Young BJP candidate Tejasvi Surya accused of abusing, beating women

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.

Mangaluru, Mar 23: As many as 600 people who arrived from foreign countries are under the surveillance of the district police in the Dakshina Kannada, as a measure to contain the spread of Covid-19, said Superintendent of Police B M Laxmi Prasad on Monday.

The police personnel are visiting their houses in Dakshina Kannada police jurisdiction. They have been asked to remain quarantined at home for 14 days."We have appealed to the local residents to tip the police if they violate the quarantine period,"he added.

Talking to newsmen here, he said that all the roads in border areas connecting Kerala had been closed, the police have strengthened security in border areas. Please log in to get detailed story.

Mangaluru, Jul 10: The new team of office bearers of Mangalore Toastmasters Club for the year 2020-21 was installed in an online ceremony themed “Unlockdownable MTM” on 04th July, 2020. The new team will be led by Shraddha S Pai as President and her team consisting of Dr. Sapna Ramaraj as Vice President-Education, Ranjani Vittaldas as Vice President-Membership, Fiona Pinto as Vice President-Public Relations, Aashitha Shetty as Treasurer, Chandrashekar Palekar as Secretary and Oliver Lobo as Sergeant-at-arms. Dr. Ananth Prabhu, motivational speaker and cyber law investigator was the chief guest for the occasion.

In his speech, Dr. Ananth Prabhu emphasized the necessity for a paradigm shift towards cyber security with the rampant increase in digitization. He mentioned three out of fifteen skills that are absolutely necessary for anyone to be successful - how to impress people, independent living and surviving skills and how to bounce back when you fall. The remaining 15 can be found detailed in his book - The Samurai who sold his Suzuki which he presented to the outgoing and incoming Presidents.

Aashitha Shetty was the anchor for the program. Chandrashekar Palekar rendered the invocation and Benzita Ferrao welcomed the gathering. Outgoing President Kavitha Kamath thanked her entire team, mentors and the club members for their support during her tenure. Outgoing Vice President-Education Mareena Seema presented the Toastmaster of the year award to Distinguished Toastmaster M. N. Pai. Jyothi Hebbar presented an elaborate Secretary’s report highlighting the club’s happenings, events and achievements during the past year 2019-20.

Sunitha Periera introduced the 11 new members of the club who were then inducted by Division F Director Molly Chaudhuri. The Oath-taking of the new office bearers was presided over by Area F3 Director Sapna Shenoy. In her acceptance speech, Shraddha S Pai thanked the club members for putting their confidence in her and electing her to the new position. She spoke of her sense of debt and duty to those who held the office before her and promised to do her best in meeting the challenges in the coming year.

17 Representatives and leaders from different clubs of Division F including Club Growth Director Savitha Salian, Division Director Molly Chaudhuri and veteran toastmasters Malini Hebbar and Phyllis D’Costa felicitated the outgoing and incoming office bearers. Isha S Pai, daughter of newly sworn-in President Shraddha S Pai and Mrs. Vijaya Kudva, mother of outgoing President Kavitha Kamath also felicitated the new team. The vote of thanks was proposed by Princita Ferrao. Technical support was handled by Praveen M.N. and Yvonil D’Souza.

Mangalore Toastmasters club is built on 17 glorious years of support and encouragement of a healthy mix of veteran as well as rookie toastmasters. Bagging 93 educational awards, the club has placed 11th worldwide in the past year, upholding Toastmasters International’s core values of integrity, dedication to excellence, service to the member and respect for the individual.