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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.

Bangalore , Mar 24: Bizom, India's leading retail intelligence platform, announced free subscription of its retailer app and tele-ordering solutions for consumer businesses in India and other emerging economies. Both solutions enable retailers to send their orders directly to the brand.
In COVID-19 times of social distancing and prophylactic measures, brands are conscious about the safety of their salespersons. Also, retailers don't want travelling salespeople to enter their premises. Consequently, many retail stores are facing stockout situations of fast-moving product categories. Bizom's self-ordering solutions help brands to avoid stockouts of their products.
Bizom trends, which analyses consumption and demand for consumer brands, showed how a near-complete shutdown during the Janta Curfew followed panic buying in early March. The asymmetrical demand and a lack of salespeople for order-taking are driving the industry towards social-distancing-based store-stocking mechanisms.
Bizom provides social-distancing-based store-stocking solutions for consumer businesses. They include the Bizom Retailer App and the Bizom Tele-ordering.
The Bizom Retailer App enables self-ordering for a brand's key retail outlets and can be implemented in under two weeks. The mobile app, a B2B shopping app, is a simple installation for retailers. It lists and groups the brand's products as per its product categories. The app's interface is no different from that of leading e-commerce apps. All the user has to do is select the preferred SKUs and add them to their shopping carts.
The app also allows brands to customize the app to meet the requirements of their continually changing product categories. For instance, if an SKU runs out of stock, the brand can disable the given SKU from the app.
With the Bizom Retailer App, brands can take orders directly from retailers instead of the traditional order-taking approach, which requires high-touch from a salesperson. Some of the key features of the app are, the ability to provide product information directly through retailers including SKUs, competitor comparison and pricing.
It also enables self-ordering from the retailer to maintain the flow of products as per demand, enables scheme rollout information through a notification on the app rather than through salespeople, tracks delivery of goods to the retailer and enables incentive payments to retailers directly rather than through distributor claims.
With Bizom Tele-ordering, as the sales teams go remote, the tele-ordering solution will become useful for brands who want to get salespeople to take orders from retailers, remotely. It ensures continued service to outlets despite not being physically present in the market.
Here, salespeople can discuss product requirements with retailers and enter orders based on specific outlet types (grocery, chemist etc.), outlet class (Class A, Class B etc.) or based on their beat or as per a distributor.
The key features of the Bizom Tele-ordering solution are, its ability to help salespeople collect orders from retailers remotely and enter it for fulfilment into Bizom using a tool, the flexibility offered to salespeople for remote servicing of retailers as per outlet type, beat, distributor area etc., secondary schemes get applied automatically, variable discounts will get applied as applicable at an SKU level.
"At Bizom, we are conscious of our responsibility to help brands run faster during these COVID-19 times. Our solutions of Bizom Retailer App and Bizom Tele-ordering have been built to ensure that brands can leverage this situation of low direct touch with retailers to enable a better way of working, remotely. I am trying to help brands go live in a few days so that they, in turn, can serve consumers better during these testing times," said Lalit Bhise, CEO, Bizom.

Bengaluru, Jan 10: The National Commission for Scheduled Tribes (NCST), which met with officials of the Social Welfare Department Thursday, has urged the state government to increase the reservation provided to the ST community.

The Commission's suggestion comes even as a committee headed by Justice Nagamohan Das is currently studying a demand for increase of reservation for the community from the existing 3% to 7.5%.

Addressing mediapersons on Thursday, Commission Chairperson Nand Kumar Sai, said the Commission had discussed the issue with the Social Welfare Department, Karnataka, asking officials to expedite the process.

In response to this suggestion, Social Welfare Department Principal Secretary G Kumar Naik said the government would take a call based on the Nagamohan Das Committee's report.

A meeting was held between members of the National ST Commission and the Social Welfare Department Thursday with regard to various projects taken up by the department.

In June last year, the then Kumaraswamy-led coalition government constituted the Justice Nagamohan Das Committee, after protests from members of the Valmiki community for an increase in reservation to 7.5%. At present, Karnataka provides 15% reservation for SCs, 3% for STs and 32% for other backward classes (OBC).

The national commission also urged the state government to ensure permanent faculty in all the 824 residential institutions run by the department. At present, as much as 50% of the faculty in these institutions have been hired on a contractual basis. "We have assured that the recruitment will be done in a short time," Naik told mediapersons.