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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.

Bengaluru, Jan 28: The state government is set to allow investors who bought farmland for industrial and other purposes to sell it off if they fail to use it within seven years. The new buyers, however, must utilise the land parcel for the same purpose for which it was allotted.

An amendment bill in this regard will be tabled during the joint session of the assembly, which begins on February 17.

Currently, investors remain tied to unused parcels. Law and parliamentary affairs minister JC Madhuswamy said the amendment to Section 109 of the Karnataka Land Reforms Act, which deals with the purchase of farmland for non-agricultural purposes, would remove hurdles for disposal of such plots. “To prevent misuse of land, the bill makes it mandatory for the new buyer to utilise it for the purpose for which the land was purchased by the first investor,” he said.

The government will also table a bill which seeks to regulate the affairs of religious and educational trusts. It will empower the government to intervene in the affairs of the trusts when irregularities come to light.

“Currently, the government has no role to play when allegations of irregularities and mismanagement crop up against trustees. The bill seeks to address this,” Madhuswamy said. He clarified the government didn’t want to interfere in trusts’ affairs. But some issues, he added, were of concern: trustees illegally selling off the trust property.

Mangaluru/Udupi, Jul 25: Karnataka’s twin coastal districts of Dakshina Kannada and Udupi recorded 400 new covid-19 cases and nine fatalities in past 24 hours. While DK’s death toll mounted to 115, Udupi’s toll mounted to 15.

Dakshina Kannada

Dakshina Kannada alone recorded 218 new covid cases and eight deaths. The total number of positive cases mounted to 4,612. Out of these, 2,370 cases are currently active. As many as 2,127 persons have recovered and been discharged.

Of the 218 who tested positive on Saturday, 46 are primary contacts, 87 have ILI symptoms, 15 have SARI symptoms, and contacts of 70 are being traced.

Among the eight deaths that occurred on Saturday, the first is of a 44-year-old man from Mangaluru. He was admitted to private hospital on July 23, and breathed his last on same day. He was suffering from sepsis with septic shock and viral infection. 

The second is 78-year-old man from Bhatkal. He was admitted to a private hospital on July 18, and passed away July 23. He suffered from refractory hypoxemia, refractory ARDS and secondary bacterial infection. 

The third is an 88-year-old man from Mangaluru. He was admitted to a private hospital on July 10, and passed away on July 23. He suffered from hypoxemia, refractory ARDS and renal failure. 

The fourth is a 68-year-old man from Bantwal. He was admitted to a private hospital on June 7, and passed away on July 23. He suffered from septic shock. 

The fifth is a 68-year-old man from Mangaluru. He was admitted to a private hospital on July 17, and passed away on July 23. He was suffering from ARDS and Acute coronary event. 

The sixth is a 75-year-old man from Mangaluru. She was admitted to private hospital on July 14 and passed away on July 24. He was suffering from refractory hypoxemia, refractory ARDS and respiratory distress. 

The seventh is a 76-year-old female from Mangaluru. She was admitted to private hospital on July 21 and passed away on July 24. She was suffering from refractory hypoxemia, refractory ARDS, viral pneumonia, T2 DM and hypertension. 

The eighth is a 53-year-old female. She was admitted to private hospital on July 24 and passed away on July 24. She was suffering from sepsis with multi-organ dysfunction, cardiogenic shock, hypertension, type 2 diabetes mellitus, peripheral vascular disease and diabetic foot on right side LRTI.

Udupi

Udupi recorded 182 new covid cases in past 24 hours and the total reached 3,218. As many as 2,008 patients have been discharged so far including 79 on Saturday, and 1,199 cases are currently active. 

Among the new cases, 96 are in Udupi, 37 in Kundapur, and 49 in Karkala. They include 109 men and 68 women, and two boys and three girls. As many as 539 are under home isolation.

As many as 15 covid related deaths have occurred in the district so far including the one on Saturday. 

45-year-old man from Kollur was admitted to KMC Hospital, Manipal, as he was suffering from lung cancer. He was tested positive for coronavirus and then shifted to covid-19 hospital, where he breathed his last.