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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.

Dubai, May 6: The Indian nationals cleared by the UAE health authorities and found to be asymptomatic will only be allowed to fly back home in one of India's biggest ever repatriation exercises, the Indian Embassy in Abu Dhabi has said ahead of the first set of flights on Thursday.

On Monday, the Indian government announced plans to begin a phased repatriation of its citizens stranded abroad from May 7. Air India will operate 64 flights from May 7 to May 13 to bring back around 15,000 Indian nationals stranded abroad amid the COVID-19-induced lockdown, India's Civil Aviation Minister Hardeep Singh Puri said on Tuesday.

The first two special flights that will operate from Thursday to evacuate Indians stranded in the UAE due to the coronavirus pandemic will begin with applicants from Kerala, who formed the majority of the expatriates who have registered to be repatriated from here, Indian Ambassador to the UAE Pavan Kapoor has said.

"All departing passengers will have to undergo medical screening and IGM/IGG test at the departure airport and only those cleared by the UAE health authorities and found to be asymptomatic will be allowed to board the plane,” the Indian Embassy in Abu Dhabi said on Tuesday.

According to the embassy, all passengers will be required to sign an undertaking to undergo compulsory quarantine at the destination of arrival and bear the cost of the same.

“Each passenger, at the time of boarding would be handed over a safety kit containing 2 three-layered face masks, 2 pairs of gloves and pouches/small bottles of hand sanitizers. While on board the flight, the health protocol of the Ministry of Civil Aviation of India will be strictly followed,” said the embassy.

The passenger lists for the two flights on May 7 have been finalised by the Embassy / Consulate and sent to Air India Express for issue of tickets.

The Embassy / Consulate will continue conveying the details of further special flights as and when they are announced by the Government of India, over the next few days.

Less than 2,000 Indians wishing to return home from the UAE will be flown to six Indian states in the first week of India’s biggest ever repatriation exercise named Vande Bharat Mission—sans social distancing and COVID-19 tests, the Gulf News reported.

Only those cleared by the UAE health authorities and found to be asymptomatic will be allowed to board the plane.

The short-listed applicants, who were contacted by the Indian missions on Tuesday to purchase tickets for the first two flights to Kerala on Thursday, told the Gulf News that the tickets are priced around Dh 725 to Dh 750 (over Rs 15,000).

Sharjah resident Rasheed Thayyil said his 70-year-old mother Nepheeza Thottungal, who came on a visit to the UAE in February, received an email from the Indian Consulate in Dubai which quoted an airfare of around Dh725 (approx Rs 15,000), the report said.

Another applicant from Abu Dhabi Ambily Babu said she purchased a ticket at Dh 750 from Air India Express for her Abu Dhabi-Kochi flight scheduled to fly on Thursday evening, it said.

Air India Express which is set to operate the first two flights to Kerala on Thursday will operate its Boeing 737-800 aircraft, with a seating capacity of 186 economy class seats, the report added.

With nine seats reserved for isolation, only 177 passengers would be flown, it said.

The Indian expatriate community of approximately 3.42 million is reportedly the largest ethnic community in the UAE constituting roughly about 30 per cent of the country's population, according to information available on the Indian Embassy website.

Bengaluru, Jan 5: B S Yediyurappa-led Karnataka cabinet has finally decided to resume supply of subsidised rice and wheat to students of welfare institutions and hostels including those run by religious mutts under the Dasoha Scheme’s welfare programme. The supply was stopped over two months ago.

“Cabinet has decided to continue supply of subsidised foodgrains (rice and wheat) for the benefit of 37,700 children under the Dasoha scheme in 351 welfare institutions for the next one year at the cost of Rs 18 crore,” said J C Madhuswamy, Law and Parliamentary Affairs Minister. Under this scheme, institutions that provide free accommodation and food for students are entitled to avail 10 kg rice and 5 kg wheat per student every month at subsidised rates. But following a central government directive in November, the state government had stopped supply to private institutions since December.

Hours before the cabinet meeting, Khader addressed a press conference and said, “This government is snatching away food from children by stalling the supply of foodgrains. Institutions like Suttur Mutt, Siddaganga Mutt that have worldwide fame for their service are being inconvenienced by this,” Khader said.

Finding itself in a fix, especially in a matter that involves mutts, the cabinet was quick to restore the supply. “Foodgrains were being supplied to 183 government-run institutions and 281 institutions run by private entities. As per a central government directive, supply to private institutions was stopped but the decision was made by the previous government,” Shashikala Jolle, Women and Child Development Minister, said.