Bengaluru's first female rowdy-sheeter Muniyamma is now Sri Rama Sene women’s unit chief

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, Apr 28: With fresh guidelines on the COVID-19 lockdown expected soon, Karnataka Chief Minister B S Yediyurappa on Monday chaired a meeting with key ministers, officials and Deputy Commissioners of districts and discussed about re-starting economic activities in the state, as he took stock about of the pandemic.

"At the video conference with DCs, CM took stock of COVID-19 situation and measures taken to control its spread. Discussions also happened regarding starting of certain economic activities in parts of the state," official sources said. The state government would take any decision in this regard after the Centre issues fresh guidelines or directives, they said, without elaborating.

The meeting came hours after Prime Minister Narendra Modi held a video conferencing with Chief Ministers to discuss the situation arising due to COVID-19 in the country, which is under lockdown since March 25 to contain the pandemic. Only nine chief ministers spoke in the virtual meeting with the Prime Minister and Yediyurappa did not get an opportunity.

A senior Minister, who attended the meeting told PTI, necessary directions regarding the lockdown after May 3, they were likely to come in a couple of days.

"Most of the Chief Ministers wanted the lockdown to continue to contain the spread.... nothing concrete emerged, but we expect the necessary directions will follow in couple of days. This is what we expect after seeing what has happened as a followup to three to four such video conferences in the past," he said.

The Minister said the larger opinion was that the current measures should continue and interstate or inter-district movement should not be allowed. Regarding movement within the districts that are green zone, some decision may be taken soon, he said, adding the Prime Minister also asked states to concentrate on reforms, aimed at attracting investments in the days to come.

Mangaluru, Apr 26: In the wake of the fears among local people regarding the cremation of coronavirus victims, an understanding has been reached with all stakeholders that the Mangaluru city corporation's crematorium here will be the official funeral site for such cases in future.

Mangaluru South MLA D Vedavyas Kamath, who had to face stinging criticism on social media for his alleged support to local people who stopped the cremation of a COVID- 19 victim at Pachanady near here on Thursday, took an active role in finding the solution.

The body of the victim, a woman, had to be taken from Pachanady to Kaikunje during the night, delaying the funeral by hours.

Kamath visited Boloor on Saturday and sought to convince the people that cremating the bodies of coronavirus victims would not endanger their lives in any way as the guidelines of WHO and union health ministry are being strictly followed.

The crematorium at Boloor is run by the MCC and has an electric furnace and firewood pyres.

Kamath said a tacit understanding that final rites of COVID-19 patients inDakshina Kannada will be performed at Boloor has been reached at a meeting with all stakeholders.

Cremating bodies in such a controlled environment is deemed safe as per guidelines, he said.

City Mayor Diwakar, local corporator Jagadish Shetty and MCC assistant commissioner Madan Mohan took part in the meeting.

The decision was conveyed to the DK district administration.

The district administration has also launched a campaign on dead body management protocol to convince the people to ignore misinformation being spread regarding the cremation of coronavirus victims.