C M Ibrahim seeks Karnataka govt nod for mass Eid-ul-Fitr prayers

Dharwad, Jan 5: Hameed Khan, a noted sitar exponent and descendant of renowned sitarist Ustad Rahimat Khan, passed away at his residence here on Saturday night.

He was 69 and survived by wife Fareeda, son Mohsin Khan (a musician) and daughter Arma Khan (an artist).

Hameed Khan taught sitar at Karnatak University’s college of music and also at the family-run music school ‘Bharateeya Sangeeta Vidyalaya’. Several of his disciples who were foreign nationals helped him establish ‘Kalakeri Sangeet Vidyalaya’ at Kalakeri village near Dharwad, which provides music lessons to the deprived.

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, Jun 25: Former Karnataka chief minister and Janata Dal (Secular) leader HD Kumaraswamy on Wednesday claimed that there are shortage of beds and ventilators to treat COVID-19 patients in the state.

In a series of tweets, he targetted the Karnataka government on COVID-19 management.

"The state government has failed to provide adequate treatment to those infected with corona. There are no beds and no ventilators to treat more than four thousand patients. Self-induced lockdown is the only solution," he tweeted.

In his subsequent tweet, he said, "Residents of the state, including Bangalore, now have only one way to escape from COVID-19. Stay at home and celebrate yourself as a self-proclaimed lockdown. Money is not more important than life. Your life is in your hands now."

In another tweet, former Chief Minister alleged that the government has fixed Rs 10-15,000 per day for COVID-19 treatment in private hospitals.

"The state government is also saying this indirectly. The 'home remedy' in the home is to stay at home and be safe. The government has fixed Rs 10-15,000 per day for the treatment of this infection in private hospitals. How poor can afford it while upper class can't afford," he tweeted.

"If four members of a family infected with corona, the cost of treatment for a 15-day treatment at a private hospital is Rs 5-6 lakh. Where do the poor bring that Much money? We must save our lives while the government is sitting incapable. This is my concern for the people of the state," he said in another tweet.

In a video message that HD Kumaraswamy demanded the state government to give all kinds of safety and security to the students who are writing the SSLC exam tomorrow.
HD Kumaraswamy also urged students to be careful.

About 8,48,203 students will appear in the Secondary School Leaving Certificate (SSLC) examination tomorrow, said Karnataka Health Minister B Sriramulu on Wednesday.