Panel appointed by Modi govt proposes new Hajj policy without subsidy

coastaldigest.com news network
October 7, 2017

A committee of experts appointed by the Prime Minister Narendra Modi-led union government to examine the India’s Hajj policy has now drafted a proposal which includes abolishing subsidy for the pilgrims and allowing women devotees above 45 to travel in a group of at least four without a male.

The proposed Hajj Policy 2018-22, by a panel headed by former secretary Afzal Amanullah, also recommends bringing down the number of embarkation points (EPs) from which pilgrims can take flights to Saudi Arabia from the present 21 to nine.

The draft was submitted to Union minority affairs minister Mukhtar Abbas Naqvi in Mumbai on Saturday.

“The 2018 Hajj pilgrimage will be in line with the new Hajj policy. It is a better policy, looking at the facilities proposed. It will be a transparent, people-friendly policy. It will ensure safety and security of pilgrims,” Naqvi said.

The policy has been drafted in light of a 2012 Supreme Court order asking the Centre to abolish the Haj subsidy gradually by 2022, sources in the ministry said.

“The highlight of the policy is abolishing the subsidy. Besides, it proposes another major reform – of allowing women aged above 45 to undertake journey without male Mehram in a group of four,” a ministry source said.

Till now, women devotees could not travel without a male Mehram. The term Mehram refers to a male a woman cannot marry at anytime in her life (i.e. father, brother or son etc).

Women aged below 45, however, will have to be accompanied by male Mehrams, according to the policy.

It proposes to increase the quota for Mehrams from 200 to 500.

Sources said the report will be examined in the ministry and shared with all concerned for implementation of the accepted recommendations from Hajj 2018 onwards.

The cut in funds meant for subsidy will be used for educational empowerment and welfare of Muslims, a source in the ministry said.

The policy suggests sending pilgrims by ship, relatively less expensive than flights. The policy says the Saudi government will be consulted regarding Hajj travel by ship and thereafter floating an EOI (expression of interest) to gauge the market for such travel.

According to the policy, the nine embarkation points will be Delhi, Lucknow, Kolkata, Ahmedabad, Mumbai, Chennai, Hyderabad, Bengaluru and Cochin. It also proposes to build suitable Hajj houses at these places “to which states and districts will be tagged properly”.

“EPs are being reduced keeping in mind ship journeys. It proposes inviting global expressions of interest from vessel owners having a capacity of 4,000 plus passengers... Even if 10 such trips are made to Saudi Arabia, 40,000 to 50,000 pilgrims can easily be ferried,” the source added.

The proposed policy aims at rationalising distribution of the Hajj quota between the Hajj Committee of India and private tour operators in the ratio of 70:30 for the next five years. It also stresses on breaking the cartel of contractors with a transparent bidding process.

India has an annual Hajj quota of 1.70 lakh devotees. The policy also proposes to ensure the stay of all Indian Hajj pilgrims in Saudi Arabia within Mina.

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News Network
February 19,2020

Feb 19: Bavaguthu Raghuram Shetty was once a typical billionaire with a taste for the high-life.

He splurged on a private jet, vintage cars and two entire floors of the Burj Khalifa, the world’s tallest skyscraper. His website shows him hobnobbing with politicians, Bill Gates and Bollywood royalty.

“The thrill of speed and freedom makes me love cars,” Shetty, 77, told local reporters last year.

Shetty had more than enough money -- at least on paper -- to afford such a lifestyle from companies he helped found, including hospital operator NMC Health Plc and financial services firm Finablr Plc. On Dec. 10, his stakes in the public companies were valued at $2.4 billion, making up the bulk of a fortune spanning education, hospitality and one of the world’s oldest tea companies.

Then, a week later, Carson Block came along.

Block’s investment firm, Muddy Waters, issued a report criticizing NMC’s accounts and disclosing a short position. Since then, Muddy Waters’s scrutiny has snowballed into a troubling scenario for Shetty that sheds light on his complex share arrangements and casts doubts about his net worth. His holdings in Finablr and NMC are worth $885 million, but Shetty’s fortune may now be just a fraction of that, depending on the size of his borrowings.

Filings this month show that Shetty pledged a quarter of his NMC stake against loans with First Abu Dhabi Bank and Zurich-based Falcon Private Bank. Two other shareholders may own half of his reported stake. Another lender -- Al Salam Bank Bahrain -- has already sold some of those shares to enforce security over a loan for Shetty, and NMC said Tuesday that First Abu Dhabi Bank sold another chunk earlier this month.

The situation “seems to have gone beyond some of the issues that Muddy Waters focused on initially,“ said Gavin Launder, a fund manager at Legal & General Investment Management, who owned shares in NMC until October. “The increased scrutiny has unearthed other issues.”

Law firm Herbert Smith Freehills has launched a review of Shetty’s holdings at his request, a spokesperson for the Indian-born businessman said, declining to comment further until the analysis is completed. Shetty resigned Sunday as NMC’s chairman.

In its Dec. 17 report on NMC, Muddy Waters hinted at potential overpayment for assets, inflated cash balances and understated debt. Shares of the United Arab Emirates’ biggest private health-care provider have since plunged 67%, and the firm is now the focus of takeover speculation. The sell-off also spread to Finablr, whose stock has tumbled 64% in that span.

NMC has disputed Muddy Waters’s claims, and the company hired former FBI Director Louis Freeh to conduct an independent review of the short seller’s allegations. Meanwhile, local regulators “are making inquiries with the relevant parties,” a spokesperson for the U.K.’s Financial Conduct Authority said.

Shetty is hardly the only ultra-wealthy person to leverage his assets. Elon Musk has used his shares in Tesla Inc. to obtain personal loans, while Oracle Corp. Chairman Larry Ellison has put up millions of the company’s shares to fund a lavish lifestyle that includes trophy properties, America’s Cup teams and the Indian Wells tennis facility in California.

But such deals can also sour, as demonstrated by Shetty’s lenders selling shares his investment firm pledged. He and his advisers are investigating details of the sales as part of their legal review, according to filings.

To complicate matters, Shetty pledged another batch of NMC stock in 2018 as part of a so-called equity collar arrangement with Goldman Sachs Group Inc. that uses options to limit the impact from share moves. Last month, he also pledged most of his stake in Finablr to refinance a loan from the company’s takeover of foreign-exchange firm Travelex for about $1.2 billion.

BRS Ventures Investment, the UAE-based holding company for most of Shetty’s assets, doesn’t report consolidated financials, preventing a complete analysis of his net worth. His other assets include a catering company, a waste-management firm and pharmaceutical business Neopharma, which four months ago was in the early stages of planning for an initial public offering.

Block, 43, earned his reputation as a short seller a decade ago through targeting U.S.-listed Chinese companies that he claimed were frauds. More recently, his San Francisco-based firm focused on British litigation-finance firm Burford Capital Ltd. and Japanese biotech stock PeptiDream Inc. Short sellers seek to benefit from a decline in a company’s share price.

Shetty founded NMC in 1975 after moving to Abu Dhabi from his native India. He created Finablr two years ago to consolidate his financial brands before listing it on the London Stock Exchange in 2019.

Block said he didn’t anticipate NMC’s shareholding drama.

“I wouldn’t have been able to predict that we’d get these bizarre disclosures about unclear share ownership coming out of the company,” he said in a Feb. 13 phone interview. “This has been obviously a more dramatic unraveling than we usually see.”

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Agencies
July 7,2020

India's COVID-19 tally raced past the seven lakh-mark with 22,252 fresh infections on Tuesday, five days after crossing the six lakh post, while the death toll climbed to 20,160 as 467 more people succumbed to the disease, according to the Union health ministry.

With this, the country has recorded over 20,000 cases of the infection for the fifth consecutive day.

India's coronavirus infection caseload stands at 7,19,665, the ministry's data updated at 8 am showed.

With a steady rise, the number of recoveries stands at 4,39,947, while there are 2,59,557 active cases of coronavirus infection in the country.

"Thus, around 61.13 % of patients have recovered so far," an official said.

The total number of confirmed cases also includes foreigners.

Of the 467 deaths reported in the last 24 hours, 204 are from Maharashtra, 61 from Tamil Nadu, 48 from Delhi, 29 from Karnataka, 24 from Uttar Pradesh, 22 from West Bengal, 17 from Gujarat.

Telangana and Haryana reported 11 deaths each; Madhya Pradesh nine; Andhra Pradesh seven; Jammu and Kashmir six; Rajasthan and Punjab five each; Bihar, Kerala and Odisha two each; and Arunachal Pradesh and Jharkhand one each.

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News Network
April 11,2020

Tumkur, Apr 11: Despite the nationwide lockdown, BJP MLA from Turuvekere constituency, M Jayaram, was on Friday seen celebrating his birthday with several villagers in Gubbi taluk in Tumkur.

A sizable number of people were seen gathering in Gubbi taluk to celebrate the BJP legislator's birthday.

Meanwhile, scores of people around the country are getting booked for violating the lockdown. In Uttarakhand alone, more than 4500 people have been arrested until Friday for violating the norms of lockdown.

Last month, Prime Minister Narendra Modi had called for a three-week lockdown, urging people to practice social distancing to prevent the spread of coronavirus.

The total number of COVID-19 cases in the country has mounted to 6,761 of which 6039 are active cases, 516 have been cured/discharged/migrated, and 206 deaths have been reported.

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