Embarrassed B R Shetty helplessly resigns from Abu Dhabi’s ailing NMC Health

News Network
February 17, 2020

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.

Comments

sunita kejriwal
 - 
Monday, 17 Feb 2020

BRS could not fool all the people all the time!

 

Bhakth
 - 
Monday, 17 Feb 2020

Illegal way of earning will not last for long. 

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Ram Puniyani
February 13,2020

Forthcoming Census and RSS campaign

Currently massive protests are going on against NPR, NCR and CAA. At the same time we are going to begin the process of decadal census in 2021. Already RSS is active in promoting NPR, NCR and CAA. At the same time RSS wants that Adivasis should register themselves as Hindus rather than ticking the column of ‘Others’. As per their spokesperson in the 2011 census many Adivasis groups ticked that column because of which the population of Hindus came down to by 0.7 percent point to come down to 79.8 %. This has sent signals to this Hindu nationalist organization and is planning to ensures that Adivasis tick the column of Hindus in this census.

As such RSS has a very clever attitude in defining the term Hindu. The first formulation was by Savakakar who said that all those who regard the land east of Indus as their Holy land and Father land are Hindus. This left out Muslims and Christians, and brought all others in the ambit of Hindu fold. From the decade of 1980s due to electoral compulsions they have been trying to articulate that all those who are living in India are Hindus. Murli Manohar Joshi stated that Muslims are Ahmadiya Hindus and Christians are Christi Hindus. Recently there was a controversy when they restated that Sikhs are not a separate religion but are a sect of Hinduism. Many Sikh organizations stood up to say that Sikhism is a religion by itself and recalled the book of Kahan Singh Nabha, “Hum Hindu Nahin”

As far as Adivasis are concerned in contrast to what is being planned by Hindu nationalist RSS, many Adivasis groups have been meeting from last couple of years to demand just the contrary. As per them there should be a column where they can tick their identity of Adivasis.  There are active campaigns among Adivasis groups to uphold their Adivasi identity in Census. As per them in the first census which was conducted in Independent India, the column, Aborigines, was there, which was later removed forcing them to club themselves with other religions.

After 1951 in addition to Hindu, Muslim, Sikh, Christian, Jain and Buddha, the column ‘others’ was also there which was removed in 2011. Even during British period if you look at the censuses of the British era (from 1871 to 1931); there was provision for tribes to choose Aborigine as an option. There are nearly 83 religious practices being followed by Adivasis. Few major of these are Sarna, Gondi, Punem, Adi, and Koya. What they share in common is that they are animists, worship nature and spirit of ancestors; do not have priestly class or Holy Scriptures and Gods and Goddesses characteristic of the broad Hindu pantheon.

RSS as per its political agenda of Hindu Nation regards them as Vanvasi. They pontificate that they have been part of Hindu society who were driven away to forests to escape the forcible conversion being done by the Muslim invaders. This concoction is contrary to the interpretations based on the studies from population genetics. The Hindu nationalist argues that Aryans have been the original inhabitants of the country from where they spread to other parts of the World. The book by Tony Joseph, ‘Early Indians’ tells us that away from the race theory, we are all mixed up. The first inhabitants in our land were the ones who emigrated from South Asia over Sixty thousand years ago.

The Indo-Aryans came here nearly three thousand years ago and they pushed the aborigines to the forests and hills and that’s what constitutes the Adivasi community of India.

Hindu Nationalists like all the nationalists who construct their nationalism around their religion claim to be the most original inhabitants of the land, and their interpretations of past are molded according to that. RSS right from beginning has not been using the word Adivasi, it calls them Vanvasi. As per its agenda it wants them to be part of Hindu fold, despite Adivasis themselves saying that they are not Hindus, they have beliefs and practices which are far away from Hinduism in whatever form.

To enhance its political reach from the decades of 1980s in particular its work in Adivasis areas has been intensified. While ‘Vanvasis Kalyan Ashram’, part of RSS Combine which was formed much earlier, it was in the decades of 1980s that their work was jacked up by sending more Pracharaks in Adivasi areas. We see that in Gujarat, Dangs and nearby area, Swami Aseemanand, in MP, centered around Jhabua-the followers of Asaram Bapu and in Orissa Swami Laxmananad stationed them. They saw Christian missionaries working in the field of education and health as an obstacle to Hinduization of Adivasis. Their propaganda against Christian missionaries led to the ghastly murder of Pastor Graham Stains. It was this propaganda which led to anti Christian violence in various forms, the most horrific being the Kandhamal violence of 2008.

In order to culturally co-opt them into the fold of Hinduism they began series of religious congregations, Kumbhs. Shabri Kumbh in Dangs and many other Adivasis predominant areas created an atmosphere of fear, Adivasis were asked to be part of it, saffron flags were distributed and they were made to put it in their houses. Two religious icons were popularized in these areas, one was Shabri and other was Hanuman. To cap it all, Ekal Vidyalayas, started spreading RSS’s interpretation of history in these areas. The other angle of the whole thing is that Adivasis are living in the areas rich in minerals, which the BJP supporter Corporate World wants to take over.

World over aborigines have similar pattern. They are animists and what they practice is a culture as such. Many have converted to other religions out of their choice for sure, but finally in these matters what is important is the self perception. Hemant Soren the Chief Minister of Jharkhand pointed out that “Adivasis are not Hindus. ”Keeping that in mind; the column of Aborigines needs to find its place in our census forms.

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News Network
January 12,2020

Bengaluru, Jan 12: Karnataka’s ranking in Niti Aayog’s sustainable development goals (SDG) index rose by one place to No. 6 in 2019, compared to the year before.

Of the 17 SDGs that are used to compute the overall index, Karnataka topped in two – ‘climate action’ and ‘life on water’. The former is a measure of how well a state integrates climate action into policies and strategies and promote mechanisms for raising capacity for effective climate change planning and management. The latter focuses on preventing marine pollution, ending illegal and destructive fishing practices, and sustainably managing and protecting marine and coastal ecosystems.

It also did well in ‘decent work and economic growth’ and ‘peace, justice and strong institutions’. But it fared poorly, slipping 16 places – from No. 5 in 2018 to No. 21 in 2019 – in ‘industry, innovation and infrastructure’. Rankings in ‘quality education’ and ‘zero hunger’ have also fallen. While in education it is now ranked 7, a drop of three places, in ‘zero hunger’, it has dropped to No. 17 from 13. SDG is a United Nations initiative. Niti Aayog has customised it for India, and 36 states and union territories are ranked. The organisation admits there is an issue of data availability in India, indicating the numbers may not exactly reflect the ground situation.

In ‘industry, innovation and infrastructure, Karnataka scored just 40 out of a target of 100. The country average was 65. It failed to achieve targets in all the four parameters for the category, except in the number of mobile connections, where it has 100 connections per 100 population. The biggest dip was in manufacturing industry jobs and in providing allweather roads under Pradhan Mantri Gram Sadak Yojana to targeted habitats. Niti Ayog has given a score of 0 for the latter. Speaking on the dismal performance in the ‘industry and infrastructure’ category, state planning commission vice-chairman BJ Puttaswamy said he was yet to look into this parameter. “I have asked the departments concerned to meet me by Monday,” he said.

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News Network
July 6,2020

Mandya, Jul 6: Mandya Lok Sabha MP Sumalatha Ambarish tested positive for COVID-19 on Monday, July 6. Confirming the same, she tweeted, “It (test result) is positive with very mild symptoms and I have been advised home treatment,” she confirmed.

“I had developed mild symptoms of headache and throat irritation on Saturday, July 4. I decided to get myself tested as I might have been exposed to COVID-19 during the course of my constituency duties and tours. The results arrived today. It is positive with very mild symptoms and I have been advised home treatment,” she said in a tweet.

The MP sad she was going through the prescribed treatment as per her doctor’s instructions. “By God’s grace, my immunity level is strong and I am confident that I will soon get through this situation with your support,” she said, adding that she had already given the authorities the details of the persons who she might have come in contact with.

“But I would still urge those who have come in contact with me, if you have any symptoms, to get tested immediately. Let’s win the war against COVID-19,” she further said. Sumalatha had been involved in COVID-19 activities in her constituency which has recently seen a spike in the number of cases.

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