Burj Khalifa builder Arabtec confirms liquidation

Agencies
October 4, 2020

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Dubai, Oct 4: UAE construction giant that built the world's tallest building the Burj Khalifa, Arabtec formally announced that it was going into liquidation after stakeholders found the financial situation "untenable".

"In recent years, limited liquidity in the construction sector impacted the progress of Arabtec's projects and this has been exacerbated by the effects of COVID-19," said Waleed Al Mokarrab Al Muhairi, Chairman, as reported by Gulf News.

"Despite efforts to pursue legal and commercial entitlements and a restructuring of the company's finances and operations, the situation in which Arabtec finds itself today is untenable," he added.

According to Gulf News, the announcement comes after "weeks of intense speculation" over the entity's future. In a general assembly meeting on Wednesday, the stakeholders voted "discontinue with the company and dissolve it due to its untenable financial situation".

The management would come up with a "plan of liquidation to maximise value for stakeholders through a controlled and efficient programme" after getting the approval of the stakeholders.

"Over the coming weeks, the company's board and management will work closely with regulators to maximise value for all stakeholders," the Chairman said. "Our current priority is to ensure that everyone directly affected by this decision, is treated fairly during this challenging time."

According to Gulf News, it was on Wednesday when reports of stakeholders giving the go-ahead sign for dissolution. On October 1, the Dubai Financial Market stopped trading of the stock of the company that built the world's tallest building.

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News Network
November 10,2024

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Mangaluru: A tragic accident took place on Saturday at Chembugudde near Thokkottu, claiming the life of a 47-year-old woman after a tanker lorry ran over her. The victim, identified as Rahmat H Rashid, was riding pillion with her husband, Abdul Rashid G, on their scooter. 

The couple was traveling from Yenepoya Hospital to Bajpe when the scooter skidded on the poorly maintained road. Rahmat fell onto the road and was fatally struck by a tanker lorry that was coming from behind. Despite being rushed to the hospital, doctors declared her dead upon arrival.

The incident prompted a swift response from the DYFI Ullal Taluk Committee, which staged a protest on Saturday night, condemning the unsafe condition of the road. Nithin Kuthar, president of the committee, criticized MLA and Legislative Assembly Speaker UT Khader for failing to ensure safe infrastructure, despite touting the road as toll-free. 

Kuthar demanded immediate repairs, warning that the committee would march to the MLA’s office with black flags if the road is not fixed within a week.

Former DYFI State President Sunil Kumar Bajal also voiced frustration over the deteriorating condition of Thokkottu market, highlighting the struggles people face while crossing roads riddled with dangerous potholes. In response to public outcry, temporary repairs were made to the road at Chembugudde on Sunday, though locals remain wary and demand a more permanent solution. 

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News Network
November 4,2024

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Hundreds of Israeli settlers conducted a brutal attack in the occupied West Bank city of Ramallah.

The settlers set fire to numerous homes and vehicles of Palestinians and then moved to the main road connecting Ramallah to other cities, targeting Palestinian cars passing by.

They stormed the city of al-Bireh, near Ramallah, and burned Palestinian property and vehicles.

A woman sustained injuries after the settlers hurled stones at her vehicle, according to Palestinian news outlets.

Tension has been running high across the West Bank because of Israel’s genocidal war in the Gaza Strip, which has killed at least 43,341 people, mostly women and children, since last year’s October.

The Monday settler attack came as the Palestinian resistance movement Hamas warned of Israel’s plans to annex the West Bank and drive Palestinians out.

“We warn of the grave danger posed by the plans led by the extremist occupation regime and illegal settler groups to displace the residents of Palestinian villages in the occupied West Bank,” Hamas official Mahmoud Mardawi said.

Israel's far-right minister Bezalel Smotrich called for the full annexation of the West Bank and the Gaza Strip last week.

Smotrich asserted that Israel should unequivocally declare there would be no Palestinian state.

He repeated his proposal of expanding Israeli settlements within the West Bank and other occupied territories.

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News Network
November 13,2024

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New Delhi: The Supreme Court took a firm stance on ‘bulldozer justice’ today, affirming that the Executive cannot bypass the Judiciary and that the legal process must not prejudge the guilt of an accused. In a significant judgment, the bench led by Justices BR Gavai and KV Viswanathan set new guidelines for demolition practices, responding to petitions challenging the controversial bulldozer actions taken against individuals accused of crimes.

The rise of this practice, termed 'bulldozer justice,' has seen authorities in various states demolish what they claim to be illegal structures belonging to accused individuals. However, multiple petitions questioned the legality and fairness of this approach, bringing the matter before the court.

Justice Gavai highlighted that owning a home is a cherished goal for many families, and an essential question was whether the Executive should have the authority to strip individuals of their shelter. “In a democracy, the rule of law protects citizens from arbitrary actions by the state. The criminal justice system must not assume guilt,” stated the bench, underscoring that due process is a fundamental right under the Constitution.

On the principle of separation of powers, the bench reinforced that the Judiciary alone holds adjudicatory powers and that the Executive cannot overstep these boundaries. Justice Gavai remarked, “When the state demolishes a home purely because its resident is accused of a crime, it violates the doctrine of separation of powers.”

The court issued a strong warning about accountability, stating that public officials who misuse their power or act arbitrarily must face consequences. Justice Gavai observed that selectively demolishing one property while ignoring similar cases suggests that the aim might be to penalize rather than enforce legality. “For most citizens, a house is the product of years of labor and dreams. Taking it away must be an action of last resort, thoroughly justified,” he said.

In its directives under Article 142 of the Constitution, the Supreme Court established new demolition guidelines. These include:

Mandatory Show-Cause Notice: No demolition should occur without first issuing a show-cause notice. The person served has a minimum of 15 days or the duration stated in local laws to respond.

Transparency of Notice Content: The notice must include specifics about the alleged unauthorized construction, the nature of the violation, and the rationale for demolition.

Hearing and Final Order: Authorities are required to hear the response of the affected individual before issuing a final order. The homeowner will have 15 days to address the issue, with demolition proceeding only if no stay order is obtained from an appellate authority.

Contempt Proceedings: Any breach of these guidelines would lead to contempt proceedings. Officials who disregard these norms will be personally accountable for restitution, with costs deducted from their salaries.

Additionally, the court mandated that all municipal bodies establish digital portals within three months, displaying show-cause notices and final orders on unauthorized structures to ensure public transparency and accountability.

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