UAE court issues worldwide freezing order on BR Shetty’s assets

News Network
July 25, 2020

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.

Comments

UAE Muslim
 - 
Sunday, 26 Jul 2020

give money to RSS now to kill muslim....GOD will turn the table for moran like you BR,...shamed of tulu guy cheated the UAE govennment...not root in hell

ANONYMOUS
 - 
Saturday, 25 Jul 2020

amount should be 8 billion dollar and not 8 million dollar

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News Network
January 8,2020

Bengaluru, Jan 8: The second instalment of flood relief funds from the Centre, announced on Monday, has left BS Yediyurappa less than cheerful, with the chief minister insisting that it is barely adequate. The CM on Tuesday said he will urge the Union government to release more.

On Monday, the Centre announced it will release Rs 669.8 crore in addition to the Rs 1,200 crore it had released earlier towards flood relief and rehabilitation. The total sum is a small fraction of the loss, which the government pegged at a staggering Rs 38,000 crore.

“The Centre has released assistance in two instalments so far, but it is inadequate given the magnitude of the damage. I will request for more funds and I am confident the Centre will oblige,” Yediyurappa told reporters.

When Prime Minister Narendra Modi had visited the state last week, Yediyurappa had urged him — even openly at a function — to release funds. This followed several pleas over the past four months, which barely drew a response from the Centre. Now, the CM himself suggests it’s barely a drop in the ocean.

The opposition has been criticizing both Yediyurappa and the Centre for their handling of the situation and on Tuesday, leader of the opposition Siddaramaiah of the Congress criticised the CM for “misguiding people” on the sum released by the Centre.

Siddaramaiah tweeted, “Reports from State govt officials say only Rs 669 cr of addl funds are released in 2nd instalment as opposed to the claim of Rs 1,870 cr by Karnataka BJP leaders. At a time when manufacturing industries are closing, BJP’s fake news factory is running at full potential ".

In another tweet, he said, “Moved by the plea of chief minister, Yediyurappa, Prime Minister Narendra Modi released an additional Rs 669.8 crore, taking the total amount to Rs 1,869.8 crore. BJP leaders, who are devotees of the god of lies, attempts to depict the total relief amount as 1200+1869.85 = Rs 3,069 cr is ridiculous.”

A high-level committee chaired by Union home minister Amit Shah had sanctioned the National Disaster Response Fund (NDRF) funds on Monday. While the Press Information Bureau claimed Rs 1,869 crore was approved on Monday, state government officials clarified that the figure included the Rs 1,200 crore released in October.

Meanwhile, sources say the two instalments is all the assistance the state can expect from the Centre towards flood relief. Sources say the Rs 1,870 crore is roughly 60% of the funding — Rs 3,000 cr— which was supposed to be allocated for Karnataka, based on an inter-ministerial team’s assessment of losses in the state.

“Compared to other states for the same period, Karnataka has received the highest amount in flood relief. We cannot expect more,” said a revenue department official, who said the government will not approach the Centre for a special package.

However, revenue minister R Ashoka said the state will pitch for the entire Rs 3,000 crore. “The state government will pursue the matter with the Centre until it releases the entire Rs 3,000 crore. The state government will cover the remainder of the Rs 38,000 crore loss. We will not go back on our word,” Ashoka said. Incidentally, the state has spent about Rs 6,000 crore on relief and rehabilitation so far.

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coastaldigest.com news network
July 28,2020

Mangaluru, July 28: In an unexpected development, the government of Karnataka has transferred Dakshina Kannada Deputy Commissioner Sindhu B Rupesh.

The development comes days after the IAS officer warned of legal action against those attacking cattle traders in the region.

Another IAS officer Dr Rajendra K V who was the CEO of Belagavi Zilla Panchayat, has been transferred and posted as the new Deputy Commissioner of Dakshina Kannada.

Dr Rajendra is a medical doctor graduated from Bapuji Medical College, Davangere. He had secured the 32nd rank in the civil services examination in 2013.

Sindhu B Rupesh had taken over as DK DC in September 2019.  Now, she is posted as the director, electronic delivery citizen services (EDCS), DP & AR (e governance) Bengaluru.

Also Read: Death threat against DK DC Sindhu B Rupesh after she warns against attack on cattle traders

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Ram Puniyani
May 26,2020

Words Jihad and Jihadi have been in abundant use for the negative purposes from last two decades in particular. They have been closleyl linked to the word terrorism and violence, done by section of Muslims here and there. This global use of word is particularly a post 9/11 phenomenon. Just to recapitulate after the WTC was hit by two aeroplanes; the building sunk leading the death of nearly three thousand innocent people. The victims belonged to most countries and religions. In the aftermath; Osama bin Laden called it Jihad. American media coined the word Islamic terrorism since then. Most of the acts indulged in by Muslim terror groups have been labelled under this title. This; irrespective of the fact that many an Islamic Scholars, many a Muslim clerics like Maulanas of Deoband and Barelvi, stating that Islam does not approve of violence against innocent people. The words have stuck.

This has also beoame one more weapon in the hands of communal sectarian elements. Apart from the mainstream media social media has been delving this with gay abandon using these words in a derogatory way. The lap media also called Godi media, which is an important part of the opinion making against Muslims has been using it day in and day out.

Recently (March 11, 2020), Mr. Sudhir Chaudhary, the Editor-in-Chief of Zee channel in a show went on to the limits of this misrepresentation by showing a chart and classifying Jihad into various categories, Love, Jihad, Land Jihad and latest in series being Corona Jihad in the wake of Tablighi Jamaat event. Mr Chowdhary concluded that all these types of Jihad are being done to weaken India. Surely, these types of programs have been increasing and intensifying Hate against Muslims and Jihad.

Unlike most of the times, this time around a complaint was filed against the said editor, a FIR was filed and lo and behold the editor’s tune changed.  In the next program he talked respectfully about the word Jihad! The tone and tenor changed. Was it a late realization or the fear of facing criminal action which made him change the tune, he alone should know, but that’s another chapter to the story?

As such jihad is by and large used as synonym for violence, terrorism. This is very much contrary to the its use in Koran.. Islamic scholar Asghar Ali Engineer argues that its use in Koran is multilayered. It stands for ‘utmost striving’ and has nothing to do with violence against innocents. As per him the concept of Jihad is far above violence. Those indulging in power games have used it as a cover for expanding power and called it as Holy War. This is very similar to the use of word Crusade by Christian Kings and Dharm Yudh by Hindu kings.

A deeper and more rational study of Koran and Hadith bring forth the real meaning of the term. Sufi’s who were away from the power struggle and focussed on spiritual aspects of religion like Bhakti Saints or liberation theologians, unfolded the deeper meaning of the term. Engineer points out that “it is for this reason that they describe war as jihad-e-Asghar and jihad to control one’s greed and selfish desires as jihad-e-Akbar (Great jihad)” (On Multi Layered Concept of Jihad, in A Modern Approach to Islam, Dharmaram , Page 26, 2003, Bangalore)

The reference to Jihad comes in Koran over 40 times, mostly referring to Jihad-e-Akbar, striving to overcome personal greed and selfishness. The real transformation of the word Jihad in popular perceptions and Chaudhary is the extreme example of that, takes place during the training of Mujahideen in the few specially set up Madarssas in Pakistan. This was initiated and coordinated by America in the decade of 1980s, when the Russian Army occupied Afghanistan. That was the time American forces were totally demoralised due to their humiliating defeat in Vietnam, at the hands of Vietnamese people.

To confront the Russian army, US planned to join the anti Russian forces. For this with the help of extremist Salafi version of Islam, they promoted the radical tendencies within a section of Muslims. The brain washing of the Asian Muslim youth as Mujahedeen to Taliban took place in few Pakistani Madrassas, totally funded by America. For this funding opium trade was also put into operation. The brainwashing module designed in Washington incorporated many components which also distorted the concept of Kafir, and created Hate against communists. Communists were labelled as Kafirs (Non believers) and so killing them was presented as Jihad. Getting killed while doing such an act was to be rewarded with entry pass to Jannat with 72 virgins waiting for those embracing this path.

America further went on to promote Taliban and Al Qaeda, which joined anti Russian forces, leading to defeat of Russian forces. Mahmood Mamdani in his book ‘Good Muslim Bad Muslim’ makes an inference based on CIA documents that America invested 8 thousand million dollars and also supplied seven tonnes of armaments, including the most sophisticate missiles to these forces. One also recalls the Al Qaeda leaders’ visit to US, White house. In the Press meet the then US President Ronald Regan, introduced them as being the equivalents of founding fathers of United States as they are fighting against the evil of communism.

Now of course the situation has taken its own turn and nearly three decades after their inception the same elements, later followed by ISIS and IS acted like Frankenstein’s monsters, killing Muslims in large numbers. It is estimated that over 70000 Pakistanis have been killed due to the action of these groups, who were propped up and nurtured by US to enhance its control over the oil wells of West Asia.

The likes Sudhir Choudhary can merrily propagate the Hate using the term Jihad. That such elements can also be partly controlled through the process of law is a part of great learning after the FIR filed against him. One hopes that such hate filled programs will come to a halt once we combat them ideologically and after resorting to the provisions of Indian Constitution. 

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