Ullal cops remove PFI’s ‘illegal’ banners; ‘Unity March’ venue shifted to Mangaluru

Bengaluru, Jun 11: A love triangle took a violent turn when a final-year engineering student was assaulted by both her current and former lovers. She's now battling for her life in the ICU, police said. 

For the 22-year-old woman, who lives in Sidedahalli, it was a case of fast-changing relationships. She broke up with a fellow student Babith, 21, a few months ago after having dated him for four years. Four months ago, she started seeing another collegemate named Rahul, 22, and everything seemed fine. 

On June 7, she went to Rahul's house, ostensibly for his birthday party, after informing her parents. Babith got wind of it and barged into Rahul's house. The trio got into an argument, and Rahul abused and assaulted her. 

The woman decided to leave him, and went with Babith to his house in Chikkabanavara, North Bengaluru. But things didn't end there. Babith picked an argument with her. Things became so bad that he attacked her with a helmet. 

He then panicked and called her parents, asking them to take her home. When her parents arrived, they found only Babith, his mother and sister in the house. Babith's family directed them to a bedroom where she was lying motionless, with her face being badly wounded. 

When her parents demanded to know what had happened, nobody responded. They took her to a hospital where her condition remains serious. A while later, Babith came to the hospital and gave her parents the key of her scooter. He told them what had happened and allegedly warned them against filing a police complaint. 

Her mother, however, filed a complaint with the jurisdictional Soladevanahalli police. According to her, Babith had fought with her daughter at their house for not taking his phone calls six months ago. 

Shashikumar N, Deputy Commissioner of Police (North), said both the men had been arrested and that further investigations are underway. 

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.”

Mangaluru, May 4: As the coronavirus lockdown norms have been relaxed in the coastal district of Dakshina Kannada, people will be able venture out for essential activities from 7 a.m to 7 p.m.

The lockdown was imposed in the coastal district on March 22 midnight to prevent the spread of Covid-19. Initially it did not apply to essential services such as sale of food, groceries, milk, vegetables, fruits, and meat and fish. Gradually the administration had to intensify the lockdown and allow those shops to remain open between 7 a.m. and 12 noon. However, today (May 4) onwards there will be relaxation of lockdown between 7 am to 7 pm. 

Precautionary measures like maintaining social distancing has been urged and use of face masks has been made mandatory.

Permitted activities

• Permission for plying of auto-rickshaws, cabs, private vehicles and bikes has been given. However only three occupants, including the driver will be allowed and no pillion rule is applicable for two-wheelers.

• OPDs, medical clinics are permitted to operate.

• Standalone shops, shops located in neighbourhood colony, residential complex will be allowed to operate.

• Private organisations can function with 33% staff capacity while allowing work from home for rest of staff.

• E-commerce activities only for essential goods permitted.

• In site construction activities in urban areas, rural areas including MNREGA works.

• Permission is only available to open the shop in the market and in the market complex.

Prohibited activities:

• Movement of individuals is not permitted for all non-essential activities.

• Travel by air, rail and inter-State movement by road.

• Functioning of schools, colleges, and other educational and training/ coaching institutions.

• Hospitality services, including hotels and restaurants.

• Cinema halls, malls, gymnasiums, sports complexes, bars, clubs, swimming pool, entertainment parks, assembly halls, etc; barber shops, spas and salons, textile and apparel(clothes) shops.

• Social, political, cultural, academic, entertainment, religious and other kinds of gatherings; and, religious places/ places of worship for public. 

• Shops in urban and rural areas, for non-essential goods not allowed in malls, markets and Market Complexes.

• All types of traffic movements will be prohibited after evening (7 pm to 7 am)