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, Mar 11: Nitte Education Trust is among the top 50 reputed institutions in the country selected by NITI Aayog for setting up Atal Incubation Centre under Union government's Atal Innovation Mission (AIM) scheme.

NITI Aayog has sanctioned Rs 9 Crore to Nitte Education Trust for setting up a full-fledged Incubation Centre at Nitte, of which Rs 2.5 crores has been received as first instalment according to a press release here on Wednesday.

Atal Incubation Centre- Nitte provides start-ups with valuable guidance, technological aid, access to investors, networking and facilitating a host of other services required for start-ups to survive and scale. Start-ups also receive direction through the robust chain of mentors who give sector-specific information and real-time practical guidance.

Bengaluru, Jul 15: With the state capital along with a few districts under lockdown to control the spread of Covid-19, Karnataka Home Minister Basavaraj Bommai on Wednesday said the measure was important to break the chain and people seem to have understood its importance.

Appealing for cooperation from the people, he asked them not to make it inevitable for police to use force in implementing the lockdown. "Traffic movement is less, there is a lockdown atmosphere everywhere, I feel that people have understood the importance... cooperation is required. I appeal to the people, if this lockdown has to be effective it has to be voluntary, only then we can control the rapid spread of coronavirus," Bommai said.

Speaking to reporters here, he said this lockdown is important, last time the infection was not up to this level. "This time areas that have a high number of infections- about five districts and Bengaluru city are going for lockdown. People have understood that this lockdown is to break the chain," he said. "Please don't make it inevitable for police to use force," he added.

Bengaluru urban and rural areas are under "complete lockdown" since last night at 8 pm and it will be effective till 5 am on July 22.

Following Bengaluru urban and rural, administrations in several districts like Dharwad, Dakshina Kannada, Kalaburagi (only in Urban areas), Bidar, Raichur (in Raichur city and Sindhanur) and Yadgir too have announced lockdown.

Noting that Police have taken all necessary strict measures to enforce lockdown in Bengaluru urban and rural districts by restricting the movement of vehicles and people, Bommai said barricades have been erected at various places and flyovers have been shut. People have been allowed to purchase vegetables and groceries till 12 noon, he said.

The government has warned of action in case of any violation of the lockdown rules. As of July 14 evening, cumulatively 44,077 Covid-19 positive cases have been confirmed in the state, which includes 842 deaths and 17,390 discharges. Bengaluru Urban district tops the list of positive cases, with a total of 20,969 infections.