Driver from Dakshina Kannada returns home after Gulf ordeal

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, Jan 23: An alleged low-intensity blast on Wednesday late evening in Shanthinagar left three-time Congress MLA NA Harris and six others with burn injuries. The blast reported at around 8:30 pm during a cultural programme gripped the central parts of Bengaluru in a panic especially after the incident of police recovering a live bomb in Mangaluru airport. 

According to sources in Shanthinagar, MLA Harris was attending the birthday celebrations of MGR organized by the locals close to his residence in Shanthinagar. Following the blast, Harris and a few others who standing close to the MLA sustained burn injuries and rushed to the nearby Philomena Hospital immediately and police officials from both the Ashok Nagar and Vivek Nagar visited the spot. The police officials are yet to confirm whether it was a bomb blast or due to the bursting of loud and powerful crackers. 

Chethan Singh Rathore, DCP (Central) visited the hospital and the blast site. A team of forensic science lab experts have also been summoned to the spot to collect samples for ascertaining the nature of the blast. MLA Harris’s son Mohammed Nalapad who rushed to the hospital along with supporters told media persons that they are completely shocked by the incident. 

“He was sitting on a chair and suddenly something that was hurled at him exploded beneath the chair. He sustained injuries to his leg and brought to the hospital. He is being treated by a team of doctors and other injured supporters are also being attended to by the doctors,” Nalapad said. 

Expressing shock over the incident, he said, “My father has been an MLA for 12-years and nothing of this sort had happened before in the constituency. We have no rivals and my father never had any gunmen. We are all shocked and have complained to the jurisdictional police.” 

Meantime, Dr Shankar Prasad, Medical Director, St Philomena’s Hospital explained that Harris and others are currently being treated for minor injuries. “None of them have any open cut injuries and they are being examined further,” Dr Prasad told DH. 

According to Dr Prasad, Harris had a minor blood clot in his left leg which was possibly due to a hard object hitting him during the blast. “We have taken X-Ray and examining further. At the look of it, it seems like a very minor injury,” he added. 

Bengaluru, Jul 3: The Karnataka government is allowing select asymptomatic and mildly symptomatic Covid-19 patients to recuperate at home as part of home isolation guidelines, an official said on Friday.

"Only those who are asymptomatic or mildly symptomatic shall be allowed to be in isolation at home," said a health official, highlighting that such patients should be properly oriented on home isolation.

However, before home isolation, a health team will visit the patient's house and assess its suitability for executing home isolation.

Similarly, the patient should be provided with a tele-consultation link for initial triage, daily follow up and during the entire home isolation time.

For a daily update, the patient isolated at home should give a report on his health status to the physician or health authorities.

"The home isolation shall be with the knowledge of the family members, neighbours, treating physician and local health authorities," said the official.

Though home isolation is allowed, it is not a blanket permission for all asymptomatic and mildly symptomatic cases in Karnataka to avail.

"Such cases should have the requisite facility at their residence for self-isolation and also for quarantining the family contacts. A care giver should be available to provide care on 24x7 basis," said the official.

Likewise, the caregiver should also have a regular communication link between him and the hospital during the home isolation.

No patient above 50 years will be allowed to avail home isolation.

"If the patient has the following comorbidities: hypertension, diabetes, obesity, thyroid disease, they shall be well managed and under good clinical control as assessed by medical officer," he said.

However, patients with comorbidities such as kidney diseases, dialysis, heart diseases, stroke, tuberculosis, cancer and HIV cannot avail home isolation.

Likewise, immunity compromised patients and those on steroids also cannot be on home isolation.

Though pregnant women are not allowed to avail this facility, lactating women are allowed after due instruction and assessment.

The Health Department has also issued several other guidelines and protocols for a patient choosing home isolation.