BJP to launch state-wide agitation seeking resignations of Shivakumar, Jarkiholi

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, Jun 22: Concerned over the increase in COVID-19 cases in the city, Karnataka Chief Minister B S Yediyurappa on Monday directed officials to implement lockdown measures strictly in the clusters which have reported more infections.

Yediyurappa held a meeting with Ministers and senior officials regarding containing COVID-19 in Bengaluru and said it can be achieved only if preventive measures are implemented strictly and asked the officials to work in this direction.

"Lockdown shall be implemented strictly in the clusters which reported more cases, especially, K.R. Market and surrounding areas such as Siddapura, VV Puram, Kalasipalya etc. It was decided to seal the adjoining streets, where the cases are reported, a release from the Chief Minister's office said. Stringent action would be taken against those who violate quarantine norms and FIR would be filed if necessary, it said.

Till Sunday evening, the state capital has reported 1,272 cases of COVID-19, including 64 deaths and 411 discharges. On Sunday, as many as 196 fresh cases were recorded. Officers were directed to ensure hygiene and provide other basic amenities to the people who were quarantined in the social welfare department's hostels and other government institutions.

"COVID-19 should be contained without affecting the economic activities in Bengaluru, which resumed recently," the Chief Minister said.

Noting that booth-level officers and volunteers were working to trace contacts and monitor quarantined persons, he said the COVID war room shall have real-time information on the availability of beds in various designated hospitals and facilitate treatment to the infected without loss of time.

A bulletin from the Bruhat Bengaluru Mahanagara Palike (BBMP), the city civic body, said there were 298 active containment zones in the city. BBMP Commissioner B H Anil Kumar along with the Chamarajpet Congress MLA B Z Zameer Ahmed Khan visited a few slum areas in the city to take stock of the COVID-19 situation, officials said.

Bengaluru, Jul 3: Over 35 acres of land in nine villages on the outskirts of Bengaluru have been earmarked for burial and cremation of bodies of COVID-19 victims after concerns were raised over the safety of funerals being held in burial grounds located in residential areas.

Deputy Commissioner of Bengaluru Urban District GN Shivamurthy issued an order setting apart about 35.5 acres in the villages under four Taluks of Bengaluru North, Bengaluru South, Anekal and Yelahanka.

The order directed the respective Tahsildars to register these chunks of land as reserved for burial grounds and not to use for any purpose.

According to the sources in the district administration, Karnataka Health Minister B Sriramulu and Revenue Minister R Ashoka had directed the officials to identify places on the city outskirts to dispose of the bodies of COVID-19 victims.

Mr Sriramulu had on Wednesday said COVID-19 victims will not be laid to rest in burial grounds in the city and separate places will be earmarked on the outskirts in the backdrop of safety concerns raised by public.

He had also warned against unscientific disposal of used Personal Protection Equipment kits worn by the families of the victim for the final rites, referring to reports about such instances.

In some places, people have also expressed concern over bodies of those who died of the coronavirus being buried in their neighbourhood.