Don’t believe rumours about EVMs: Election Commission tells voters

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 14: Bengaluru Police on Friday said that it has busted a gang engaged in e-commerce fraud over the online marketplace who were involved in 200 of the 316 cheating cases registered last year.

"We registered 316 cases for cheating through online marketplaces last year. We have busted a gang operating from Rajasthan's Bharatpur and arrested 5 people. They are responsible for 200 out of 316 cases. We are questioning the accused," Bhaskar Rao, Commissioner of Police, Bengaluru told reporters here.

Explaining their modus operandi, the Police Commissioner said, "There were fictitious buyers and sellers on the online marketplace. These people used to call up prospective buyers and sellers. The products that were shown were two-wheelers, four-wheelers, electronic items and furniture."

"People used to send their money to these fraudsters using their QR code. The fraudsters were operating from Bharatpur in Rajasthan. A police team of 15 was sent to the place from where they were operating. Rajasthan police gave us full cooperation and we were able to arrest five persons," he added.

Rao said that these fraudsters had an idea about the loopholes in the e-commerce sector and exploited them.
"Some of those arrested were employed in the e-commerce and banking business and they had an idea about the loopholes in this sector," he said.

"We warn the citizens to ensure that they verify the antecedents of the buyers and sellers in this sector before spending money on these platforms," he added.

In Minneapolis, US an African American, George Floyd lost his life as the white policeman, Derek Chauvin, caught hold of him and put his knee on his neck. This is a technique developed by Israel police. For nine long minutes the knee of the while policeman was on the neck of George, who kept shouting, I can’t breathe.

Following this gruesome murder America erupted with protests, ‘Black lives matter’. The protestors were not just African Americans but also a large section of whites. Within US one police Chief apologized for the act of this. In a touching gesture of apology the police force came on its knees. This had reverberations in different parts of the World.

The act was the outcome of the remnants of the racial hatred against blacks by the whites. It is the hatred and the perceptions which are the roots of such acts of violence. What was also touching that the state of democracy in US is so deep that even the police apologized, the nation, whites and blacks, stood up as a sensitive collective against this violence.

US is not the only country where the brutal acts of violence torment the marginalized sections of society. In India there is a list of dalits, minorities and adivasis who are regularly subjected to such acts. But the reaction is very different. We have witnessed the case of Tabrez Ansari, who was tied to the pole by the mob and beaten ruthlessly. When he was taken to police station, police took enough time to take him to hospital and Tabrez died.

Mohsin Sheikh, a Pune techie was murdered by Hindu Rashtra Sena mob, the day Modi came to power in 2014. Afrazul was killed by Shambhulal Regar, videotaped the act released on social media. Regar believed that Muslims are indulging in love Jihad, so deserve such a fate. Mohammad Akhlaq is one among many names who were mob lynched on the issue of beef cow. The list can fill pages after pages.

Recently a young dalit boy was shot dead for the crime of entering a temple. In Una four dalits were stripped above waste and beaten mercilessly. Commenting on this act the Union Minister Ramvilas Paswan commented that it is a minor incident. Again the list of atrocities against dalits is long enough. The question is what Paswan is saying is the typical response to such gruesome murders and tortures. In US loss of one black life, created the democratic and humane response. In India there is a general silence in response to these atrocities. Some times after a good lapse of time, the Prime Minister will utter, ‘Mother Bharati has lost a son’. Most of the time victim is blamed. Some social groups raise their voice in some fora but by and large the deafening silence from the country is the norm.

India is regarded as the largest democracy. Democracy is the rule of law, and the ground on which the injustices are opposed. In America though the present President is insensitive person, but its institutions and processes of democratic articulations are strong. The institutions have deepened their roots and though prejudices may be guiding the actions of some of the officers like the killer of George, there are also police officers who can tell their President to shut up if he has nothing meaningful to say on the issue. The prejudices against Blacks may be prevalent and deep in character, still there are large average sections of society, who on the principles of ‘Black lives matter’. There are large sections of vocal population who can protest the violation of basic norms of democracy and humanism.

In India by contrast there are multiple reasons as to why the lives of Tabrez Ansari, Mohammad Akhlaq, Una dalit victims and their likes don’t matter. Though we claim that we are a democracy, insensitivity to injustices is on the rise. The strong propaganda against the people from margins has become so vicious during last few decades that any violence against them has become sort of a new normal. The large populace, though disturbed by such brutalities, is also fed the strong dose of biases against the victims. The communal forces have a great command over effective section of media and large section of social media, which generates Hate against these disadvantaged groups, thereby the response is muted, if at all.

As such also the process of deepening of our democracy has been weak. Democracy is a dynamic process; it’s not a fixed entity. Decades ago workers and dalits could protest for their rights. Now even if peasants make strong protests, dominant media presents it as blocking of traffic! How the roots of democracy are eroded and are visible in the form where the criticism of the ruling dispensation is labelled as anti National..

Our institutions have been eroded over a period of time, and these institutions coming to the rescue of the marginalized sections have been now become unthinkable. The outreach of communal, divisive ideology, the ideology which looks down on minorities, dalits and Adivasis has risen by leaps and bounds.

The democracy in India is gradually being turned in to a hollow shell, the rule of law being converted in to rule of an ideology, which does not have faith in Indian Constitution, which looks down upon pluralism and diversity of this country, which is more concerned for the privileges of the upper caste, rich and affluent. The crux of the matter is the weak nature of democracy, which was on way to become strong, but from decades of 1980s, as emotive issues took over, the strength of democracy started dwindling, and that’s when the murders of the types of George Floyd, become passé. One does complement the deeper roots of American democracy and its ability to protect the democratic institutions, which is not the case in India, where protests of the type, which were witnessed after George Floyd’s murder may be unthinkable, at least in the present times.