Building fire kills 27 in New Delhi, police arrest company owners
May 14, 2022, 8:53 am

Building fire kills 27 in New Delhi, police arrest company owners

National Disaster Response Force (NDRF) and fire brigade personnel conduct a search and rescue operation after a fire broke out in a commercial building, in New Delhi, India, May 14, 2022. REUTERS/Anushree Fadnavis

The Arabnews reported, citing the Associated Press, Indian police and fire officials said Saturday (May 14) that police arrested two owners of a company that manufactures and sells security cameras after a massive fire reportedly started in their office in a four-story commercial building in the Indian capital, killing 27 people and injuring 12 others.

The police registered a case of culpable homicide not amounting to murder and a criminal conspiracy that is punishable with life imprisonment or 10 years in jail.

Atul Garg, director of Delhi Fire Services, said that the building had no clearance from the fire department and it was not equipped with fire safety equipment like extinguishers.

Garg said the fire started on the first floor of the building on Friday evening (May 13) and spread quickly to other areas where inflammable plastic material used to manufacture equipment including security cameras and a large quantity of cardboard used for packaging were stored.

Fires are common in India, where building laws and safety norms are often flouted by builders and residents. (AP)

The fire control room said, at least 50 people were rescued from the building, which contains mainly shops. The building is located in the Mundka area in western New Delhi.

Fires are common in India, where building laws and safety norms are often flouted by builders and residents. In 2019, a fire caused by an electrical short circuit engulfed a building in New Delhi and killed 43 people.

Prime Minister Narendra Modi said he was saddened by the loss of lives and wished for the speedy recovery of the 12 injured who have been hospitalized.

Indian Prime Minister Narendra Modi
(Photo/Twitter page)

The Press Trust of India reported, citing police officer Sameer Sharma, Harish Goel and his brother Varun Goe were first detained for questioning and later arrested.

Sachin Garg, a resident in the area, said the building had only one exit door, and people trapped there found it difficult to leave quickly because of a crush. He said: “They called ambulances and fire officials used crane buckets to rescue people."

Satbir Lakra, another resident, said several men and women smashed glass walls and jumped to the ground floor.

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Garg said that the building is located in a congested area with industrial units and the fire engines took time to reach the spot.

The fire control room said, twenty-seven fire engines doused the flames after battling for more than five hours. A search operation continued overnight to look for anyone trapped in the rubble.

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The cause of the fire was not immediately clear and is being investigated. Garg said there were conflicting reports. Some said the fire started after an explosion in an air-conditioner and others said it was triggered by an electric short-circuit.

Source: arabnews

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.