20 children killed, 12 injured in school bus-lorry collision

Bengaluru, May 14: Michael Madhu was one of the popular actors in Sandalwood. He was widely known for portraying comedy roles. The news of his demise has come as a shock to all the members in the Kannada film industry and also his fans. Michael Madhu died on May 13 after suffering from a heart attack. As per a report in Zoom, the actor was rushed to the KIMS Hospital in Bengaluru after he suddenly collapsed at his home.

Michael Madhu, in his career spanning of almost two decades, has acted in more than 300 films. Some of his notable works include Bhajarangi, Shhh! and Ashwamedha. Besides being an impeccable actor, especially his perfect comic timings, Michael was also passionate about dancing and was huge fan of Michael Jackson. This was one of the major reasons why he added Michael to his name. He had entered the film industry with an aim to become a popular choreographer, but destiny had something else in store for him. Michael Madhu is survived by his wife and two daughters.

Fans of Michael Madhu have been sharing condolences on social media ever since the news of his death hit the internet. As per a report in media, the actor’s last rites will take place today.

Feb 19: Bavaguthu Raghuram Shetty was once a typical billionaire with a taste for the high-life.

He splurged on a private jet, vintage cars and two entire floors of the Burj Khalifa, the world’s tallest skyscraper. His website shows him hobnobbing with politicians, Bill Gates and Bollywood royalty.

“The thrill of speed and freedom makes me love cars,” Shetty, 77, told local reporters last year.

Shetty had more than enough money -- at least on paper -- to afford such a lifestyle from companies he helped found, including hospital operator NMC Health Plc and financial services firm Finablr Plc. On Dec. 10, his stakes in the public companies were valued at $2.4 billion, making up the bulk of a fortune spanning education, hospitality and one of the world’s oldest tea companies.

Then, a week later, Carson Block came along.

Block’s investment firm, Muddy Waters, issued a report criticizing NMC’s accounts and disclosing a short position. Since then, Muddy Waters’s scrutiny has snowballed into a troubling scenario for Shetty that sheds light on his complex share arrangements and casts doubts about his net worth. His holdings in Finablr and NMC are worth $885 million, but Shetty’s fortune may now be just a fraction of that, depending on the size of his borrowings.

Filings this month show that Shetty pledged a quarter of his NMC stake against loans with First Abu Dhabi Bank and Zurich-based Falcon Private Bank. Two other shareholders may own half of his reported stake. Another lender -- Al Salam Bank Bahrain -- has already sold some of those shares to enforce security over a loan for Shetty, and NMC said Tuesday that First Abu Dhabi Bank sold another chunk earlier this month.

The situation “seems to have gone beyond some of the issues that Muddy Waters focused on initially,“ said Gavin Launder, a fund manager at Legal & General Investment Management, who owned shares in NMC until October. “The increased scrutiny has unearthed other issues.”

Law firm Herbert Smith Freehills has launched a review of Shetty’s holdings at his request, a spokesperson for the Indian-born businessman said, declining to comment further until the analysis is completed. Shetty resigned Sunday as NMC’s chairman.

In its Dec. 17 report on NMC, Muddy Waters hinted at potential overpayment for assets, inflated cash balances and understated debt. Shares of the United Arab Emirates’ biggest private health-care provider have since plunged 67%, and the firm is now the focus of takeover speculation. The sell-off also spread to Finablr, whose stock has tumbled 64% in that span.

NMC has disputed Muddy Waters’s claims, and the company hired former FBI Director Louis Freeh to conduct an independent review of the short seller’s allegations. Meanwhile, local regulators “are making inquiries with the relevant parties,” a spokesperson for the U.K.’s Financial Conduct Authority said.

Shetty is hardly the only ultra-wealthy person to leverage his assets. Elon Musk has used his shares in Tesla Inc. to obtain personal loans, while Oracle Corp. Chairman Larry Ellison has put up millions of the company’s shares to fund a lavish lifestyle that includes trophy properties, America’s Cup teams and the Indian Wells tennis facility in California.

But such deals can also sour, as demonstrated by Shetty’s lenders selling shares his investment firm pledged. He and his advisers are investigating details of the sales as part of their legal review, according to filings.

To complicate matters, Shetty pledged another batch of NMC stock in 2018 as part of a so-called equity collar arrangement with Goldman Sachs Group Inc. that uses options to limit the impact from share moves. Last month, he also pledged most of his stake in Finablr to refinance a loan from the company’s takeover of foreign-exchange firm Travelex for about $1.2 billion.

BRS Ventures Investment, the UAE-based holding company for most of Shetty’s assets, doesn’t report consolidated financials, preventing a complete analysis of his net worth. His other assets include a catering company, a waste-management firm and pharmaceutical business Neopharma, which four months ago was in the early stages of planning for an initial public offering.

Block, 43, earned his reputation as a short seller a decade ago through targeting U.S.-listed Chinese companies that he claimed were frauds. More recently, his San Francisco-based firm focused on British litigation-finance firm Burford Capital Ltd. and Japanese biotech stock PeptiDream Inc. Short sellers seek to benefit from a decline in a company’s share price.

Shetty founded NMC in 1975 after moving to Abu Dhabi from his native India. He created Finablr two years ago to consolidate his financial brands before listing it on the London Stock Exchange in 2019.

Block said he didn’t anticipate NMC’s shareholding drama.

“I wouldn’t have been able to predict that we’d get these bizarre disclosures about unclear share ownership coming out of the company,” he said in a Feb. 13 phone interview. “This has been obviously a more dramatic unraveling than we usually see.”

Bengaluru, Jul 26: The government of Karnataka has urged the Muslims to celebrate Eid al-Adha in a simple manner and follow all guidelines amid mounting cases of covid-19.

The festival, also known as Bakrid, will be celebrated on July 31 in coastal districts of Karnataka and on August 1 in other parts of Karnataka. 

In an order, A B Ibrahim, secretary of the department of minority welfare, Hajj and Waqf has prohibited offering Eid prayers in open grounds (Eidgahs) in the wake of pandemic.

Eid prayers can be offered in mosques by following all the necessary precautionary measures including maintaining physical distance. The congregation should not exceed 50 worshippers. If they number exceeds, they should be divided into three groups. 

However, except for mosques, no other places should be used for offering congregational prayer. 

Besides, all those who attend Eid prayers at mosque should compulsorily wear face masks. Entry is banned for people who are above the age of 60 years and below the age of 10. At least six feet distance needs to be maintained while offering prayer.

Thermal scanning needs to be done before entering the mosque. Hands need to be washed in soap or sanitizer. No one should touch the holy books in the mosque. Hand shaking and embracing to greet will also not be allowed. If any strangers are seen, their movement should be monitored.