Kerala: Students booked for waving 'Pak' flag inside campus

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.

Bengaluru, Apr 30: Four ministers of Karnataka have gone into self-quarantine after they got here in touch with a video journalist of native channel who has examined optimistic for COVID-19. The listing contains state’s Deputy Chief Minister Dr Ashwath Narayan.

All 4 introduced the quarantine on Twitter.

Mr Narayan, dwelling minister Basvaraj Bommai , medical training Minister Dr. Sudhakar and tourism minister CT Ravi tweeted to say that they’ve examined detrimental for coronavirus however will likely be beneath self-quarantine.

They mentioned they got here in touch with a video journalist from a neighborhood tv channel  who was discovered COVID-19 optimistic on April 24. He had met the ministers between April 21 and April 24.

At least 40 different contacts of the video journalist, together with his household and journalists from numerous media retailers have been quarantined, reported news agency.

Earlier this month, Gujarat Chief Minister Vijay Rupani put himself in quarantine after an MLA who attended a gathering with him turned out to be coronavirus-positive.

Karnataka to date had 532 circumstances of coronavirus. Of them, 215 sufferers recovered and 20 sufferers died.

Earlier immediately, the state authorities determined to chill out lockdown restrictions in plenty of districts the place the coronavirus has not had a serious affect. The authorities is permitting industries to operate in these areas with sure circumstances.

The listing contains spots in Chamarajnagar, Koppal, Chikmagaluru, Raichur, Chitradurga, Hassan, Shivamogga, Haveri, Yadgir, Kolar, Udupi, Davanagere and Kodagu districts.

Manufacturing will likely be allowed within the particular financial zones in these districts and standalone outlets exterior municipal limits will likely be allowed to operate.

New Delhi, Feb 24: A book on the history of the Bharatiya Janata Party (BJP) will become a part of a course in the Islamic University of Indonesia, as the party’s two consecutive victories in India’s general elections has evoked interest among academicians, a faculty member said.

The book, titled Bhartiya Janata Party — Past, Present & Future, Story of World’s Largest Political Party and written by Shantanu Gupta, will become a part of the syllabus for undergraduate students of South Asian studies in the Department of International Relations.

Hadza Min Fadhli, a faculty member at the university, said there was a rising interest in the BJP’s rise among academicians in Indonesia, especially after the party won two general elections in India.

He said the book would be part of the syllabus for undergraduate courses in South Asian studies in the Department of International Relations.

Mr. Hadza said he got to know about the book during a recent visit to India as part of the Kautilya Fellowship programme, organised by the India Foundation. “We in Indonesia intend to further strengthen our relations with India. Therefore, it is important to understand its ruling party. We expect the BJP would also intend to do the same,” Mr. Hadza said.

When asked about the book being selected to be a part of a course in an Indonesian university, Mr. Gupta said global recognition of his work is immensely satisfying.

This book chronicles the history of the BJP which, Mr. Gupta said, described the saffron party as the latest political manifestation of the various nationalist movements that the country has seen.

Mr. Gupta has authored five other books, including a biography of Uttar Pradesh Chief Minister Yogi Adityanath and a book on football in India.