the forefront of the street campaign, says they were heckled at some places.

Bengaluru, May 31: The coronavirus related fatalities in Karnataka rose to 49 with the death of a 47-year-old woman while 141 new coronavirus cases were confirmed on Saturday taking the infection tally to 2,922, Karnataka minister S Suresh Kumar said.

Among the fresh cases, 90 are inter-state passengers, he told reporters.

The deceased woman from Bidar was admitted on May 24 and died on May 28 at a designated hospital in Bidar, Kumar, minister for primary and secondary education and spokesperson for Covid-19 in the state, said.

The woman was diagnosed with influenza like illness with a history of paralysis and was bed-ridden besides having hypertension and convulsions, Kumar said.

According to him, the total cases include 997 discharges, 1,874 active cases, 49 Covid-19 deaths and two non-Covid related deaths.

Of the total active cases, 15 are in the ICU, he added.

The new cases comprise 33 in Bengaluru, 18 in Yadagir, 14 in Dakshina Kannada, 13 each in Udupi and Hassan, 11 in Vijayapura, 10 in Bidar, six in Shivamogga, four each in Davangere and Haveri, three in Kolar, two each in Kalaburagi, Mysuru, Uttara Kannada, Dharwad, and one each in Belagavi, Chitradurga, Tumakuru and Bengaluru Rural, the health department said in its bulletin.

The minister said the government has issued an order regarding relaxation of curfew on Sundays.

According to the order issued by Chief Secretary T M Vijay Bhaskar, there will not be any curfew on Sundays throughout the day following requests from people.

As per the previous order, curfew was from 7 am to 7 pm on Sundays.