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Feb 19: Bavaguthu Raghuram Shetty was once a typical billionaire with a taste for the high-life.

He splurged on a private jet, vintage cars and two entire floors of the Burj Khalifa, the world’s tallest skyscraper. His website shows him hobnobbing with politicians, Bill Gates and Bollywood royalty.

“The thrill of speed and freedom makes me love cars,” Shetty, 77, told local reporters last year.

Shetty had more than enough money -- at least on paper -- to afford such a lifestyle from companies he helped found, including hospital operator NMC Health Plc and financial services firm Finablr Plc. On Dec. 10, his stakes in the public companies were valued at $2.4 billion, making up the bulk of a fortune spanning education, hospitality and one of the world’s oldest tea companies.

Then, a week later, Carson Block came along.

Block’s investment firm, Muddy Waters, issued a report criticizing NMC’s accounts and disclosing a short position. Since then, Muddy Waters’s scrutiny has snowballed into a troubling scenario for Shetty that sheds light on his complex share arrangements and casts doubts about his net worth. His holdings in Finablr and NMC are worth $885 million, but Shetty’s fortune may now be just a fraction of that, depending on the size of his borrowings.

Filings this month show that Shetty pledged a quarter of his NMC stake against loans with First Abu Dhabi Bank and Zurich-based Falcon Private Bank. Two other shareholders may own half of his reported stake. Another lender -- Al Salam Bank Bahrain -- has already sold some of those shares to enforce security over a loan for Shetty, and NMC said Tuesday that First Abu Dhabi Bank sold another chunk earlier this month.

The situation “seems to have gone beyond some of the issues that Muddy Waters focused on initially,“ said Gavin Launder, a fund manager at Legal & General Investment Management, who owned shares in NMC until October. “The increased scrutiny has unearthed other issues.”

Law firm Herbert Smith Freehills has launched a review of Shetty’s holdings at his request, a spokesperson for the Indian-born businessman said, declining to comment further until the analysis is completed. Shetty resigned Sunday as NMC’s chairman.

In its Dec. 17 report on NMC, Muddy Waters hinted at potential overpayment for assets, inflated cash balances and understated debt. Shares of the United Arab Emirates’ biggest private health-care provider have since plunged 67%, and the firm is now the focus of takeover speculation. The sell-off also spread to Finablr, whose stock has tumbled 64% in that span.

NMC has disputed Muddy Waters’s claims, and the company hired former FBI Director Louis Freeh to conduct an independent review of the short seller’s allegations. Meanwhile, local regulators “are making inquiries with the relevant parties,” a spokesperson for the U.K.’s Financial Conduct Authority said.

Shetty is hardly the only ultra-wealthy person to leverage his assets. Elon Musk has used his shares in Tesla Inc. to obtain personal loans, while Oracle Corp. Chairman Larry Ellison has put up millions of the company’s shares to fund a lavish lifestyle that includes trophy properties, America’s Cup teams and the Indian Wells tennis facility in California.

But such deals can also sour, as demonstrated by Shetty’s lenders selling shares his investment firm pledged. He and his advisers are investigating details of the sales as part of their legal review, according to filings.

To complicate matters, Shetty pledged another batch of NMC stock in 2018 as part of a so-called equity collar arrangement with Goldman Sachs Group Inc. that uses options to limit the impact from share moves. Last month, he also pledged most of his stake in Finablr to refinance a loan from the company’s takeover of foreign-exchange firm Travelex for about $1.2 billion.

BRS Ventures Investment, the UAE-based holding company for most of Shetty’s assets, doesn’t report consolidated financials, preventing a complete analysis of his net worth. His other assets include a catering company, a waste-management firm and pharmaceutical business Neopharma, which four months ago was in the early stages of planning for an initial public offering.

Block, 43, earned his reputation as a short seller a decade ago through targeting U.S.-listed Chinese companies that he claimed were frauds. More recently, his San Francisco-based firm focused on British litigation-finance firm Burford Capital Ltd. and Japanese biotech stock PeptiDream Inc. Short sellers seek to benefit from a decline in a company’s share price.

Shetty founded NMC in 1975 after moving to Abu Dhabi from his native India. He created Finablr two years ago to consolidate his financial brands before listing it on the London Stock Exchange in 2019.

Block said he didn’t anticipate NMC’s shareholding drama.

“I wouldn’t have been able to predict that we’d get these bizarre disclosures about unclear share ownership coming out of the company,” he said in a Feb. 13 phone interview. “This has been obviously a more dramatic unraveling than we usually see.”

Bengaluru, Jun 30: In an attempt to tackle unemployment amidst covid-19 crisis, the Karnataka state government has launched a job portal connecting employers and job seekers.

The portal, 'Skill connect' ( https://skillconnect.kaushalkar.com/ ) provides region-wise and sector-wise job listings. An interested candidate can register on the portal and either apply for jobs or can also seek skill training. 

As on Monday, the portal has 25 registered companies with over 2000 jobs available in various sectors. 

The portal works more or less on similar lines as that of any private job portal, except that those posting jobs and candidates searching for employment will have to register with the Skill Development Department. 

Launching the portal on Monday, Chief Minister BS Yediyurappa hoped that the portal would provide an impetus to job creation, as well as the economic revival of the state. 

Deputy Chief Minister Dr. C.N. Ashwath Narayan who is also the skill development Minister added, "All these years, there was no information and communication between job seekers and recruiters. This portal will solve that problem."

Also, until now, there hasn't been comprehensive information either on those seeking jobs or those looking for employees. The skill development efforts have not been in sync with the market. All these issues would be addressed by the portal, he said. 

According to Karnataka Skill Development Authority Managing Director Ashwin Gowda, the portal has already seen a response with about 68 applicants in just a day. 

Officials said even the organisations will have to register with the government while providing all documents concerned. The government aims to avoid any fake job advertisements through this. "We will also enable virtual interviews between the candidate and the employer," sources in the department told DH. 

Recently, the government had also launched a portal exclusively for migrants who had returned to Karnataka from other places. This was meant to work as a skill registry.

However, the portal that was launched on Monday, went a step ahead by connecting both the prospective employers and employees, according to officials in the department.

Hubballi, May 14: South Western Railway (SWR) has so far ferried about 54,000 passengers, including migrant workers, students and stranded people to 11 states to reach their home towns by Shramik Special trains.

So far 40 Shramik Specials were run one each from Kabakaputtur in Mysuru and Hubballi and remaining 38 from Chikkabanavara/Malur from Bengaluru area. About 54,000 passengers were ferried to different parts of the country. Maximum Shramik Specials trains train services were run to Lucknow (9) and Danapur (7).

Shramik Specials were run to Bihar (Bakora, Danapur, Baruni, Darbhanga), West Bengal (Purila, Bankura, New Jalpaiguri), Jharkhand (Hatia, Barkakana), Rajasthan (Jaipur, Udaipur), Uttar Pradesh (Lucknow, Gorakhpur), Orissa (Bhubaneswar), Madhya Pradesh (Gwalior), Uttarakhand (Haridwar), Himachal Pradesh (Una), Tripura (Agartala) and Jammu and Kashmir (Udhampur).

SWR is transporting passengers to their destination as per the demand of the State Government with proper protocol and the receiving State Government is ready to accept them.