Mangaluru: BJP minority leader detained as cops tighten security for Tipu Jayanti

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, Apr 14: Bracing for post-lockdown hard times, the Karnataka government on Monday decided to auction about 12,000 BDA sites and regularise unauthorised constructions across the state in a bid to shore up its already-thin finances.

"Some 12,000 corner sites (developed by Bangalore Development Authority, or BDA) are lying idle in Bengaluru. We hope to net about Rs 15,000 crore from the auction of the sites," chief minister BS Yediyurappa said after chairing a meeting with senior ministers and officials to discuss ways to raise funds.

"The Covid-19 pandemic has thrown Karnataka into a deep financial crisis. There's a need for such measures," the chief minister said in defence of the decisions.

The sites – mainly of 40x60ft and 50x80ft dimensions – are in nine layouts. Also, the state government will auction corner and vacant sites in layouts formed by development authorities in other major cities of Karnataka.

Industry experts said that in a tepid market, it wasn’t easy to find buyers for the sites, each of which costs about Rs 1 crore. The CM said, “Since it’s an open auction, I’m confident of a good price since corner sites are always in demand. If we don’t get the expected price, then we will stop the process.”

The meeting decided to fast-track disposal of the cases related to regularisation of unauthorised constructions pending before courts. “If courts decide these cases, then thousands of people will be relieved, besides helping the government in mobilising resources to take up development works,” the CM said.

The government hopes to get about Rs 4,000 crore from the layout-regularisation move.
The government decided to amend the law to allow hundreds of private and cooperative housing societies to allot residential plots.

Bengaluru, Mar 30: The coronavirus scare has taken a toll on the poultry industry in Karnataka with many poultry farm owners culling the birds, insiders in the poultry industry said.

At least one lakh birds have been culled in the last one week, the sources said.

Ever since the news spread about novel coronavirus spreading rapidly, the poultry industry started feeling the heat.

The lockdown spelt further trouble for the industry with reduced business compelling farm owners to go in for the culling.

According to Muddukrishna of C N Nischchith Enterprises, a live chicken dealer in Bengaluru, the culling had taken place in Shivamogga, Kolar and other places.

"There is a drastic decline in business. There are neither customers nor enough supply of birds for sale. We are badly hit. There are many poultry farm owners who have incurred tremendous loss due to the lockdown," Muddukrishna told news agency.

Another major poultry industry owner, having his farms in Channapatna, Ramanagar, Anekal and surrounding places, said he had to get rid of at least 4,000 birds in each of these farms.

"This is not restricted to me alone. There are about 64 major poultry industries who have gone for the drastic measure of culling," said the farm owner.

He said in the last one week, at least one lakh birds have been culled as it was hard for them to maintain them.

"Each bird needs at least a kilogram of grains in three days to eat whereas each kg of poultry food costs about Rs 32. We have about two lakh birds in our farm. How can we maintain if there is no business," rued the poultry farm owner.

The industry has suffered a double whammy.

People gave up eating chicken following rumours that the novel coronavirus COVID-19 is similar to SARS, another virus.

Further, the lockdown has blocked the transportation of these birds, he added.

According to the farm owner, in the last one month, he had suffered a loss of around Rs 15 lakh and if the situation continues for the next three months, his condition would be beyond imagination.

Muddukrishna said the poultry farm association had given a memorandum to the animal husbandry and fisheries department seeking direction on the transportation of these birds.

Accordingly, the secretary in the department of Animal Husbandry and Fisheries A B Ibrahim issued a circular to all the city police commissioners, deputy commissioners of the district, superintendent of police and the CEO of Zilla Panchayath on Friday that the animal husbandry services have been declared as essential services.

Ibrahim said in his circular that the production of chicken birds, sheep, goat, pigs, etc in the farm and their transportation, manufacturing feed, liquid nitrogen meant for veterinary use and other items related to the Animal Husbandry should be permitted.

"Despite the order, our vehicles are stopped and drivers are harassed," alleged Muddukrishna.