People of Bantwal will make you MLA once again: Poojary tells Ramanath Rai

Kalaburagi, Mar 5: Kalaburagi Police has issued a second notice to AIMIM leader Waris Pathan, for his controversial remark, directing him to appear before the Investigation Officer on March 8 and give his statement.

Earlier, Kalaburagi Police Commissioner MM Nagaraj said that the police had served notice to Pathan and asked him to appear on February 29 before Investigation Officer.

On February 20, while addressing an anti-CAA rally at Kalaburagi, Pathan had said, "time has now come for us to unite and achieve freedom. Remember we are 15 crore but can dominate over 100 crores."

However, Pathan later took back his words and had said he had not targeted any community but had spoken against members of some organisations.

"If any of my words have hurt someone, I take them back as I am a true Indian," he had said.

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.”

Bengaluru, Jan 6: Cab aggregators are once again in news for the wrong reasons after an Ola cab driver misbehaved with a 34-year-old woman passenger and even threatened to kill her when she raised an alarm.

But what followed was worse. The woman, a software engineer, immediately called the Ola emergency number following which they asked her to check if the driver was drunk. She later pressed the emergency button on the Ola app but received a message asking her to dial 100. After the aggregator failed to help her, she said she was lucky to be saved by the public.

Reacting to the incident, an Ola spokesperson said, “We regret the unfortunate incident and have immediately terminated the driver-partner from the platform upon receiving the complaint.”

Shruthi G (name changed), an employee at a software company at Bagmane Tech Park in Mahadevapura, booked an Ola cab after her work in the evening of January 3. She booked pick-up stops at two locations as she had to pick her four-year-old daughter from the day-care centre, which is 2 km away from her house.

However, around 6.22 pm, when the cab reached Malleshpalya near Kids Castle, the driver did not stop the vehicle. He asked her to get down at the last drop location. She told him to stop and tried to open the doors but he locked the doors, insisting that she sit in the car. When she resisted, he held her hands and abused her; he even threatened to kill her if she raised an alarm.

The victim said she pressed the emergency button on the app twice but only got a message advising her to call the police.

When she called the Ola emergency number, the person at the other end asked about her condition and to check whether the driver was drunk. They called back after one-and-a-half hours when she was filing a complaint at the police station.

“Ola did not make any efforts to reach out to the police or do anything to track my location and help me in that situation,” she said.

The victim called 100 and the staffer at the control room asked her which area she was in. Since she was familiar with the area, Shruthi was able to give her location.

“First they told me that the area comes under Baiyappanahalli. Later, they said it comes under HAL. Finally, they figured out the location. It took 20 minutes for the police to reach the spot,” she said.

What saved Shruti was her sheer instinct and luck. Alone in the cab, she started raising an alarm. Luckily, commuters in the other vehicles next to the cab noticed her screaming for help and stopped the driver.

“If this is the kind of security Ola provides its customer, it is very questionable,” she said. “If we have to really call the police during an emergency then why they put out the number and emergency button, it’s a waste of time during that crucial situation. If they directly told us to dial 100 during an emergency, it will save time. Lakhs of commuters take Ola cabs thinking it is safe but they have no mechanism to check their drivers and track their customers in danger.”

Baiyappanahalli police said the accused Bhimashankar Malged was arrested and remanded in judicial custody following the complaint.