Mangaluru: Thousands throng funeral of Mustafa Kavoor

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.

Bengaluru, Apr 18: Private unaided schools in the state that were demanding fees from parents in the name of online classes and taking online admissions will face action under Section 3 of the Epidemic Diseases Act 1897, the Karnataka government said.

The Department of Public Instructions has warned school management of action against such educational institutes if they violate the rules. Following complaints from several parents and also from private school management associations, Minister for Primary and Secondary Education S Suresh Kumar discussed the issue with officials from the department during a recent meeting and directed them to initiate action against such academies.

In a guideline issued on Saturday, the department said, "Schools can conduct online classes. But are not permitted to collect the fee from parents until further orders from the department."

Bengaluru, May 12: Karnataka sees the highest single day spike since the start of the pandemic in the state, higher than Sunday's spike in cases. 63 new cases have been reported in last 24 hours. 

With this, the total number of COVID-19 cases rises to 925, said the state health department's bulletin on Tuesday.

While 42 new positive cases reported from May 11, 5 pm to May 12, noon, another 21 fresh 21 cases reported by 5 pm on May 12.

To date, 921 COVID-19 positive cases have been confirmed. This includes 31 deaths and 426 discharged," the bulletin read further.

Morning Bulletin

New cases in Bengaluru Urban 3,  Yadgir 2, Bagalkote 15, Dakshina Kannada 2, Dharwad 9, Bidar 2, Hassan 5, Ballari, Mandya, Chikkaballapura, Kalaburagi (one each).  

Evening Bulletin

Cases in Gadag (3), Kolar (5), Bengaluru Urban (1) and Davangere (11) cases. 

Cases reported on 12 May: 63

Total cases in state: 925