Triple talaq is anevil social practice', will end it for sure: Law Minister

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.”

New Delhi, Jan 30: A terrorist opened fire at people peacefully protesting against the contentious citizenship amendment act (CAA) near the Jamia Millia Islamia University in Delhi this afternoon, causing chaos and panic in the area.

One person has been injured. In a video, the terrorist, wearing a black jacket and a pair of white trousers, can be seen walking on a road, waving a gun as he shouts "who wants Azadi, come I'll shoot you. Then he says, "Yeh lo aazadi (here's your freedom)" and opens fire injuring a student in front of police.

A video of the attack that is being shared widely on social media also showed the assailant also shouting the 'Jai Shri Ram' slogan and warning protesters to chant 'Vande Mataram' if they want to stay in India. The injured student, Shadab, was hit by the bullet in his arm and has been admitted to the Holy Family hospital in Jamia Nagar.

His condition is stated to be stable. The incident took place near the hospital when a protest march was being taken out by students. Students said that the attacker tried to hijack the peaceful protest and threatened the anti-CAA agitators.

The shooting comes in the aftermath of communally charged, hateful and violence provoking rhetoric by several BJP leaders in the run-up to the assembly elections in Delhi.

Junior finance minister Anurag Thakur had on Monday led chants of ‘shoot the traitors’ at a poll rally in north Delhi’s Rithala. The minister prompted "desh ke gaddaron ko..." to which the crowd responded "...goli maaro sa***n ko". The chant translates to "shoot down the traitors who betray the country". Protesters against the CAA and the NRC have often been dubbed anti-national by members of the ruling BJP.

After Thakur’s hate speech, a man carrying a gun was also caught at Delhi's Shaheen Bagh, the venue of mega protests. The man had walked into the protest ground and allegedly brandished the weapon till he was overpowered by the surrounding protesters, eyewitnesses said.

Bengaluru, Jun 8: Amid the relaxations in the coronavirus-induced lockdown, wedding planners are adapting to changing times and advancing themselves to provide best possible services to their clients.

Wedding planners come up with new trends. While women are matching their masks to their outfits, men who use turban for a wedding are wearing matching masks with the turbans. People are getting creative at the same time maintaining safety protocols. The live streaming of weddings for those who could not attend the wedding is also becoming a new normal.

Manisha Porwal Chouraria, a wedding planner at Color Palette Productions speaking to news agency said that Post COVID-19, weddings are performed as per the old cultures.

"Wedding Industry has impacted due to lockdown in the wake of COVID-19. Now, the concept of micro-wedding is trending in which you have guests who are close to you. Now, the old culture is back again as people who use to hold a wedding at lavish destinations are getting married in their lawns, farmhouses, terraces. Earlier, people used to get married in their 'Aangan' (Courtyard), people seem to be doing the same now. It is more personalised and expenses have come down, now. People are spending small amounts on decoration," said Chouraria.

"Following government guidelines, we are allowing 50 people at the wedding and not more than that. We are doing live streaming telecast and people can watch the wedding. We are also shipping gift boxes with a letter to 500 people who could not become part of the wedding. In the letter, we are writing that because of norms, you may not be invited but we want something to gift you on our wedding. People are planning to get married now and decide to throw a grand reception after 6 months in the hope that things will get better," she added.

Commenting upon how wedding planners are ensuring social distancing and how the fashion style changed due to pandemic, Chouraria said: "People are using matching masks. If women are wearing silk sarees, they are also wearing silk masks. Men are wearing matching masks with saafa (turban). The entire staff is asked to wear PPE kits. We are giving the guests a healthy kit comprising up of masks, sanitisers, gloves and tissues. We are doing thermal screening of the guests. We are also gifting cuddle curtains, a plastic transparent shield by using which you can touch feet of elders without physically touching them."

Mansi Porwal, Creative Head at Color Palette Productions said that it is becoming a challenging task for creative heads to plan wedding but still they are providing their best to the clients.

"Earlier people used to do theme wedding, big Indian Fat weddings. Now people are wedding with a small gathering. Now, family members are getting time to suggest the wedding planners about themes and the thing they want in their weddings. We are providing the best," she said.

"We have come up with a new theme, 'Har Din Subh hai' which means every day is auspicious. Post COVID-19 people are looking for available dates for the wedding. Now, every day becomes auspicious. This is going to be the new trend," she added.

Another wedding planner, Abhilash of Taarini Weddings said that their company is providing customised masks to guests.

"Earlier we have lots of weddings to cover across the globe. But now, we have less numbers of weddings. Budgets are reduced now. We are happy to start again. We are creating e-invites in which we are sending the guidelines to the guests. We also have a help desk to assist the clients and guests. We are providing the matching masks to the groom and we are also giving customized masks to guests too," he said.

Earlier, Karnataka's Department of Health and Family Welfare Services had issued an advisory for marriages, stating that not more than 50 guests shall be allowed and the consumption of liquor on the occasion will be prohibited.

As per the advisory, anyone found having fever, cold, cough, difficulty in breathing shall not be permitted to attend the event and immediately referred to seek medical advice.

"All persons shall wear face mask compulsorily. All persons shall maintain a physical distance of more than one metre. Hand wash with soap and water shall be provided in washrooms," adds the advisory.