Blow to Modi govt as Interpol gives clean chit to Dr Zakir Naik, cancels red corner notice

New Delhi, Feb 3: BJP MP Anantkumar Hegde's swipe at Mahatma Gandhi has irked the top party leadership and he may be forced to apologise, party sources said on Monday.

A senior BJP leader said the Karnataka leader's comments were "condemnable" and the party leadership is upset with him.

"The party has conveyed its displeasure to him and asked him to take remedial measure. Any insult to Mahatma Gandhi is unacceptable," he said.

Hegde, a former Union minister, reportedly claimed at an event in Bangaluru that the entire freedom movement was staged with the consent and support of the British, and the independence movement led by Gandhi was a "drama".

He also wondered why the Father of the Nation was called 'Mahatma' (a great soul).

The party leader said the Lok Sabha MP is a "disciplined" member of the party and will do what he has been asked to.

Hegde, known for hardline Hindutva leanings, has a history of making controversial remarks.

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.”

We, the undersigned express our solidarity with Dr Zafarul Islam Khan, renowned scholar, journalist and presently Chairman of the Delhi Minorities Commission.

We strongly condemn the continued media trial and targeting of Dr Zafarul Islam Khan for his Facebook post thanking Kuwait for expressing solidarity with Indian Muslims. In his Facebook post, he mentioned the appalling deterioration of human rights of Indian Muslims who have been targeted by Hindutva bigots. A few politicians with ulterior motives and news channel anchors known for spreading bigotry and Islamophobia have mischievously sought to misinterpret his statement and ridiculously label him as anti-Hindu and anti-India.

He has only reiterated what many citizens of India, public figures, international institutions, various European governments, the United States of America and United Nations human rights mechanisms have repeatedly underlined their concern at the increasing human rights abuse and violations of religious minorities in India.

Dr Zafarul Islam Khan is a man of integrity. He is a scholar who is known to stand up for constitutional freedoms and values.

His work as the Chairman of Delhi Minorities Commission has been warmly applauded by human rights activists and NGOs across different faiths. His timely interventions on problems of minorities in Delhi have made him a respectable figure among not only Muslims but Sikh, Christians, Jains and Parsis. He is a humanist in the truest sense of the word.

The hateful propaganda against Dr Khan is one more illustration as how certain Indians fail to differentiate between Hinduism, a religion and Hindutva which is a supremacist political ideology.

Dr Zafarul Islam Khan is a leading Indian intellectual whose niche area is Islamic studies and Arab world. He enjoys great respect in the Arab and Muslim world for his understanding and knowledge. He is an alumni of the esteemed Jamia Al-Azhar and Manchester University.

Dr Khan is known for taking bold public positions. He was the first Muslim scholar in the world who denounced ISIL, which later became IS or ISIS. He issued a statement opposing the barbaric crimes of ISIL (IS or ISIS) and Boko Haram against minorities. He takes strong stands against extremism of all sorts. That makes him a prominent critic of RSS.

Dr Khan is a scholar ambassador and earned international prestige for the India. Any attack and targeting of him, is actually an insult to Indian constitution and ethos.

We demand the appropriate authorities of the Government of India take strong legal action against those who are distorting Dr Khan’s Facebook post, and spreading vicious false propaganda against him.

Signed by:

Swami Agnivesh

Mohammad Adeeb
Arun Kumar (Prof)

Zafar Jung

Kamal Faruqui

Annie Namala

Kavita Krishnan

Subhash Gatade

Jawed Naqvi

Indu Pratap Singh

Avinash Kumar

Iftikhar Gilani

Anil Chamadia

Xavier Dias

Denzil Fernandes (Dr)

Irfan Engineer

Faisal Khan

John Dayal (Dr)

Mujtaba Farooque

Ravi Nair

Abubakr Sabbaq (Adv)

Gopal Menon

Bilal Khan

Ashok Choudhury

Jaffer Latief Najar

Mujahid Nafis

Aseem Sundan

Poojan Sahil

Ankur Otto

Mariya Salim

Tanweer Alam

Juned Khan

E M Abdul Rahiman

Aditi Dutta

Devika Prasad

Ameeque Jamei

Suhaib Ansari

Gurminder Singh

A C Michael

Neelima Sharma

Aftab Alam (Dr)

Dhruva Narayan

Syed Saif Ur Rahman

Tanweer Fazal (Dr)

Thouseef Madikeri (Dr)

N.D. Jayaprakash

Salahuddin Ansari

Satyajeet Nambiar

Suhail KK

Abu Sufiyan

Sujata Madhok

Tariq Khan

Violin Mathew Benjamin

Shamsul Islam (Prof)

Sreedhar Ramamurthi

Mohd. Shahid (Prof)

Anand Vivek Taneja (Dr)

Kush Kumar Singh (Dr)

Mangla Verma

Vipul Kumar

Waquar Hasan

Braham Prakash

Abdul Rashid Agwan

Fawaz Shaheen

Guman Singh

Mohammed Hafeez Ulla

Kp Sasi

Mushfique Raza Khan

Partha S Banerjee

Gautam Majumdar

S.Q. Masood

Aiman J Khan

M. K. Faizy

Tasleem Rehmani (Dr)

Mohammed Shafi

Lenin Raghuvanshi (Dr)

Malik Motasim Khan

Kripal Singh Mandloi

Labeed Shafi

Qamar Intakhab

Raees Ahmed Siddiqui

Laeeq Ahmed Khan

Anthony Arulraj

Sadiq Zafar

Biju Gopidasan

George Pulikuthiyil

Mohd Abdullah

Mohd Sorab Hussain

Mukunda Kattel

Sandeep Pendse

Paul Newman

Ovais Sultan Khan