Let's not forget, 3 million Indian expats happily living in Saudi Arabia!

[email protected] (Coastaldigest.com Web Desk)
August 3, 2016

Jeddah, Aug 3: The Indian community in Saudi Arabia have condemned the one-sided and irresponsible reporting by a section of Indian media on labour issues between an ailing private firm and its Indian employees.

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Pointing out that about three million Indians including people from all faiths are working and living happily in Saudi Arabia, they said sacking of employees by some firms due to crisis is a rare case.

They expressed sincere thanks to the Saudi government for hosting such a huge number of non-resident Indians (NRIs), which not only constitute the largest expatriate group in the Arab Kingdom but also the largest number of Indian passport holders living anywhere in the world. They thanked the Kingdom for ensuring the safety and welfare of the Indian community.

Sadashiva Shetty, an NRI businessman from south Indian city of Udupi in Saudi Arabia, says that he did not face any discrimination in the Kingdom in past 20 years. “Nearly three decades ago, my family was one of the poorest families in my village in India. After coming to Saudi Arabia I have earned money and respect. Now, the people of my village give me royal treatment whenever I visit my home” he claims.

“I do not know why media is portraying as if all Indians in Saudi Arabia are starving to death,” wonders Siddiqui, an NRI businessman, who spent several years in Saudi Arabia. A few construction companies in the Kingdom have gone out of business due to financial constraints and it resulted in layoffs for workers of different nationalities, not only just Indians, he says.

Speaking to an Arab daily he said: “Private firms in India like Kingfisher, Sahara and many others went bankrupt and their workers lost jobs. Has the Indian government given them jobs? Forget about helping the workers, Kingfisher owner Vijay Mallya ran away from the country to evade loans repayment and the government failed to catch him.”

Abdulhaq Bastavi, an Indian IT expert, said there is no point reporting that Indians are starving or stranded here as they can solve the issue with the employer and go home. “In labour disputes, workers have the option of approaching the courts.”

Mojib Siddiqui, an Indian journalist in Saudi Arabia, claims that mainstream Indian media is planting stories on labour issues of Suadi in a deliberate attempt to shift the focus from their government, which is under fire for failing to stop violence against Dalits and Muslims. It's a ploy to appease the principal minority that they are concerned about Indian Muslims working in Saudi Arabia.”

He added: “If the situation had been alarming for Indian workers, how come remittances sent by NRIs from the Kingdom is highest?”

Mohammad Akram, a marketing head at the Saffat Aviation said the Indian media exaggerating the number to blow it out of proportion. “Laying off workers by an ailing firm is nothing new,” he said adding there are dozens of Indian firms firing their staff for financial reasons.

Comments

Irshad
 - 
Wednesday, 3 Aug 2016

There is a not a single Incident people killed because of eating beef or any thing else Great and Number one Saudi Arabia.

A. Mangalore
 - 
Wednesday, 3 Aug 2016

During my vacation , in my own city in India , after 10 pm , my car was stopped by the police and questioned several times, but in my 25 years experience , even 2 to 5 am , I was driving in the city along with my family, never ever any police man or anyone stopped my car and questioned me.
Like me thousands of Indans are earning with highest respect. We are much grateful to this country. Whatever our religious we are called here as \Hindi\" only.
Mrs. Susma Swaraj made one or two companies issue into a big
issue and mentioned that people are starving here. I don't think anyone will sleep here without food. If a person have 2 riyals is enough to buy 6 pcs of bread and youghurt , which can fill anyones stomach. people have made wrong propaganda.
In any cases Saudi nationals are more generous in distributing free food than any other countrymen."

shaji
 - 
Wednesday, 3 Aug 2016

Indian Media (there is exception) is only lying and fooling people to keep away from the failure of BJP Govt and from the goondagiri / terrorist activities by sangh parivar terrorist groups.

Sadashiva Shetty
 - 
Wednesday, 3 Aug 2016

Thanks CD for posting this report. It's timely. Everything has a positive angle too. Normally media ignores such positive angle.

aharkul
 - 
Wednesday, 3 Aug 2016

Best Country in Gulf is Saudi Arabia. We have freedom and no question of facing problem. And every commodities available in a cheapest rate. I am working in this country since 13 years. So far I did not get any problem either from employer or from this country.

I respect all the King who serve this country giving full support to Indian expatriates and security. It is a marvelous. We won't get such facility in any country. More over here we have a holy place to perform Umrah and Hajj. Subhaanallah. Hats off to our great king Salman who is giving good facilities to expatriate in utmost care. May Allah Subhanau Thala give him a good health and long life Aameen.

Tufail
 - 
Wednesday, 3 Aug 2016

but skilled and low level labors arent..... So please highlight those

Mohammed SS
 - 
Wednesday, 3 Aug 2016

Our India is going through such a bad era that they cannot solve their own problem, always peeping others plate, it cannot solve border problems and our eyes on Pakistan all stupid, Jobless goondas gathered in this BJP/RSS ruling they know only tying saffron ropes on hands and shoulders and all kind of nonsense believe, finally they only recognize their Mother as Cow and do not agree and recognize their own father to whom they born an OXE

Syed Mohiudin
 - 
Wednesday, 3 Aug 2016

I am proud to say that I am also one among 3 million those who happily living in Saudi Arabia.

Rikaz
 - 
Wednesday, 3 Aug 2016

Saudi Arabia is a peaceful country...where they give first priority on security of expatriates...people love to work and make money over there...there is no restriction on beef eating....you can eat beef as much you can....no gou rakshakas.....super dooper.....

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coastaldigest.com news network
May 28,2020

Bengaluru, May 28: A complaint has been filed against BJP Karnataka state president and Lok Sabha member Nalin Kumar Kateel by the Congress Legislators charging him with issuing false information on Coronavirus to mislead the people.

The complaint was filed by MLCs Ivan D’Souza and Prakash Rathod at Vidhana Soudha police station on Thursday.

In the complaint they had alleged that “Kateel has been spreading false information that the position of World Health Organization’s (WHO) Chairman was given to India in appreciation of Prime Minister Narendra Modi’s achievement in Coronavirus management. 

In reality, the position was given to India on the basis of rotation. India’s stature gets affected because of such childish statements at the international level.”

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News Network
February 19,2020

Feb 19: Bavaguthu Raghuram Shetty was once a typical billionaire with a taste for the high-life.

He splurged on a private jet, vintage cars and two entire floors of the Burj Khalifa, the world’s tallest skyscraper. His website shows him hobnobbing with politicians, Bill Gates and Bollywood royalty.

“The thrill of speed and freedom makes me love cars,” Shetty, 77, told local reporters last year.

Shetty had more than enough money -- at least on paper -- to afford such a lifestyle from companies he helped found, including hospital operator NMC Health Plc and financial services firm Finablr Plc. On Dec. 10, his stakes in the public companies were valued at $2.4 billion, making up the bulk of a fortune spanning education, hospitality and one of the world’s oldest tea companies.

Then, a week later, Carson Block came along.

Block’s investment firm, Muddy Waters, issued a report criticizing NMC’s accounts and disclosing a short position. Since then, Muddy Waters’s scrutiny has snowballed into a troubling scenario for Shetty that sheds light on his complex share arrangements and casts doubts about his net worth. His holdings in Finablr and NMC are worth $885 million, but Shetty’s fortune may now be just a fraction of that, depending on the size of his borrowings.

Filings this month show that Shetty pledged a quarter of his NMC stake against loans with First Abu Dhabi Bank and Zurich-based Falcon Private Bank. Two other shareholders may own half of his reported stake. Another lender -- Al Salam Bank Bahrain -- has already sold some of those shares to enforce security over a loan for Shetty, and NMC said Tuesday that First Abu Dhabi Bank sold another chunk earlier this month.

The situation “seems to have gone beyond some of the issues that Muddy Waters focused on initially,“ said Gavin Launder, a fund manager at Legal & General Investment Management, who owned shares in NMC until October. “The increased scrutiny has unearthed other issues.”

Law firm Herbert Smith Freehills has launched a review of Shetty’s holdings at his request, a spokesperson for the Indian-born businessman said, declining to comment further until the analysis is completed. Shetty resigned Sunday as NMC’s chairman.

In its Dec. 17 report on NMC, Muddy Waters hinted at potential overpayment for assets, inflated cash balances and understated debt. Shares of the United Arab Emirates’ biggest private health-care provider have since plunged 67%, and the firm is now the focus of takeover speculation. The sell-off also spread to Finablr, whose stock has tumbled 64% in that span.

NMC has disputed Muddy Waters’s claims, and the company hired former FBI Director Louis Freeh to conduct an independent review of the short seller’s allegations. Meanwhile, local regulators “are making inquiries with the relevant parties,” a spokesperson for the U.K.’s Financial Conduct Authority said.

Shetty is hardly the only ultra-wealthy person to leverage his assets. Elon Musk has used his shares in Tesla Inc. to obtain personal loans, while Oracle Corp. Chairman Larry Ellison has put up millions of the company’s shares to fund a lavish lifestyle that includes trophy properties, America’s Cup teams and the Indian Wells tennis facility in California.

But such deals can also sour, as demonstrated by Shetty’s lenders selling shares his investment firm pledged. He and his advisers are investigating details of the sales as part of their legal review, according to filings.

To complicate matters, Shetty pledged another batch of NMC stock in 2018 as part of a so-called equity collar arrangement with Goldman Sachs Group Inc. that uses options to limit the impact from share moves. Last month, he also pledged most of his stake in Finablr to refinance a loan from the company’s takeover of foreign-exchange firm Travelex for about $1.2 billion.

BRS Ventures Investment, the UAE-based holding company for most of Shetty’s assets, doesn’t report consolidated financials, preventing a complete analysis of his net worth. His other assets include a catering company, a waste-management firm and pharmaceutical business Neopharma, which four months ago was in the early stages of planning for an initial public offering.

Block, 43, earned his reputation as a short seller a decade ago through targeting U.S.-listed Chinese companies that he claimed were frauds. More recently, his San Francisco-based firm focused on British litigation-finance firm Burford Capital Ltd. and Japanese biotech stock PeptiDream Inc. Short sellers seek to benefit from a decline in a company’s share price.

Shetty founded NMC in 1975 after moving to Abu Dhabi from his native India. He created Finablr two years ago to consolidate his financial brands before listing it on the London Stock Exchange in 2019.

Block said he didn’t anticipate NMC’s shareholding drama.

“I wouldn’t have been able to predict that we’d get these bizarre disclosures about unclear share ownership coming out of the company,” he said in a Feb. 13 phone interview. “This has been obviously a more dramatic unraveling than we usually see.”

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coastaldigest.com web desk
June 14,2020

Bengaluru, June 14: Chief Minister B S Yediyurappa-led BJP government of Karnataka has once again urged the Prime Minister Narendra Modi-led union BJP government to release GST compensation worth Rs 10,208 crore that is due for the state.

The request was placed with Finance Minister Niramala Sitharaman during the 40th GST council meeting, in which Karnataka Home Minister and state’s representative to the council, Basavaraj Bommai, participated.

Speaking to reporters after the meeting, Bommai said that Rs 10,208 crore was due from the Centre as GST compensation for four four months - from March to May.

“We have requested the Centre to release Rs 1,460 crore - pertaining to GST compensation for the month of March - as soon as possible due to the dire financial conditions of the state,” he said.

Bommai said that the state was confident that the funds will be released soon, noting that Karnataka had recently received Rs 4,314 in GST compensation for three months, between December 2019 to February 2020.

Meanwhile, the state also proposed the Council to reduce penalty for delay in filing GST. Bommai said that while people are made to pay 18% of the tax as fine in delay in payment, Karnataka has asked the Centre to reduce the percentage by half to 9%.

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