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ED files money laundering case against Medanta Hospital co-founder Naresh Trehan, others

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The Enforcement Directorate (ED) has filed a money laundering case against renowned cardiologist Dr Naresh Trehan and others in connection with allotment of land for the Medanta Hospital in Gurgaon, officials said on Wednesday.

The Enforcement Directorate (ED) has filed a money laundering case against renowned cardiologist Dr Naresh Trehan and others in connection with allotment of land for the Medanta Hospital in Gurgaon, officials said on Wednesday.

The central probe agency has filed a criminal case under the Prevention of Money Laundering Act (PMLA) after going through a recent FIR of the Gurgaon police that has been filed against 16 people, including Trehan, the co-founder of the hospital.

The ED has named all the accused as stated in the police complaint, the officials said.

The police first investigation report (FIR) was filed on the directions of the additional sessions court in Gurgaon in connection with alleged irregularities in the 53-acre allotment for ‘Medicity’ in Sector 38, for which locals were evicted in 2004, police had said.

Medanta, however, had called the allegations in the case as false and motivated.

The case was lodged at the Sadar police station in Gurgaon last week and the accused were booked under sections of the PMLA and Prevention of Corruption Act.

They have also been booked under Indian Penal Code sections 120B (criminal conspiracy), 406 (criminal breach of trust), 463, 467, 468 and 471 (all related to forgery of documents, records), the FIR stated.

“This complaint has been filed by a person who claims to be an RTI activist, however, it has been reported in the press that he has had an FIR for extortion registered against him. All the allegations in this complaint are completely false, baseless and motivated,” a Medanta spokesperson had then said.

The others who are named in the FIR are “all government officers involved in the crime”, SAS Infotech, GL Asia Mauritius, Dunearn Investments (Mauritius), Naresh Trehan and Associates Health Services, Global Infracon, Punj Lloyd, chief administrator of Haryana Urban Development Corporation (HUDA) in Gurgaon, administrator of HUDA in Gurgaon, Estate Officers-2 HUDA, and director of General Health Services, Haryana.

Gurgaon resident Raman Sharma has alleged that land for the ‘Medicity Project’ was allotted to Trehan, Sunil Sachdeva, Atul Punj and Anant Jain in violation of laws and criminal abuse of public policy, criminal misconduct, and influence by public servants causing pecuniary advantage to private persons, among others, according to the FIR.

The complaint stated that the Haryana government had in 2004 evicted locals from their ancestral lands in the area, now known as Sector 38, Gurgaon, for public purpose under the provisions of the Land Acquisition Act, 1984.

Thereafter, the state government, through HUDA, had released an advertisement for the ‘Medicity Project’, which was envisaged to have super-speciality hospitals of international standard, academic medical institutions and other institutions related to medical care and research to provide state-of-the-art medical facilities at one place along with other ancillary and subservient services in the form of a shopping mall and a yatri niwas.

The complaint alleges that factors of eligibility, and terms and conditions were “nullified” at various stages by accused government officials causing pecuniary advantage to Trehan, Sachdeva, Punj and Jain and further caused “immense loss to the state”.

“Accused 5 (government officials) abused position by criminal misconduct and influence, caused pecuniary advantage to accused 1, 2, 3 and 4 (Trehan, Sachdeva, Punj and Jain),” the complaint stated.

The government officials also allotted the entire site of Medicity to Trehan without any consideration of his financial capability, it added.

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index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

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Euro-Rupee 89.0980 0.0100 0.01
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 5 Minutes Read

There is a legitimate need to expand testing of COVID-19, says Biocon’s Kiran Mazumdar Shaw

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The problem is we are very under testing our population, we are doing only 5 test per million people so we have to take a more aggressive response to this because this is a very aggressive disease, said Viren Shetty, ED & group COO of Narayana Health.

With the coronavirus now spreading at an alarming rate, accredited private labs would be allowed to test for Covid-19. However, this has raised several questions regarding costs, sanitation, hygiene etc.

Kiran Mazumdar Shaw, chairperson and managing director of Biocon; Viren Shetty, ED & group COO of Narayana Health and Naresh Trehan, CMD of Medanta in an interaction with CNBC-TV18 tried to clear some of the doubts.

Mazumdar Shaw said, “There is a legitimate need for expanding capacity of testing, which the government clearly recognises now. There is concern that if we don’t have some controls, things could run amok because there will be attempts to profiteer under this situation of panic. I also believe that we need to be very judicious about who is tested. I don’t think there is any need for everybody to be tested. So, from that point of view I think there is justification in what the government is concerned about. Having said that, I do believe that the private sector has to be a partner in this whole battle against this invisible enemy as it is often referred to.”

She further added, “We do have a large number of labs in the private sector which can test the Coronavirus and we need to put in place the capacity. Now as far as whether it is free or not, the understanding was if the government supplies the private sector with kits there is a possibility that some of the labs might be able to waive off their service charges and just do the test for free. By and large I think this whole question on whether free or not can be solved by maximum retail price (MRP) and also controlling it through prescription based diagnostic.”

“So peace can be the way forward. Government is willing to listen to whatever model the private sector comes up with,” she said.

Trehan said, “Most definitely we need to test wider and if the need be that the private labs need to be recruited – then definitely they should be. You can fix a price. If you do the exact costing of what it will take for the labs to collect the samples – one of the dangers that I have heard from the private labs is that if a large number of people are suspected to be Coronavirus, descent on their labs then they don’t have the capacity to deal with them. So the proposal is that they should pick up the samples from home in a viral transport medium, do the test and deliver the results. The real cost can be easily calculated. There are enough labs in this country who have the PCR and all the capabilities.”

He further added, “If we are all on the same platform, we have the same rules of the game the same cost price – I would go a little further – there are some people who will not be able to afford and who need it so every lab can volunteer 10 percent of the test or x number of test to do free, so that will help the people who are unable to afford it. So this is a time for us to put our heads together and in our CSR, we should be able to help or assist the people and the government in achieving the objective of trying to contain it.”

When asked how to prevent profiteering in such situation Shetty said, “In terms of profiteering at the time of panic there is nothing you can do to prevent that, but the fact is government has all the ability to fix the prices of the test and the other one is we are a free market. If you allow every private lab to do the test, some labs will decide they are five star labs, they will charge more for it, some labs will decide we will charge it at the budget and for those who can’t afford it they can go to the government labs anyway for the past two months the government labs have been doing it for free. The problem is we are very under testing our population, we are doing only 5 test per million people so we have to take a more aggressive response to this because this is a very aggressive disease.”

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nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Coronavirus scare: Do not panic but be extremely careful, says Medanta

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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I would like to strike a strong warning that you have to careful. Although the word panic is not be used, extremely careful has to be used, said Naresh Trehan, CMD of Medanta.

The Health Minister Harsh Vardhan said there are now five positive cases of Coronavirus in India, as of now. One need not create panic but avoid unnecessary travel. The country would be activating 19 more testing centers soon.

Naresh Trehan, CMD of Medanta assessing the coronavirus contagion said, “This is one of those situations where you cannot be too careful. So far we have not detected does not mean that virus COVID-19 does not exist in India. Now it is becoming evident that we have not escaped completely and more and more cases will surface in the near future,” he said.

“The Health Minister is right in saying  that we are increasing the number of testing centers because that is essential. Unless you are found to be really sick, the tests were not being done. We had requested the health minister to increase the number of centers because if we suspect somebody, they should be tested because that is the only way to contain it.”

“Now that the time has come that the virus has officially arrived here, one thing is to say not to panic but the other thing is to say be extremely careful. Avoid crowded places, wash your hands frequently, it survives on surfaces so when you touch something, do not touch your eyes or mouth because you can contaminate yourself. As a protection, wear a mask if you are going to crowded places and unnecessary travel should be avoided at this time, stay close to home and away from crowded places till we find the exact extent of the spread,” he added.

“The only good thing that I can think of is that we know it is heat sensitive, so possibly if it gets warmer, we will be protected by nature itself. Till that time we have to be extremely careful. The more careful we are, the less likely we will get the epidemic in India,” said Trehan.

“Once we start exceeding 30 degree centigrade, there is a very good likelihood that the virus will die itself. North India has not reached 30 degree centigrade yet but hopefully it will get warmer faster. That maybe a natural protection for India,” he further mentioned.

“I would like to strike a strong warning that you have to careful. Although the word panic is not be used, extremely careful has to be used.” he said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Temasek likely to support Manipal Hospitals’ bid to acquire Medanta, says report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Temasek is backing Manipal Hospital’s bid to acquire Medanta Hospitals and may put in Rs 2,100 crore, reported The Times of India.

Temasek is backing Manipal Hospital’s bid to acquire Medanta Hospitals and may put in Rs 2,100 crore, reported The Times of India.

The move comes at a time when Singapore’s state-owned investment firm is looking to increase its influence in the healthcare sector, two sources familiar with the development told the newspaper.

“Temasek has been in discussions with Manipal for three-four months to increase its stake in the combined entity and is now financing it since they were already involved in the deal,” a source was quoted as saying in the report.

Ranjan Pai-led Manipal Hospitals started negotiations to acquire heart surgeon Naresh Trehan-promoted Medanta Hospitals for Rs 5,500-6,000 crore, the report said. Sources told the media that if the deal gets finalised, Manipal Health will be valued at close to $2 billion.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Fortis Healthcare accepting IHH bid is a positive news, says Medanta

The Fortis deal is finally done. The hospital operator’s board has accepted Rs 4,000 crore bid from Malaysia-based IHH Healthcare Berhad.

Naresh Trehan, chairman and managing director of Medanta spoke to CNBC-TV18 about the deal and how it will impact peers in the hospital industry.

“That is a positive in any case. If they think that the Indian healthcare industry and going forward, the delivery systems are going to perform well then the interest is expressed in this transaction which has been accepted by Fortis. So I think it is a good thing to see momentum in the healthcare business. It is all positive news,” said Trehan.

“Healthcare is a very important pillar of a country and also their transparency is paramount in delivery of healthcare. So I think that what is going on today will make things very transparent,” he added.

“I think we have a very good future. We are just going through a turmoil right now. All the things that are happening are positive but the only concern in the healthcare industry is that will the actual cost of delivery be recognised and pricing made accordingly. If that happens, I think we will have a great future. We would be proud of our healthcare sector in times to come,” said Trehan.

Trehan said they are not planning to sell out.

“We are expanding. We have 3,000 beds coming on capacity in the next three years. so every year, we are going to add on 1,000 beds. So I am strongly positive on the sector,” he said.