Govt defends AB Ibrahim; Shakuntala puts ball back in temple admin's court

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, Apr 29: Indian women have always been the epitome of beauty, strength, and intelligence. Today, the success of Indian women across various walks of life has proven that they have earned this reputation.

One such dedicated social worker is Dr Sunitha Manjunath, the Founder of 'Sumanaa Foundation' of Sanjay Nagar in Bengaluru.

Sumanaa Foundation, based out of Sanjay Nagar in Bengaluru has been on the forefront to support people in distress due to COVID-19. 

The foundation under the leadership of its founder Dr Sunitha Manjunath procured a total of 20000 kgs of farm-fresh produce in four phases from farmers who are unable to sell it due to the COVID Lockdown and have distributed it across 6000 families across Bengaluru city.

"We have procured these vegetables after identifying farmers who are unable to sell their produce due to the challenges of lockdown.

This initiative not only supports the farmers by helping them get the right price for their produce, but also gives us an opportunity to get vegetables at a reasonable price by escaping all middlemen and commissions. We have identified 6000 poor families mainly around Bengaluru city who have not been able to earn their daily wages and given them coupons.

The foundation members identify genuine cases and give them coupons which can be redeemed in exchange of an essential vegetables kit," said Dr Sunitha Manjunath, the founder of Sumanaa Foundation.

These vegetables have been procured from Chikkaballapura, Doddaballapura, and surrounding villages and included vegetables like onions, tomatoes, capsicum, green chillies, beans, carrots, brinjal, potatoes, beetroots etc. These farmers got a fair price for their produce and were overjoyed to know that their harvest is being distributed free of cost to needy and deserving families.

Sumanaa Foundation has been actively supporting the city administration in fighting COVID-19 pandemic. In the recent weeks the foundation has distributed sanitisers and masks to BBMP Pourakarmikas.

The foundation also cooked food for over 400 people each day. This food was handed over to the city administration, which further distributed this to the police department and other staff working across government departments during these testing times.

Dr Sunitha, an engineer by qualification, had enjoyed a high-flying corporate career with BOSCH. She was offered a global role, which she turned down to setup her NGO, 'Sumanaa Foundation' and to serve the needy in and around her locality. Over the past seven years, the NGO with 70 members has done a wide range of activities to support the poor and needy in Bengaluru.

The core team of Sumanaa Foundation works under the leadership of its president Dr Sunitha Manjunath and includes young and energetic individuals like Manjunath K, Prakash K, Vidya Prakash, Sindu Gowda, Byregowda, Nishita Arjun, Arjun Varadaraj and Manoj Kumar
'Meal of Humanity' is a notable initiative of Dr Sunitha Manjunath and her team. Under this program, over 300 poor people are served mid-day meals every day. 

This is currently a self-sustained program with no external funding. Dr Sunitha Manjunath, her family members, and friends contribute their hard-earned money to bring smiles to hundreds of migrant workers and daily wage laborers.

'Wall of Humanity' is another unique concept implemented by Sumanaa Foundation. People can leave used or unnecessary daily use products like clothes, toys, groceries, etc at a designated area. This can be picked by anyone in need of these items. This self-helping model has touched the lives of hundreds of people in and around the area of Sanjay Nagar.

Regular blood donation camps, eye checkups, scholarship for students, tailoring machine distribution, environmental initiatives, Swacch Bharath programs, wall painting across the roadside are just a few among the hundreds of activities undertaken by Sumanaa Foundation regularly under the leadership of Dr Sunitha Manjunath and her team of friends.

"A life without an aim is worthless and so is a death without achievement. The aim of my life is to touch the lives of the hundreds of people who are not as privileged as you and me. I'd like to thank my husband Manjunath, my In-Laws and my friends from Sumanaa Foundation who work tirelessly alongside me across all our initiatives," said an elated Dr Sunitha Manjuanth on receiving the 'ET Power Icons' award for Excellence in Social Service and Public Initiatives.

Dr Sunitha Manjunath has also been awarded the prestigious 'Kempegowda Award' and many more such awards for her contribution to the society.

Bengaluru, Apr 11: Seven more people have tested positive for coronavirus taking the tally to 214 in the state.

"Coronavirus cases rise to 214 in Karnataka, with seven more people testing positive between 5 PM Friday and 12 PM Saturday," said the Karnataka health department.

According to the health department, all these seven people have a history of contact with COVID-19 patients. Five of them are workers of a pharmaceutical company in Mysuru.

"Out of the total cases in the state, six people have died while 37 others were cured or discharged," added the state health department.