Banks asked to search and seize B R Shetty’s accounts in UAE

News Network
April 26, 2020

Dubai, Apr 26: The Central Bank of the UAE (CBUAE) has instructed financial institutions in the country to search and freeze all bank accounts of Indian billionaire BR Shetty and his family along with those of companies where he has a stake.

The apex bank has also blacklisted several firms associated with Shetty along with their entire senior management.

In an advisory issued last week, CBUAE cited decisions of the Federal Attorney General and asked financial institutions to search and freeze any bank accounts, deposits or investments in the name of Shetty or his family members.

Financial institutions have been directed to stop transfers from these accounts and deny access to deposit boxes.

Currently in India and facing a string of charges, Shetty is the founder of NMC Health.

The heathcare provider was placed into administration by a UK court recently following an application by the Abu Dhabi Commercial Bank (ADCB) which alone has an exposure of $981 million (Dh3.6 billion).

Overall, UAE banks have a combined exposure of more than Dh8bn to NMC which owes money to Oman-based banks and financial institutions as well.

Probing credit facilities
The Central Bank has sought information about credit facilites extended to the Shettys along with details of their safe deposit boxes and the financial transfers they have made till date.

A similar advisory has been issued for NMC Healthcare and NMC Holding, based on the decision of the Head of Plenary Fund Prosecution.

The Central Bank has also blacklisted several companies associated with Shetty. Key staff members of these firms have been similarly blacklisted.

Comments

Angry Indian
 - 
Monday, 27 Apr 2020

when you make money with good country you should not make doka to that country, first of all we indian have bad name in GCC now this will make more dought on indian hindus..

 

after BJP come to power in india,our country is acting like maron, this will only end with final WAR.

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News Network
May 28,2020

New Delhi, May 28: The Crime Branch of the Delhi Police will file 12 chargesheets against 536 Tablighi Jamaat members from three countries, officials said on Thursday.

Till now, the police has already filed chargesheets against 374 foreigners from 32 countries.

The officials said the charges against the Tablighi Jamaat members pertain to violation of visa rules, government guidelines regarding the Epidemic Disease Act and acting negligently in a way that was likely to spread infection of disease dangerous to life.

The Tablighi Jamaat, a religious organisation in Nizamuddin in South Delhi, had allegedly organised a congregation in March in violation of mass gatherings.

The Tablighi Jamaat’s Nizamuddin Markaz (centre) had become a coroavirus hotspot in the national capital.

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News Network
May 20,2020

New Delhi, May 20: With 5,611 new cases reported in the last 24 hours, India's COVID-19 tally reached 1,06,750 on Wednesday, according to the Union Ministry of Health and Family Welfare.

As many as 140 deaths have been reported in the last 24 hours, taking the total number of deaths to 3,303.

Out of the total cases, 61,149 are actives cases and 42,298 patients have been cured/discharged/migrated.

Maharashtra continues to remain the worst-affected state with 37,136 cases, followed by Tamil Nadu (12,448 cases), Gujarat (12,140 cases), and Delhi (10,554 cases).

The nationwide lockdown imposed as a precautionary measure to contain the spread of coronavirus has been extended till May 31.

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News Network
March 4,2020

New Delhi, Mar 4: The government on Wednesday permitted NRIs to own up to 100 per cent stake in disinvestment-bound Air India.

The decision comes at a time when the government is looking to sell 100 per cent stake sale in the national carrier.

Union minister Prakash Javadekar said the Cabinet has approved allowing Non-Residents Indians (NRIs) to hold up to 100 per cent stake in Air India.

Allowing 100 per cent investment by Non-Resident Indians (NRIs) in the carrier would also not be in violation of SOEC norms. NRI investments would be treated as domestic investments.

Under the Substantial Ownership and Effective Control (SOEC) framework, which is followed in the airline industry globally, a carrier that flies overseas from a particular country should be substantially owned by that country's government or its nationals.

Currently, NRIs can acquire only 49 per cent in Air India. Foreign Direct Investment (FDI) in the airline is also 49 per cent through the government approval route.

As per the existing norms, 100 per cent FDI is permitted in scheduled domestic carriers, subject to certain conditions, including that it would not be applicable for overseas airlines.

In the case of scheduled airlines, 49 per cent FDI is permitted through automatic approval route and any such investment beyond that level requires government nod.

On January 27, the government came out witha Preliminary Information Memorandum (PIM) for Air India disinvestment. It has proposed selling 100 per cent stake in Air India along with budget airline Air India Express and the national carrier's 50 per cent stake in AISATS, an equal joint venture with Singapore Airlines.

Under the latest disinvestment plan, the successful bidder would have to take over only debt worth Rs 23,286.5 crore while the liabilities would be decided depending on current assets at the time of closing of the transaction.

This is the second attempt by the government in as many years to divest Air India, which has been in the red for long.

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