Rains lash parts of Saudi Arabia; severe weather claims 14 lives

New Delhi, Mar 6: Union Finance Minister Nirmala Sitharaman on Friday will move the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019 for consideration and passing in Lok Sabha.

In December last year, the Union Cabinet had approved a proposal to promulgate an ordinance to amend the Insolvency and Bankruptcy Code (IBC) 2016.

The amendments will remove certain ambiguities in the IBC 2016 and ensure smooth implementation of the code, an official statement said.

The move is aimed at easing the insolvency resolution process and promoting the ease of doing business. Aimed at streamlining of the insolvency resolution process, the amendments seek to protect last-mile funding and boost investment in financially-distressed sectors.

Under the amendments, the liability of a corporate debtor for an offence committed before the corporate insolvency resolution process will cease.

The debtor will not be prosecuted for an offence from the date the resolution plan has been approved by the adjudicating authority if a resolution plan results in change in the management or control of the corporate debtor to a person who was not a promoter or in the management or control of the corporate debtor or a related party of such a person.

The amendments are aimed at providing more protection to bidders participating in the recovery proceedings and in turn boosting investor confidence in the country's financial system.

Hyderabad, Apr 12: In the backdrop of rising tide of anti-Muslim hatred and Islamophobia on the social media, a company in Dubai sacked an employee from Hyderabad for his hate-filled posts on Facebook.

Bala Krishna Nakka from Hyderabad, who was working as Chief Accountant at Dubai’s Moro Hub Data Solutions Company, was sacked after his Facebook went viral evoking widespread condemnation. The man had posted images on his Facebook page which showed Muslims as suicide bombers wearing bombs in the form of coronavirus cells.

It triggered demands both on Facebook and Twitter for action against him. In a quick response the company announced that the person was being sacked from his job, as the company had zero tolerance towards hate propaganda.

Moro Hub said in a statement: “At Moro, we take a zero tolerance attitude to material that is or may be deemed Islamophoic or hate speech. The tweets that we have been alerted to do not, in any way, reflect Moro’s brand values.”

Since the outbreak of coronavirus in India, a more intense hate propaganda has been unleashed by right wing elements on social media targeting India’s Muslim minority, some of whom are based in Gulf region.

As both the mainstream media, especially Indian TV channels, as well as social media users, have unleashed a campaign linking the spread of virus to a Muslim missionary organisation, the Tableeghi Jamaat, in India, a fresh war of words has broken out on social media.

While some activists have taken up it on themselves to highlight the hate propaganda and draw the attention of employers to such hate mongers, the right wing social media handles have also launched their own counter-offensives against such activists.

Dubai, Jun 29: Saeed bin Ahmed Al Lootah, a pioneering Emirati businessman and the founder of the world's first Islamic bank, is no more. He breathed his last on June 28.

Born in 1923, Saeed was instrumental in setting up the Dubai Islamic Bank (DIB) in 1975 to provide the community with a Sharia-compliant alternative to conventional banking.

He established several companies, organisations and societies, including the Dubai Consumer Cooperative. He also established the Islamic Education School in 1983 and the Dubai Medical College for Girls in 1986.

In 1992, Haj Saeed established the first College of Pharmacology in Dubai. Later he launched the Dubai Centre for Environmental Research, the Dubai Specialised Medical Centre, and the Medical Research Labs for health control and research into medicinal herbs and Islamic (Nabawi) medicine. He also set up an orphanage.

Saeed bin Ahmed Al Lootah was a self-made businessman who progressed from being a seafarer and trader to an accomplished tutor, author, economist, banker, entrepreneur, businessman and visionary community leader.

According to details available on the S.S. Lootah Group website, his "fervent adherence to the core values of education, cooperation and economy" helped empower "people to excel at everything they do".

"He realised the need to build permanent houses and ventured into construction. His 'capital' at that time were his skills, knowledge and hard work," the website said.

He laid the foundation of S.S.Lootah Contracting Company as a joint venture with his brother Sultan in 1956. "With the enduring values of education, cooperation and economy set as the foundations of his work, Haj Saeed started a number of businesses as well as not-for-profit education and research ventures, with an aim to serve the people of the UAE.

"Thanks to his vision and leadership, our home grown ventures continue to demonstrate unique values that extend well beyond its functional benefits - creating greater economic, social and environmental benefits for people in UAE and beyond."

Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, took to Twitter on Sunday to offer his respects.

Sheikh Mohammed said: "He was a trader who started with nothing. His touch is visible in several aspects of the Dubai economy."

Calling the deceased a "wise and smart man", Sheikh Mohammed said: "May Allah bless his soul and grant his family the strength to endure and persevere."

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, also paid his respects. "He combined economic leadership with charitable work. He launched charitable educational institutions and sponsored many orphans. His memory will live on. May Allah have mercy on him and grant his family patience."

حط رحاله عند ربه اليوم الحاج سعيد أحمد آل لوتاه.. أنشأ أول بنك إسلامي في العالم، وكان تاجراً عصامياً له بصماته في اقتصاد دبي..له يد طولى في الخير.. وهو أب للكثير من الأيتام .. عرفت فيه عقلاً راجحاً وحكمة وسكينة.. رحمك الله.. وتقبل عملك .. وألهم أهلك الصبر والسلوان .. pic.twitter.com/SOKzXl9meq

— HH Sheikh Mohammed (@HHShkMohd) June 28, 2020