'NMC board, management should be held accountable'

KT
April 12, 2020

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.

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May 19,2020

Bengaluru, May 19: In the wake of assurance by Chief Minister B S Yediyurappa to look into their demands, hotels and restaurants in Karnataka today decided to continue takeaway services for three more days.

Hotels were also exempted from the total lockdown on Sundays in Karnataka - under the state guidelines issued for Lockdown 4.0.

The Karnataka Pradesh Hotel and Restaurants' Association (KPHRA) had earlier threatened to stop takeaway services over refusal to allow dine-in facility in the fourth phase of the lockdown. 

B Chandrashekar Hebbar, president of KPHRA said that the CM urged hoteliers to wait for three days, assuring that a decision will be taken. 

"We appraised the government over the mounting losses by keeping just take-away services open. Noting that social distancing and other guidelines will be followed, we urged him to allow dine-in facility," he said.

The Association will wait three more days before discontinuing parcel services, Hebbar said. 

The government also provided relaxation to hotels from the total lockdown announced in Karnataka on Sundays, he said. 

A package for hotel employees such as cooks and waiters, along the lines of those announced for farmers, cab drivers and weavers, was also sought in a petition submitted to the chief minister.

In fact the state government had expressed its willingness to open hotels under the Lockdown 4.0, subject to restrictions. However, the central guidelines do not allow dine-in services.

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News Network
January 22,2020

Kochi, Jan 22: Rail passengers from Kerala are a happy lot as the state’s traditional food items such as appam and eggcurry, puttu and kadala curry have found their way back to the revised menu of the Railways in the wake of protests over reports that they were replaced by north indian delicacies.

The popular Kerala dishes were reinstated to the list following social media backlash over the Indian Railway Catering and Tourism Corporation’s reported decision to replace the favorite cuisine of Malayalis from its menu with north Indian dishes such as Kachori and Chole Bhature.

Ernakulam MP Hibi Eden, who had shot off a letter to Railway Minister Piyush Goyal raising the issue of alleged discrimination against Keralites, got an assurance from the IRCTC officials that popular items, including snacks such as unniyappam and sukhiyan will be served through its outlets in the state.

Eden said the IRCTC officials who visited him at his home on Wednesday morning have presented him with the list of delicacies to be served by its local vendors in Kerala. In his letter to the minister, the MP had stated that dishes which are very important to Malayalis for breakfast such as appam, egg curry, porotta, dosa, steam cake (puttu) were excluded along with snacks such as banana fry (pazham pori), kozhukkatta, unniyappam, neyyappam and sukhiyan.  He had also raised the issue of hike in price of food items.

According to him, price of meals has been increased from RS 35 to 70 and that ofsnacks such as vada from Rs 8 to 15.  While the price of vada has not been reduced, the fare of snack meal like parotta, chappathi, idiyappam, appam and puttu with kadala curry or egg curry will be served at Rs 50.  According to IRCTC, a passenger will have to shell out Rs 20 for unniyappam/sukhiyan/neyyappam, 2 numbers each.  Informing Goyal of the changes in menu, he said Malayalis are discriminated in trains and railway refreshment rooms by the food which is the right of every passenger.

He had sought urgent intervention of the Minister and speedy action in the matter.

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News Network
April 15,2020

Bengaluru, Apr 15: Bengaluru Commissioner of Police, Bhaskar Rao, said that prohibitory order under Section 144 of the Criminal Procedure Code (CrPC), 1973, will remain in place for all parts of the City Commissionerate till April 20.

Section 144 of CrPC prohibits the assembly of four or more people in an area.

"Prohibitory order under section 144 of CrPC will remain in force, in all parts of the Bengaluru City Commissionerate for a period up to 12 am of April 20 with effect from 12 am of April 14," according to Rao.

Karnataka, so far, has 258 confirmed COVID-19 cases, with 9 deaths being reported due to the infection, according to the Union Ministry of Health and Family Welfare on Tuesday.

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