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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.

Mar 5: The government on Thursday asserted that there is no shortage of raw ingredients or medicines in the country as it has taken various initiatives to tackle the challenge posed by the coronavirus outbreak.

All initiatives are also being taken to ensure that there is no impact of the disease in India, Minister of Chemicals and Fertilizers D V Sadananda Gowda said.

"There is no shortage of any APIs in the country. We have sufficient APIs (active pharmaceutical ingredients) and medicines in the country," he said.

Gowda was addressing the 5th international exhibition and conference on the pharmaceutical and medical industry organised by the Department of Pharmaceuticals, Gujarat government and industry chamber Ficci here.

For another three months there is no shortage for undertaking production in the pharma sector, he added.

"Our government has taken all initiatives to ensure that as far as our country is concerned the coronavirus should be stopped, and there is no hazard as far as this issue is concerned," Gowda reiterated.

Coronavirus is a challenge and "we should make all efforts that need to be taken..., " he added.

On Tuesday, India, the world's largest maker of generic drugs, restricted the export of common medicines such as paracetamol and 25 other pharmaceutical ingredients and drugs made from them, as it looks to prevent shortages amid concerns of the coronavirus outbreak turning into a pandemic.

Besides over-the-counter painkiller and fever reducer paracetamol, drugs restricted for exports included common antibiotics metronidazole, and those used to treat bacterial and other infections as well as Vitamin B1 and B12 ingredients.

A notification by the Directorate General of Foreign Trade (DGFT) had said the export of 26 active pharmaceutical ingredients (APIs) and formulations would require licence.

Bengaluru, Jan 19: The Karnataka government has given its nod to teach 'Vivekadeepini' slokhas, authored by Adi Shankaracharya, in schools across the state, Chief Minister B S Yediyurappa said on Saturday.

At an event called 'Vivekadeepini Mahasamarpane,' organised by Vedanta Bharati, Yediyurappa said, "It has been noticed that Vivekadeepini, which evolves the mind and illumines a person, has a great effect on students.

Parents and teachers have found a positive change among children who were inspired by Vivekadeepini." "Hence, the government has given its nod to allow teaching Vivekadeepini in the schools in Karnataka," he added.

According to the organisers of the event, around two lakh children from 50 schools participated in the event where they were taught to chant Vivekadeepini, comprising verses for the seekers in the spiritual journey.

Yediyurappa reminded the audience that the Indian culture and civilisation is the oldest and the best, which they should feel proud of. Likening Amit Shah to the first union home minister Sardar Vallabhbhai Patel, he said, "After Sardar Vallabh Bhai Patel if we have seen a union home minister, it is Amit Shah, who has successfully resolved many burning issues of the countries within a few months.

"Shah succeeded in finding a permanent solution to Kashmir issue," Yediyurappa said.