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Rising Himachal Global Investors Meet’s Key Investor B.R. Shetty’s Assets Frozen Worldwide by a UK Court

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br shetty at himachal's investor meet

Shimla-Founder and Chairman of NMC Health and BRS ventures  Dr B.R.Shetty who was one of the most influential investors in the inaugural 2019 Himachal Pradesh Global Investors Meet got into fresh trouble again as his assets were been frozen worldwide by a UK court in February 2021.  NMC Health, the first company Shetty started, was accused of falsifying accounts and faces charges of fraud. This news certainly came as a blow to the state governments efforts to attract investment.

Pertinent to mention here that Chief Minister Jai Ram Thakur had been celebrating Investors Meet as one of the State Government’s major achievements. The government was able to sign close to 600 MOU’s worth nearly 92,000 Crore Chief Minister had announced after the conclusion of the Meet. 

On December 27, 2019, the state government had also celebrated what it called the first “groundbreaking event of the Rising Himachal Global Investors’ Meet” at Shimla. Union Home Minister Amit Shah had also attended it as the chief guest of the event. The ceremony was historic in itself; the government had said.

Shetty is believed to have been played a crucial part in bringing UAE on board to be the partner country of Himachal Pradesh for the 2019 Rising Himachal Global Investors Meet. While delivering a speech during the Meet at Dharamshala he called himself  “Karyakarta of Modi Ji”   and assured about setting up the Atal BRS Tricolour Vision Fund worth Rs 5 billion as his contribution to the Prime Minister Narendra Modi vision to make India a $5 trillion economy by 2025.

He also committed to bring up a multi-super speciality hospital in Solan district. Also, his ventures had an interest in the development of tourism and hospitality sector in Himachal Pradesh and wanted to invest in hotels, resorts, plantation, orchards and agri-business. 

The freeze order was issued against NMC Health, which is a listed company in London and had a market value of $10 billion at its peak, it faced allegations of fraud after investigators discovered $4 billion worth of undisclosed debt, bringing its total debt to over $6.6 billion. The freeze order reportedly applies worldwide and was won by the Abu Dhabi Commercial Bank which has exposure of more than $1 billion to NMC Health. The Abu Dhabi based Bank, stated that Shetty was “the chief protagonist” in this dispute to which the judge agreed while also recognizing that Dr Shetty denies any wrongdoing. On the other hand, in a witness statement presented at the London court by current NMC CEO Michael Davis, he alleged that evidence uncovered by a forensic team shows that fraud was carried out by former executives in the company “from at least 2012 to February 2020”. The order has been issued against six defendants including BR Shetty, NMC’s former CEO Prasanth Manghat, two senior financial officers as well as Emirati investors Khalifa al-Muhairi and Saeed al-Qebaisi.

Prior to this order, a Dubai court also reportedly ordered freezing of his assets on a request filed by a European bank for non-payment of $8.4m in outstanding debt relating to a 2013 facility, It said roughly $25m in security cheques issued by Mr Shetty bounced. Recently, the High Court of Karnataka has also rejected his plea against the action of Indian Immigration authorities who are restraining him from leaving India based on the Lookout Circulars (LOCs) issued by two public sector banks namely Bank of Baroda and Punjab National Bank to whom his companies owe around ₹2,800 crore.

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Himachal: COVID-19 Claims 13 Lives as State Reports Over 900 Cases in 24 Hours

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Himachal Pradesh COVID-19 report april 14

Shimla- COVID-19 claimed 13 more lives in Himachal Pradesh as the state recorded 925 new cases in 24 hours. According to the latest update released by the State health department, Kangra district reported the highest 178 cases, followed by Solan (143), Mandi (114), and Shimla (104). 

As a matter of concern, 48 students of Jawahar Navodaya Vidyalaya School, Sarol, in Chamba district also tested positive, creating a stir in the region. Samples of the staff were also taken following it. The school was declared as a containment zone. 

Find more district-wise details of daily cases below:

Himachal Pradesh Daily covid-19 deaths apri 14, 2021

Kangra district also reported the highest six COVID-19 deaths, followed by Shimla (3), Mandi (2), and Una (2). The deceased were aged between 42 – 84 years and included eight females and five males. Find the details of the deceased below:

Himachal Pradesh daily covid-19 cases on april 14, 2021

The case and death tallies in the state have now jumped to 72,319 and 1135 respectively.

While speaking to the media today, Chief Minister Jairam Thakur admitted that the surge in cases is rising across the nation, but maintained that there were no plans to impose a lockdown in the state so far.  

The state government, however, today decided to postpone the ongoing examinations for undergraduate classes and 10 and 12 classes of the HP Board of School Education.

 

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Himachal: Daily New COVID-19 Cases Crosses 1000 Mark, State Govt Directs Admins & Police to Show Strictness in Implementing SOPs

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Himachal Pradesh daily COVID-19 update april 12

Shimla– Reeling under the second wave of the COVID-19 pandemic, Himachal Pradesh continues to report a huge surge in daily new cases and fatalities. On Monday, the state recorded 1089 cases – the highest in 24 hours this year. Nine more people succumbed to the infection, taking the COVID-19 death tally to 1111. Highest three deaths were reported from Una district, followed by Mandi (3).  View more details on fatalities below:

covid-19 deaths

Kangra district reported the highest 249 cases, followed by Solan (166), and Lahaul-Spiti (114). Find more district-wise details below:

himachal pradesh covid-19 surge

Source: HP NHM

Today’s cases also include former Chief Minister of Himachal Pradesh, Virbhadra Singh, who tested positive. Earlier, his son Vikramaditya had also tested positive for COVID-19. Pertinent to mention that Vikramaditya Singh had campaigned in the Municipal Corporation elections that were concluded on April 7. 

Further, 18 cases were reported from Pine Grove School, Solan. 

The state government, which had been mostly showing a casual approach towards the surge since the beginning of the second wave of the pandemic, is now coming hard on it in its review meetings.

Chief Minister Jairam Thakur is now asking elected representatives of the local bodies to ensure that the people strictly follow the SoPs regarding temples and marriages.  The PRI members are being directed to motivate and advise the old people, those with co-morbidity to avoid going to public places as they are most prone to this virus.

“Such persons must be reverse quarantined meaning that their movement outside their houses should be minimized to the extent possible,” Chief Minister today said.

Yesterday the state government had made it mandatory for people arriving from seven high load states to carry RT-PCR negative report. The decision would apply from April 16 onwards, the government had decided.  However, he had added, that the state would remain open for tourists.

Chief Minister has asked the representatives of the PRI to keep an eye on the people visiting from other State, particularly from the high load states.

“As far as possible such people must be asked to remain in home quarantine for 10 to 14 days and getting themselves tested for COVID-19 and should not mix with the general public of the area,” he said.

The Transport Department was directed to ensure the sanitization of buses and other public transport.  Shopkeepers were told to strictly follow the ‘No Mask, No Service’ policy. Private bus operators were also asked to properly sanitize their buses and also ensure plying buses without overcrowding.

District administrations were asked to ensure that social functions such as marriages etc. strictly follow the maximum limit prescribed for such events.

Chief Minister said that action if required could be taken against the violators.

The District administration of Kullu district was directed to ensure that all the tourists visiting the district strictly follow SoPs issued from time to time. He told the administration that all the guidelines need to be followed and implemented strictly.

He said that the Ayurveda Department must also provide ‘kada’ to the patients under home isolation. The Police Department was directed to ensure that no casualness be adopted by the tourists, particularly in tourist spots such as Manikaran, Kasol, Manali etc.    

Deputy Commissioner Mandi Rugved Thakur, informed that 1,33,878 total sample done in the district, active cases were 443 and positivity ratio was 8.25 percent and fatality rate 1.2 percent. He said that 51 per cent cases in the district were from urban areas.

 

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HP Govt Makes RT-PCR Negative Report Mandatory for People Arriving from Seven States

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entry of tourists in himachal pradesh

Shimla-Tourist movement to Himachal Pradesh is likely to get hit during the peak season as the state government has made it mandatory for people of seven high load states viz. Punjab, Delhi, Maharashtra, Gujarat, Karnataka, Rajasthan and Uttar Pradesh need to carry 72-hour prior RT-PCR negative report while visiting the State. The restriction would apply after April 16th.

The decision came after Chief Minister Jairam Thakur, who had been insisting that there would be no restriction on tourist movement to avert economic losses to the tourism industry, held a review meeting amid a massive surge in new cases and deaths.  

The state government has decided to allow tourists to visit the State, but at the same time, hotel owners and tourists should strictly adhere to the SoPs, Chief Minister said.

“The virus was spreading at a fast pace which was the biggest concern. During the last 45 days, the State has reported 10,690 new covid cases. 120 deaths were reported in the State during the last 45 days,” he said.

Over 900 new cases with 12 fatalities were reported on Saturday only.  On Sunday, according to the Health Department’s daily update, the state recorded 512 new cases. 

Pertinent to mention that Maharastra, Delhi and a few other states had been suggesting that a complete lockdown could be imposed if the high rate of resurgence continued in the coming days.

Though the Chief Minister had been maintaining that lockdown would be the last resort, the tone appears to be changing with the worsening of the COVID-19 situation.

Further, laying stress on twin strategy for testing, tracing and treatment with effective surveillance of micro containment zones, Chief Minister said that greater emphasis must also be laid on RT-PCR tests to achieve the target of 70 percent RT-PCR tests.

He said that the State Health Department must also take steps to increase bed capacity to meet out any eventuality.

Meanwhile, no restriction has been put on the devotees visiting various temples in the State during the Navratri festival.

The government said no overcrowding would be allowed in buses and other public transport and private vehicles. Wearing face masks even in vehicles must be enforced strictly.

Chief Minister, who faced widespread criticism over violation of SOPs during the political campaigning for elections to the Municipal Corporations, blamed laxity shown by the people for a sharp resurgence of COVID-19 cases in the State.  

 

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