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.
Comments
RIKAZ,
Already done, i have done my computer course.
And what do you think, how i am replying to you, its through computer.
Satyameva jayate.
You have a sick mind. Just read what you have written.
I dont think you will understand anything if i reply.
If you are so concerned about kashmir or china, pls go ahead and do it yourself dont give advise to others.
PONDER, have u read properly, now here it is,
Rigveda 10/85/13- cows are slaughterd.. is misconception. The actual meaning is The word used for sun-rays is \GO\" which also means cow and hence a mantra can also be translated by making 'COW\" and not sun-rays as subject.the word WEAKENED is \"Hanyate\" which can also mean killing. The mantra states the rays get weakened in winter and get strong again in spring. How can cow that get killed in winter gain strength in spring. This proves that the reader of the vedas should have good intelligence and wisdom to understand. Otherwise people will misunderstand just like you did. Same for all other points you mentioned."
SURESH U need to do some homework, not to reply but to UNDERSTAND... please go thru below verses from your scriptures specially the last one.
Maharishi Yagyavalkya says in Shapath Brahmin (3/1/2/21) that : I EAT BEEF cos it is very soft and delicious.
Apastamb Grihsutram (1/3/10) says : The COW should be slaughtered on the arrival of Guest, on the occasion of Shraddha of ancestors and on the occasion of Marriage.
RIGVEDA (10/85/13) declares On the occasion of a girl's marriage Oxen and COWS are Slaughtered
RIGVED (6/17/1) STATES the INDRA used to EAT the meat of COW, calf, horse and buffalo.
Vashista Dharmasutra (11/34) writes, If a BRAHMIN refuses to EAT a meat offered to him on the occasion of SHRADDHA or worship HE GOES to HELL>
Suresh, you need to learn some logic.....I suggest you to join some computer programming course....
Suresh........how many cows you have at home...as per your comments also send some cows to borders of Kashmir and China...some to clean gangas and others RSS bhakta to bring go moorhra to wash their sick minds......
Which century are you living in......and where did you get your GO history from...
Rikaz,
What i have mentioned one full paragraph is fact.
what you are saying is called illusion (maya)
You will never understand that.
Just like a blind cannot see the world around him, same way you cannot understand Maya (illusion) ignorance. You have to rise high from Kg class teaching.
Mr. Suresh, its a fact man, you like it or not....I know very well that you know it...but you don't want to admit it.....right....
Rikaz,
Your are a really a funny man and your comments are so immatured.
I dont understand, Whats is wrong and what is supersition.
I am not supporting the beating of people, its wrong,
I was just giving the importance of cow for Hindus.
Suresh, you are still believing in superstition in this 21st century, so sad!
Tell us how many houses have been ruined because of your theory...none...
All rivers were flowing in same place....no body done anything for it....its natures creation.....totally rubbish....
cow is a kind of animals....its not a god...it cannot save itself from any disaster....you and your own people don't care them at all, you will find a lot of them in the road sides like orphans...no one put any grass on it....instead it eats plastic and sometime later dies....reason you don't care them and don't put any food for it....common its your god man treat it nicely....
Once Gautam Maharishi was meditating and a holy cow maya denu entered his abode and started spoiling the rice in his farm. Knowing cow shall not be treated harshly he put the Darba grass on the cow and to his surprise the cow fell dead. The other rishis present said that Gautam maharishi has done a Gau hatya a grave sin. To atone the sin of Go hatya, (killing a sacred cow), he went to Nasik & did severe Tapas to lord Shiva at Trimbakeshwar on advise of other rishis. When lord shiva was pleased with his Tapas, Gautam rishi requested lord shiva to release him from the sin by making the river Ganga flow over the dead cow. Thus Lord shiva diverted the river Ganga to flow over the cow. Thus River Go-davari was born in Nashik and merge with bay of bengal.
Cow is so holy that, if you build your house on the plot of land where cows put their holy feet for grazing, or where there was a cow shed, building a house in such a plot is very very auspicious.
After a house in built the first day of house warming cermony a holy cow is first made to enter the house in this way all the evil and negative energy in the newly built house is cleared off.
If a person is suffering badly in health or work front they are advised to feed cows, by doing this the creator is satisfied and he relieves the person from his sufferings.
Cow- urine or Go-mutra is so auspicious that if you sprinkle it on the possessed people, or inauspicious places where there is negative energies accumulated, the place becomes pure and positive again.
1857 first war of Independence broke out - cow was the reason.
This cow story made citizens sick and tired....there is no god in cow or any animal kind....what the hell these vigilantes doing around....if dalits want to live peacefully they should convert to Islam....that is where they get their due respect from society....In Islam there wont be any upper caste and lower caste....they will be treated properly with respect in the society....
Its a BIG INSULT to the PM ...
Cheddi gangs ignored .... him badly.
The PM should show his power to stop it rather than saying killing me before killing the dalits...
He said, Fake Gau Rakshaks are dividing the nation,
Then what the real Gau Rakshaks are doing??????
He further says, \Hit me and do not hit Dalits\", means he can not control those who want to HIT????
Why is he concerned about Dalits when other communities also have been terrorized by so called Gau Rakshaks? Others are not humans or Indians? Or he is only concerned about \"Vote Bank\"???"
Add new comment