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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News Network
June 4,2020

Jun 4: Belur Mutt, the global headquarters of Ramakrishna Mutt and Ramakrishna Mission, has decided to throw open its gates to the devotees from June 15 after putting in place all safety measures required to contain the spread of COVID-19.

The gates of the sprawling premises of the mutt set up by Swami Vivekananada at Belur near here was closed since the lockdown was announced in March by the Centre. The Mutt has devotees from across the globe.

The secretary of Belur Mutt Ramakrishna Mutt and Ramakrishna Mission, Swami Suvirananda said in a statement that as the easing down of lockdown measures announced by the Centre and the state did not indicate the threat caused by COVID-19 pandemic is over, the authorities thought it prudent to put in place all the measures required before opening the gates of the Mutt and all RKM centres in the country for the scores of devotees.

The statement was issued on June 1, the day religious places of worship were thrown open by the West Bengal government.

"We had to think about both aspects - the issue of public health and also the wish of our devotees for having a darshan of the shrines of Swami Vivekananda, Sri Sarada Maa and Ramamrishna Paramahansa. But we believe spirituality and sceintific temparament must go hand in hand," he told reporters on Thursday.

"Therefore it is imperative for us to consult experts and put in place adequate arrangement and infrastructure" before opening the (Belur Mutt) gates," he said.

The senior monk said the timing of the opening and closure of the shrine and all other details conforming the health protocol and guidelines will be announced before opening date.

The Mutt complex had become totally out of bound for visitors from March 24 when the lockdown was clamped. There was restricted entry to it since May 16.

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coastaldigest.com news network
June 16,2020

New Delhi, Jun 16: The class 10 and 12 students of the CICSE board can choose not to appear for pending board exams and be marked as per their performance in pre-board exams or internal assessment, according to top officials.

The board had also submitted the proposal before the Bombay High Court on Monday in response to a petition filed by a parent seeking directions to the authorities to cancel exams in view of the spike in COVID-19 cases.

According to Gerry Arathoon, Chief Executive and Secretary, Council for the Indian School Certificate Examinations (CISCE), the students will have to communicate their option to their respective schools by June 22.

For latest updates on coronavirus outbreak, click here

The exams which were postponed due to the lockdown to contain the spread of coronavirus, are now scheduled to be conducted from July 1 to 14. However, several parents have been demanding the exams be scrapped.

"The students will be given two options---they either appear for the rescheduled exams or choose to have their results based on their performance in the pre-board exams or internal assessment. The option will be available only for the pending exams, the result of the subjects for which exams were already conducted, will be calculated as per performance in the exam only," Arathoon said.

The board also clarified that the students will not be entitled to make a subject-wise choice between the two options for pending exams.

Unlike the Central Board of Secondary Education (CBSE), which will only be conducting exams in 29 subjects crucial for promotion and admission to higher educational institutions, the CISCE will be conducting all pending exams.

The pending CBSE exams are scheduled from July 1 to 15. The schedule for the board exams has been decided in order to ensure that they are completed before competitive examinations. While the engineering entrance exam JEE-Mains is scheduled to be held from July 18 to 23, the medical entrance exam NEET is scheduled for July 26.

While the CBSE has given the option to not appear for pending board exams for differently-abled students, it has canceled the examinations for its around 250 schools situated abroad and has adopted the criteria of awarding marks on the basis of either practical exams conducted or the internal assessment marks.

Coronavirus India update: State-wise total number of confirmed cases, deaths on June 16

A group of parents has filed a petition in the Supreme Court seeking a direction to the CBSE to declare results on the basis of tests already conducted, and calculate the total on an average basis with internal assessment marks of the remaining subjects.

Universities and schools across the country have been shut since March 16, when the Centre announced a countrywide classroom shut down as part of measures to contain the COVID-19 outbreak. A nationwide lockdown was announced on March 24, which came into effect the next day.

While the government has eased several restrictions, schools and colleges continue to remain closed.

According to Home Ministry guidelines, there will be no exam centres in containment zones.

"Wearing of face masks by teachers, staff and students will be mandatory. There shall be provisions of thermal screening and sanitiser at the centres and social distancing rules will have to be followed at exam centres. Special buses may be arranged by states and UTs for transportation of students to exam centres," the Home Ministry has said.

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News Network
May 2,2020

Bengaluru, May 2: JDS leader and former Karnataka Chief Minister HD Kumaraswamy accused the Mandya district administration of the surge in COVID-19 cases in the district and not quarantining 7,000 labourers who arrived here from Mumbai.

"As we know that 16,000 labourers from Mandya were working in Mumbai, out of which 7,000 people have arrived in the district. However, none of them was quarantined properly which is a violation of COVID-19 lockdown," Kumaraswamy told reporters here on Friday.

He claimed the district administration has shown "gross negligence" in their duty in following the procedure of COVID-19 as "one COVID-19 patient's dead body which was brought here from Mumbai has led to more cases in the district and those who accompanied the body have also tested positive for the virus."

Kumaraswamy appealed to the state government to strictly maintain lockdown norms and do not allow any relaxations in view of the rise in COVID-19 cases, stating that "any kind of relaxation could lead to a huge disaster."

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