Sullia: Congress leader Ismail murdered while returning from Friday prayer

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, Mar 6: PVR Cinemas on Friday launched its five-screen multiplex in here, augmenting its presence in Karnataka across 15 properties to 103 screens and to 46 properties and 286 screens in southern India.

With this opening, PVR consolidates its growth momentum in the current financial year 2019-20, so far opening 83 screens in the year and bringing its portfolio to 841 screens at 176 properties in 71 cities.

"We feel proud to cross the 100 screens milestone in the state of Karnataka at the very beginning of the year," said Joint Managing Director Sanjeev Kumar Bijli.

"Southern India has a strong market with significant growth potential. In Bengaluru, we have introduced some of our best formats and offerings owing to the nature of preferences by our customers," he said in a statement.

Pramod Arora, Chief Growth and Strategy Officer at PVR Ltd, said the company will continue to enhance the consumer experience through innovation and set new benchmarks in the Indian multiplex industry.

PVR is the largest and the most premium film exhibition company in India, serving over 100 million patrons annually. 

Bengaluru, May 12: Former chief minister and senior Congress leader Siddaramaiah on Tuesday said that the Central and Karnataka government have failed in containing the coronavirus spread despite having enough time for preparations.

"Central and state government failed in properly controlling COVID-19. The first coronavirus case was reported in Kerala on January 30. Lockdown was imposed on March 24. Both Centre and state had enough time for preparations," Siddaramaiah said in a press meet here.

He said that the Central government did not stop the airline services on time.

"Karnataka government might have been able to stop COVID-19 properly. However, both the state and central government are playing politics over the issue and blaming Tablighi Jamaat for the spread, which is a political strategy painted by the RSS," Siddaramaiah said.

"Who gave the licence to Tablighi's international convention? Who gave them permission in Delhi? They didn't control it. Central government is directly responsible for the increasing numbers of COVID-19 cases in India," he added.

Siddaramaiah said that the lockdown was imposed without any preparation, which he said caused huge problems for the migrant workers across the country.

"Now, the government is collecting ticket fare and looting migrant workers. They don't have jobs or food, they don't have money, and they earn every day to survive. How will they pay for the tickets? Why the government is not arranging for free trains?" the Congress leader said.

He said that around Rs 35,000 crore have been credited to PM CARES fund, Rs 3,000 crore of which was credited from Karnataka alone. "Why are they not using that money?" he asked.

Siddaramaiah said that the party is demanding for the Centre to arrange for migrant workers to return to their native places across the country free of cost.

"We asked Chief Minister to call an all party meeting. We gave many suggestions, which this government did not consider. We also took a delegation and gave a memorandum about farmers, daily wage workers, road side vendors, barbers, problems faced by the unorganized sector. But this government didn't consider any of it," he said.

Questioning the Central government's suggestion to States to amend their Agricultural Produce Market Committee (APMC) Acts, Siddaramaiah said that the move is against the federal system of the country and claimed that it harms the interests of small scale farmers.

He said that the BJP-led state government has also decided to postpone the Gram panchayat elections in the state and is trying to nominate their party workers for village panchayat elections.

"The Government must continue with the present members of the Gram panchayat. If BJP tries to nominate their party members to village panchayats, we will take to streets to protest despite the lockdown," Siddaramaiah added.