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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.

Bengaluru, Feb 24: Wanted gangster Ravi Poojary, who was arrested in South Africa and brought to India, was on Monday sent to police custody till March 7 by a Bengaluru court.

First Additional City Magistrate V Jagdish, while sending Pujari to police custody, said that there should be no interference in the investigations.

The court also asked the police to record video and audio of the interrogation process.

Poojary, who was wanted in over 200 cases of serious crime including murder and extortion, was brought to India by a team of senior officials and arrived at the Kempegowda International Airport here.

Pujari was extradited from Senegal on February 22 pursuant to an extradition request made by India in early 2019.

"He is physically fit. Questioning will begin from tomorrow. He is supporting our investigation and answering questions," Additional Director-General of Police Amar Kumar Pandey told reporters here earlier today.

Poojary, who parted ways with underworld don Chhota Rajan had jumped bail after he was arrested in Senegal in 2019 and had escaped to South Africa, where he was involved in drug trafficking and extortion.

According to sources in the Indian intelligence, Ravi Pujari was hiding with a false identity of Anthony Fernandes, a Burkina Faso passport holder, in a remote village in South Africa.

Bengaluru, Feb 8: The Department of Religious Endowments in Karnataka will undertake 'Ratha Yatras' in 110 major temples of the state, in order to inform the public about mass marriages, scheduled to be held on April 26.

The publicity campaign through Rath Yatra will be flagged off from Mookambika temple in Kollur of Udupi district from February 13.

The mass marriage programme 'Saptapadi,' would be held in 100 major temples of Muzrai department. The second phase would be held on May 24, Minister for Ports, Fisheries and Muzrai Kota Srinivas Poojary told newspersons here on Friday.