Abu Dhabi: BWF’s iftar meet attracts hundreds of NRIs from across UAE

Abu Dhabi, Feb 17: NMC Health Plc, a hospital operator targeted by short-seller Muddy Waters, said founder Bavaguthu Raghuram Shetty resigned amid investor concern he faced a margin call and misrepresented his stake.

The board asked for Co-Chairman Shetty’s resignation and it takes effect immediately, according to a person with knowledge of the situation. NMC has lost four board members since Friday, including Vice Chairman Khaleefa Butti, whose holdings are also being probed. The stock, the worst performer on the FTSE-100 Index this year, fell as much as 9.2 percent Monday morning and then rebounded.

“The resignation of senior board members should be viewed positively,” said Abdulla Nahlawi, an analyst at Rasmala Investment Bank in Dubai. “The credibility of the current board has been jeopardized with the unfolding of the recent events.”

NMC shares lost almost half their value the first week of February on speculation the company’s main investors faced a margin call, in which banks seize shares pledged as collateral. NMC said Friday that First Abu Dhabi Bank and Al Salam Bank Bahrain obtained 20 million shares in the company from BRS International Holding, an investment vehicle of NMC’s top shareholders. The banks sold more than 8 million of those shares as “enforcement of security,” NMC said.

NMC operates the largest medical network in the United Arab Emirates and in 2012 became the first Abu Dhabi company to list in London. The shares started teetering in mid-December when Muddy Waters alleged that NMC manipulated its balance sheet and inflated the prices of companies it acquired.

Shetty, 77, was born in India and founded NMC in the 1970s after moving to Abu Dhabi. His spokesman said a legal review of the situation is ongoing and declined further comment.

Chief Investment Officer Hani Buttikhi and board member Abdulrahman Basaddiq also stepped down because they were appointees of Shetty and Butti, NMC said, adding that they had no knowledge of the share transfers.

Questions remain over the role of Shetty’s family at the company. His wife and son-in-law both hold roles in senior management.

Almost 10 per cent of NMC’s freely traded shares are shorted, according to Markit Securities data. In mid-December about a third of them were.

Last week GKSD Investment, an investment company backed by hospital investors, said it’s studying a possible offer for NMC. Under U.K. takeover rules, it has until March 9 to make a bid.

NMC has said Muddy Waters’s claims are false and the company hired former FBI Director Louis Freeh to conduct an independent review. The review is due to be completed before the company issues its financial results in March, the person said.

NMC said Mark Tompkins will continue as the company’s sole chairman.

Mangaluru, Jun 8: Forum Fiza Mall in Mangaluru on Monday reopened for public after Ministry of Home Affairs allowed the reopening of shopping malls from June 8 with certain precautionary measures amid COVID-19 pandemic.

People visited the mall wearing masks and maintaining social distancing.

Earlier, the Union Ministry of Home Affairs (MHA) had said that religious places and places of worship for public, hotels, restaurants and other hospitality services along with shopping malls will be permitted to open from June 8.

However, these facilities will not be able to resume operations inside containment zones designated by authorities in states, said a government notification.

Mumbai, Feb 26: Maharashtra cabinet minister and Congress leader Aslam Shaikh on Wednesday said that former chief minister Devendra Fadnavis made an irresponsible statement regarding the Shiv Sena-led state government's 'silence' on AIMIM leader Waris Pathan's remark. He added that as the incident took place in Karnataka, Fadnavis should ask Chief Minister BS Yediyurappa about the matter.

"This is an irresponsible statement given by Devendra Fadnavis. He should ask the same question to the Chief Minister of Karnataka where the statement was given," Shaikh said.

"Fadnavis should ask the same question to the Union Home Minister Amit Shah that why has he not been able to control the violence going on in Delhi," he added.

Earlier, on Tuesday, targeting Shiv Sena's silence over the recent controversial remark by Waris Pathan, Fadnavis said the Uddhav Thackeray-led party might be "wearing bangles" but the BJP was not and knew how to retaliate in the same manner.

"Shiv Sena might be wearing bangles but we are not. If someone says something then he will be given an answer in the same way. BJP has this much power," said Fadnavis while launching a scathing attack on ruling-Shiv Sena in Maharashtra for not taking strict action against Pathan.

On February 20, while addressing an anti-CAA rally, at Kalaburagi in Karnataka, Pathan had said, "Time has now come for us to unite and achieve freedom. Remember we are 15 crores but can dominate over 100 crores."