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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.

In the wake of Saudi Arabia's assurance that Masjid al-Haram of Makkah and Masjid an-Nabawi of Madinah will be opened for believers after some days, a message has gone viral on social media claiming that both the holy mosques will open on Ramadan 8 (May 1).

The message which was widely circulated on Facebook and WhatsApp, also contained certain condition such as people should fetch their own prayer mats and that they should not use the washrooms in the mosques. 

Clarification

Meanwhile, the authorities of the two holy mosques, issued a clarification that the claims made in the viral post are false and baseless.

"The message being circulated about the opening date for Haramiain (two holy mosques) for public is completely baseless and false. The suspension of prayers for general public is still in effect," they said in a social media post.

Belgaum: Canon, Epson and Nikon reside in a house named "Click" in Karnataka's Belgaum district.

The newly built house of photographer couple Ravi and Krupa Hongal, which resembles a giant DSLR camera, has not only enamoured locals but has become quite a sensation on social media.

The three-storied camera-shaped house located in Shastri Nagar is an expression of passion and love for the art of photography of the couple whose children- three boys- have all been named after the iconic camera brands.

Their names ''Canon'', ''Epson'' and ''Nikon'' feature prominently on the house whose exterior resembles a camera. Just like a camera, the building has a glass window shaped as a viewfinder and another as a lens. It sports a wide film strip, a flash and even a memory card.

The walls of the house walls and its interior have graphics related to photography.

"I have been photographing since 1986. Building this house is like a dream come true. We also named our 3 children-Canon, Nikon and Epson. These all are three camera names. I love the camera and hence named them on camera companies name. My family were opposed to it, but we remain adamant," photographer Ravi told media persons.

Karnataka: A photographer couple, Krupa Hongal&Ravi Hongal, has built a camera-shaped house in Belgaum. Krupa (pic3) says,"It's a dream come true. We also named our 3 children-Canon,Nikon&Epson." Ravi (pic4) says,"We borrowed money for it&also sold our previous house."(14.07.20) pic.twitter.com/8Mkh1JOUk1

— ANI (@ANI) July 14, 2020
The photographer says the couple had to borrow money from relatives and friend for constructing the house. "We also sold our previous house to build this house," he added.

Krupa said that it was their cherished dream to build a house like a camera.

"My husband is a photographer. It was our dream to build a house like a camera. We planned and built this house. We feel like we are living inside a different world, inside a camera. I am very proud of my husband," she said.

Canon, their elder child said, "My friends used to ask me whether it was my real name. Now, I tell them yes, photography is my father's passion and hence he named me Canon."

On social media, the picture of the unique shaped house has been shared widely.

"This is called love for the passion," said one user on Twitter.

Another user commented: "A camera-obsessed photographer from India builds a camera-shaped house! 49-year-old Ravi Hongal has spent over $95,000 building the 3-story house, which looks like a camera in the town of Belgaum in India."

The family seems to be indeed living a picture-perfect dream.