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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.

Thiruvananthapuram, Jan 3: Kerala Chief Minister Pinarayi Vijayan on Friday wrote letters to 11 Chief Ministers including Arvind Kejriwal--Delhi and Mamata Banerjee, West Bengal-- pointing out apprehensions that had arisen among large sections of society consequent to the Citizenship Amendment Act (CAA) - 2019.

In his letter, the Chief Minister said "the need of the hour is unity among all Indians who wish to protect and preserve our cherished values of democracy and secularism."

People from various cross-sections of the society irrespective of any difference they might have, need to stand united in preserving the basic tenets of our polity which form the cornerstone of Indian democracy, he added.

"We are sure that our unity in diversity, which has stood the test of times will ultimately emerge stronger. Kerala has decided to address the apprehensions about NRC and that preparation of NPR will lead to NRC by staying all activities relating to NPR in the State," Mr Vijayan said.

In this regard, the Kerala Legislative Assembly had passed the resolution on December 31, 2019, expressing its concern regarding the impact the CAA will have on the nation's secular credentials, he said.

"The resolution requested the Central Government to repeal the CAA, 2019. States, which have the opinion that CAA should be repealed can also consider similar steps so that it will be an eye-opener to the proponents of the CAA and the NRC," the Chief Minister pointed out.