Forget UAE banks, B R Shetty owes  Rs 19.13 billion to Bank of Baroda too

News Network
May 19, 2020

Mumbai, May 19: Even as banks in United Arab Emirates are trying to trace NMC founder BR Shetty, a prominent bank in India is seeking to recover loans worth Rs19.13 billion from him and his companies. 

A local court has also barred him and his wife from selling or transferring some properties while it hears the case.

In the court filing, the Bank of Baroda said Shetty had an obligation to handover the title deeds of the 16 properties and mortgage the assets with the bank.

The 16 properties in several Indian cities including Bengaluru were among guarantees put up by Shetty and his wife against the Rs19.13 billion ($253 million) loans, according to a May 16 court order seen by Reuters. The court in Bengalaru set the next hearing in the case for June 8.

NMC, the largest private healthcare provider in the UAE, was placed under administration in April after months of turmoil. It disclosed in March it had debts of $6.6 billion, well above earlier estimates of $2.1 billion.

Finablr, in which Shetty has a controlling stake, said in April it may have nearly $1 billion more in debt than previously reported.

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News Network
October 19,2020

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Bengaluru, Oct 19: Amidst growing cases of cybercrimes in Karnataka, the government and the police department have decided to set up a new system to check financial frauds, by freezing the accounts of scammers within the ‘golden hour’.

The decision was taken at a recent meeting chaired by Home Minister Basavaraj Bommai, where the advocate general, additional chief secretary (home), state and city police chiefs, RBI regional director, and banks discussed ways to prevent such crimes.

Earlier, banks demanded an FIR to freeze the account of the receiver, but if the new system is implemented, the victim can send an SMS or WhatsApp message, phone call or email to the banks about the fraud, who will initiate quick action and stop the money from being withdrawn.

Police officers noted that soon after a fraud is committed, the next one hour is considered as the golden hour to stop the damage. This can be done by stopping the fund flow by reporting the fraud to the bank/law enforcing agency.

DG&IG Praveen Sood said Karnataka police was formulating a process in which the victims can report the scam either through phone call, SMS or email. A unique number is generated, which would be considered equal to an FIR number. He suggested that banks consider this unique number and temporarily freeze the account of fraudsters and prevent further damage.

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News Network
October 17,2020

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Bengaluru, Oct 17: Janata Dal (Secular) leader and MLC Basavaraj Horatti has urged the Karnataka government to not open classes for students up to Class 7 during this academic year to ensure the safety of students in the wake of the Covid-19 pandemic and declare 2020-2021 zero academic year.

Speaking to media persons here today, Horatti said classes must be conducted batch-wise for students from Class 8th to 10. Besides, students of pre-university and first-grade colleges are not kids and their immunity power would be high. So, colleges could be opened, he suggested.

More than 250 teachers have tested positive for Covid-19 and around 70 teachers have died.  "Is there a government in the state?" he questioned.

Referring to the Vidyagama scheme, he said the government is of the view that around 47 lakh students have benefitted from it. But in reality, not even 5% of students attended classes.

Horatti said that food items that should have been distributed to students were rotting in godowns and the government's apathy was responsible for this. He urged the government to initiate action against the officials concerned.

On the New Education Policy, he said the Centre must collect opinions from the states before implementing it. Except for the point that education must be given in mother tongue, the remaining factors are in favour of the BJP and not the education sector, he said.

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News Network
October 14,2020

Bengaluru, Oct 14: The Karnataka State Road Transport Corporation's (KSRTC) initiative to convert old buses into women's toilet and mobile fever clinic has brought recognition at national level by winning the National Public Undertakings Award under the category 'CSR for Social Development'.

During a virtual award ceremony and conference, held on Wednesday at Mumbai, Shivayogi C Kalasad, Managing Director of KSRTC, said, "Our staff is committed to being the Corona Warriors in the Covid-19 situation, I would dedicate this award to the staff, especially the ones who have lost their precious lives and their family due to Covid.

This award is the result of our diligent work even though our transport corporation is undergoing a difficult situation. This award will encourage us to work further more towards social commitment" he said.

Both the "Sthree Toilet" and "Mobile fever clinics" have been built using the Corporation's unused buses. At this conference, the Managing Director exchanged information on the construction, cost, utilisation, and performance of these initiatives.

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