Saudi Venture Capital invests in first venture debt fund to support SMEs 

RIYADH: Dubai’s Emaar Properties Group CEO Amin Jain was briefly detained on Friday on arrival at Delhi’s Indira Gandhi International Airport and handed over to local police, Indian news agency ANI reported. 

However, other news reports later stated that he was released after authorities realized the lookout circular issued against him was old. 

“Jain was detained but let off since the LOC was old and no case against him exists,” Sandeep Garg, senior superintendent of police, reported to have told the Hindu Business Line. 

India’s Punjab police had issued a LOC against Emaar in a case where the Group CEO was booked in a case registered in November 2019 regarding a delay in delivery of the plot purchased by a complainant, local media reported.

Emaar Properties is aware of a media report that its Group CEO Amit Jain has been briefly detained in India, a spokesperson for the company said on Saturday.

“Emaar is aware of reports regarding the Group CEO Amit Jain over an issue relating to the company’s work in India. The issue has now been resolved, and we have no further comments at this time,” the spokesperson added.

Dubai’s Emaar Properties entered India in 2005 through a joint venture Emaar MGF Land, which was later dissolved. The demerger was approved in July 2018.

India plans safety rating system for passenger cars

India will introduce a safety rating system for passenger cars — a measure that hopes will encourage manufacturers to provide advanced safety features and boost the “export worthiness” of vehicles produced in the country.

The road transport ministry, in a statement, said it would assign a rating of one to five stars for cars based on tests assessing adult and child occupant protection as well as safety assist technologies.

The new system is slated to come into effect in April 2023.

India, which has some of the world’s deadliest roads, has also proposed mandating that all passenger cars have six airbags, despite resistance from some carmakers who say it will increase the cost of vehicles. 

Current rules call for two airbags — one for the driver and one for the front passenger.

India is the world’s fifth-largest car market, with annual sales of around 3 million units a year, and Maruti Suzuki, Hyundai Motor and Tata Motors are its biggest-selling automakers.

(With input from Reuters)