Faizal & Shabana Foundation donates AED 10 million to aid medical research

New Delhi, Feb 7: The Supreme Court on Friday issued a notice to the Central government on a plea challenging the Constitutional validity of the Citizenship Amendment Act (CAA) and effective implementation of the Assam Accord.

A bench of Chief Justice of India (CJI) SA Bobde also sought Centre's response on the plea filed by Assam Social Justice Forum.

The petition sought appropriate directions for taking effective steps for the implementation of Assam Accord, 1985 in letter and spirit and for conservation and preservation of the of a distinct culture, heritage and traditions of the indigenous people of Assam.

The Assam Accord, 1985, had fixed March 24, 1971, as the cut-off date for deportation of all illegal immigrants irrespective of their religion.

The Bench also sought Centre's response on another fresh batch of pleas challenging CAA and tagged them along with other petitions pending in the matter.

One of the petitions, filed by the Association of Advocates from Maharashtra among others, sought to declare the Citizenship Amendment Act as discriminatory, arbitrary, and illegal and consequently set aside the impugned act as ultra-vires the Constitution of India.

On the other hand, over a hundred petitions have been filed in the apex court, for and against the amended citizenship law, which is facing opposition and protests across the country.

CAA grants citizenship to Hindus, Sikhs, Buddhists, Jains, Parsis and Christians who fled religious persecution in Afghanistan, Bangladesh, and Pakistan and took refuge in India on or before December 31, 2014.

Bengaluru, Mar 11: The Insurance Regulatory Authority of India has asked insurers to settle all claims related to coronavirus expeditiously under existing health policies that provide for treatment of hospitalisation expenses.

It has also asked insurers to design products covering the cost of treatment of coronavirus that has fast spread across the world and also resulted in increasing number of infections in India. There has been over 3,000 deaths globally and 58 cases tested positive in India.

In order to provide need-based health insurance coverage, insurers are intro ducing products for various specific diseases, including vector borne diseases. "For the purpose of meeting health insurance requirements of various sections, insurers are advised to design products covering the costs of treatment for coronavirus," the IRDAI said in a circular.

The regulator said that under existing health insurance policies where hospitalisation is covered, not only the cases related to coronvirus disease (COVID-19) shall be expeditiously handled, but all the costs of admissible medic al expenses during the course of treatment, including the treatment during quarantine period, should be settled in accordance to the applicable terms and conditions of policy contract and the extant regulatory framework.

This would bring much needed relief to policy holders some of whom were facing difficulty in getting coverage for treatment takers to coronavirus. In the absence of clear information, a few hospitals were reportedly denying for forward such claims of policy holders to the insurers.

IRDAI has now said that all the claims reported under COVID-19 shall be thoro ughly reviewed by review committee before repudiating the claims. This would prevent blanket rejection of such claims.

But to get full claim for treatment of coronavirus, industry experts said, a person should be hospitalised at least for 24 hours. Most insurers do not c over outpatient treatment.

Apr 12: The board and management of troubled NMC Healthcare should be held accountable for the financial irregularities, said Abdulaziz Al Ghurair, chairman of the UAE Banks Federation.

"Banks have dealt with the exposure professionally and they lent to a company which was listed on FTSE-100 index with world-class regulator and the world's largest audit firm doing their audit. Even if they present their balance sheet today, people will still lend to them. This is a world-class fraud and the management and board members should be held accountable. We should have a different track to handle this company. It is not a normal track that we can go," Al Ghurair said during a virtual press conference on Sunday.

It is estimated that the more than 80 local, regional and international banks have exposure to healthcare firm. The UAE bourses had asked all the listed companies in the UAE to announce their exposure. The UAE banks last week announced nearly Dh10 billion exposure to NMC Healthcare, which is owned by the billionaire BR Shetty.

Abu Dhabi Commercial Bank has the highest exposure to NMC at Dh3 billion. Dubai Islamic Bank and its subsidiary Noor Bank announced Dh2 billion exposure while Emirates NBD and its Shariah-compliant unit Emirates Islamic Bank revealed Dh747.34 million exposure. Ajman Bank has Dh151.8 million while Al Salam Bank pegged its exposure at Dh161.5 million. All these lenders revealed their exposure for the first time on Sunday.

Abu Dhabi Islamic Bank said it had extended Dh1.07 billion in financing to NMC Healthcare, and an additional Dh113.67 million exposure to Islamic bonds issued by NMC.National Bank of Fujairah pegged its exposure to NMC at Dh289.1 million, while Sharjah-based United Arab Bank said its exposure was Dh135.3 million.

NMC recently revised its debt position to $6.6 billion, well above earlier estimates.

London's High Court last week placed hospital operator NMC Health into administration, on the application of Abu Dhabi Commercial Bank.

"I know leading bank in UAE have already legal guardian of the company so now management cannot hide anything. The new team will manage and discover what happened," said Al Ghurair.