Air India Express opens bookings from India to 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.

Bengaluru, May 6: The second day of liquor sales in Karnataka on Tuesday after easing of lockdown curbs saw a nearly five-fold jump in earnings, with Rs 197 crore worth spirits being sold.

According to top Excise Department officials, 4.21 lakh cases of Indian-made liquor, comprising 36.37 lakh litres, worth Rs 182 crore and 7.02 lakh litres of beer in 0.90 lakh cases worth Rs 15 crore was sold on Tuesday.

On Monday, when sales resumed in the state, Rs 45 crore worth liquor was sold.

"We had never expected such a record sale. It's unprecedented," an Excise official who did not wish to be named said.

Liquor sales had resumed in Karnataka on Monday after a 41 day gap following the lockdown due to the COVID-19 pandemic.

Bengaluru, Feb 24: Raising questions about the situation in Kashmir, senior Congress leader and former Karnataka chief minister Sidddaramaiah on Monday asked the BJP heading the union government to prove 'normalcy' by hosting US President Donald Trump's event in the valley.

If @BJP4India feels Kashmir has returned to Normalcy, & If @BJP4India feels that there is no govt orchestrated violence. Now is the time to prove the same by hosting @realDonaldTrump's event at Kashmir, Siddaramaiah tweeted.

Amid concerns raised by opposition parties, the government has said efforts have been made to restore normalcy in Jammu and Kashmir which faced months of restrictions after its special status under Article 370 was scrapped in August last year.

Siddaramaiah, who is Leader of Opposition in Karnataka Assembly, in another tweet hit out at Prime Minister Narendra Modi on the long wall built near the airport in Ahmedabad allegedly to block the view of a slum, ahead of Trump's visit.

It is time for @realDonaldTrump to get inspired from @narendramodi. Inspiration to build decorative walls to hide not so decorative life!! he tweeted. The opposition Congress in Gujarat had accused the BJP- ruled civic body in Ahmedabad of building the 500-meter long wall to block the view of a slum colony. Refuting the allegations, AMC officials had said the construction of the wall, around four feet in height, was approved much before Trump's Gujarat visit was finalised.

Trump, accompanied by First Lady Melania Trump and a high-level delegation, arrived in Ahmedabad around noon on Monday for a little less than a 36-hour-long trip.