Dakshina Kannada judge hasn't voted for last 32 years due to poll time transfers

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, Jul 15: Karnataka Pradesh Congress Committee President D K Shivakumar on Tuesday alleged Chief Minister B S Yediyurappa led state government of corruption and said it had not spared even beds and pillows meant for COVID-19 patients to make "corrupt" money.

Taking to microblogging site Twitter, Congress leader said BJP government will be exposed in the coming days.

"It is nauseating that @BSYBJP govt has not even spared the beds and pillows meant for CoVid patients to make corrupt money from. There are many such scams involving ministers. Evidences about them will be placed before people and the BJP Govt will be exposed in the coming days," he tweeted.

Cabinet minister Jagadish Shettar on Monday announced a complete lockdown in Karnataka's Dharwad area from 10 am on July 15 to 8 pm on July 24 in a bid to control the rising number of COVID-19 cases.

According to the State's health department, Karnataka has a total of 41,581 positive cases so far, including 24,572 active cases and 16,248 recoveries.

So far, 757 people have lost their lives to coronavirus in the State.

Kalaburgi, Jan 2: At least 10 students sustained injuries when a private bus carrying students of a school on an educational tour rammed into a tree today morning.

The mishap occurred when the students of Ayyappa School located in Chennaveera Nagar were going around the city in a bus during their tour.

The bus crashed into a tree near Venkatagiri Hotel on New Jewargi Road in the city.

A case has been registered at a traffic police station.