Cong govt too indulged in illegal mining, MML sold iron ore worth Rs 5000 cr illegally: HDK

New Delhi, Jul 22: Sir Philip Barton visited Bengaluru on Tuesday in the first of the series of virtual regional visits as the UK's new High Commissioner and called Chief Minister BS Yeddyurappa, business leaders, and startup community to pitch for new momentum in the already strong UK-Karnataka relationship.

During his virtual call, High Commissioner Barton got a 'real' taste of Bengaluru through a traditional Masala Dosa delivered to his residence in Delhi along with authentic south Indian filter coffee, which he relished over a chat with historian and commentator Ramachandra Guha. They discussed the unique UK-India "living bridge" across culture and cuisine, history and heritage, and sports and science.

Both Yeddyurappa and the British envoy restated their commitment to working together on the immediate challenges of Covid-19 and beyond.

Barton subsequently 'traveled' to Electronics City, where he met with a range of key business leaders to discuss deepening the UK-India tech partnership and opportunities for global investors in the UK.

Barton also met with a group of entrepreneurs, business founders and innovators, who were part of the first GoGlobal UK cohort to explore the dynamic UK market considered one of the best ecosystems for startups in the world. 

They had earlier attended a week-long boot-camp in London and Manchester in December 2019 that helped them bolster their business skills, build links with UK's thriving digital sector, and paved the way for future partnerships.

"I am delighted to make my first regional virtual visit to Bengaluru, the technology hub of India. My visit comes at a difficult time for everyone. So it is also a time when the excellent collaboration between the UK and Karnataka across technology and healthcare could not be important," Barton said.

"Making the most of those close links, and drawing on the great energy, innovation and entrepreneurship that Karnataka is famous for, will be central to ensuring we all recover from Covid-19 stronger than ever," he added.

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.”

Kalaburagi, Feb 27: Kalaburagi police has issued notice to AIMIM leader Waris Pathan to appear before the investigation officer to give his statement in connection to the controversial statement that he recently made during an anti-CAA rally.

"We have already served notice to appear and the date is 29th. He is supposed to give his statement. Some people have already recorded their statements," said Kalaburagi Police Commissioner MM Nagaraj.

Recently while addressing an anti-CAA rally in Kalaburagi, the AIMIM leader had said: "Time has now come for us to unite and achieve freedom. Remember we are 15 crores but can dominate over 100 crores."