Embarrassed B R Shetty helplessly resigns from Abu Dhabi’s ailing NMC Health

News Network

February 17, 2020

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.

Comments

BRS could not fool all the people all the time!

Illegal way of earning will not last for long.

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Muslim Committee drops Jan 4 anti-CAA protest plan as cops refuse permission

coastaldigest.com web desk

January 2,2020

Mangaluru, Jan 2: The Muslim Central Committee of Dakshina Kannada and Udupi has dropped its plan to stage a massive protest against the contentious Citizenship (Amendment) Act and National Register of Citizens on January 4 at Mangaluru’s Nehru Maidan.

Addressing a press conference here today, committee chief K S Mohammed Masood made this announcement.

“All the 28 organisations that had decided to stage protest under the leadership of the Muslim Central Committee, have unanimously agreed to temporarily cancel the protest plan after the city police refused permission for the event,” he said.

Mr Masood requested the people, especially the youth, not to lose patience. “No one should head to Nehru Maidan on January 4 as Muslim leaders have unanimously decided to cancel the protest,” he urged.

S M Rasheed Haji, Y Abdulla Kunhi, Umar UH, Ibrahim Kodichal, B M Mumtaz Ali, Khasim H K, Mansoor Ahmed Azad and Asif Deals were present in the press meet.

Comments

Muslim organisations felicitate State BJP Chief Nalin Kumar

I want to know from them wat was the need for this. Has this helped the ordinary Mangalore Muslims in anyway. I would not have asked abt this if the program was conducted in your house. But here it is done in the name of Muslims. We need to stop being intellectually dishonest

Young energetic Muslim brothers present in Dk ,please note we need young leaders to lead us . Wake up ... and take over .

We respect ur decision sir.

But there are a lot of questions about it on people's mind.

We need to be updated about ur next plan of action.

Are u planning to approach the court for gaining the permission from the police, bcoz otherwise I don't think we will get the permission

Secondly, a few days back I wanted to contact Muslim central committee office to confirm if the protest Wil be there. I googled for the no, but the no. did not exist. Does that mean the Muslim central committee does not have an office or telephone no????

This only shows how organised we are.

Requesting Muslim central committee to get their house in order. Get more professional. Also consult people to utilise various platform to responsibly collect funds from so many ordinary bearys who want to donate money, but don't know whom to send it to.

We need an action committee to handle such situations. It must consist a battery of lawyers to fight the cases filed by the police.

If our leaders are old, they need to groom new leaders into the committee.

Moreover, it is important to question these so called leaders about their fecilitation program conducted for making kateel wen he won the election. Wat was the purpose of such fecilitation. Becoz I don't think he gives a damn when our community suffered. I question, whether all this is done in our name only to gain your contact and flourish ur business???

Never ever dare to do so in the name of Muslims

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Pro-CAA arsonists burn down BSF Jawan’s house, call him ‘Pakistani’

News Network

February 29,2020

New Delhi, Feb 29: The arsonists, who were allegedly hired by the pro-CAA politicians in Delhi to unleash violence against Muslims, did not even spare the residence of Border Security Force personnel Mohammed Anees.

While the jawan, who has spent three years guarding the borders along Jammu and Kashmir, had hoped that his job profile mentioned on the nameplate hung outside their two-storey house would discourage the vandals, he was proved wrong.

The nameplate on house number 76 in Khas Khajuri Gali clearly mentioned it was the property of a security force personnel who protects India’s borders from foreign invasions. Yet, it was burned down on the afternoon of February 25.

First, the ruthless goons set the vehicles parked outside the jawan’s house on fire, then they torched his home. Stones were also pelted at his house amid slogans of “idhar aa Pakistani, tujhe naagarikta dete hai” (Come here Pakistani, get your citizenship).

Apart from Anees, his father Mohammed Moonis, 55, uncle Mohd Ahmed, 59, and 18-year-old cousin Niha Parveen were in the house. Sensing what was about to go down next, they all escaped from the house, and were helped by paramilitary troops.

Charred remains of the house now stand where the house was till three days ago. In the two lanes of Khajuri Khas near Anees’s house, 35 houses were set on fire.

The loss suffered by the BSF soldier’s family was perhaps greater as they had kept all their life’s savings inside: two weddings in the family were to take place in the next three months.

Niha Parveen was to get married in April and Anees himself was to get married the following month. “All the things we collected all our life, jewellery – two gold necklaces, silver jewellery, it is all gone,” the family said.

“We used to buy jewellery on instalments… used to give money every month and collected this jewellery,” they said. Rs 3 lakh in cash for the wedding arrangements also got burnt along with other valuables and all their belongings.

Khajuri Khas is a Hindu-majority area, but Anees’s family says no neighbour of theirs was involved in the attack. “People came from outside.” Instead, their Hindu neighbours were asking the rioters to leave. They requested them to leave and helped douse the vehicles on fire.

Comments

India now divided into 3 section..

GOOD Hindus, Muslim & Evil Hindutva.

we Good hindus and muslim must unite to save the great india.

from now onwards every good hindu and muslim must keep weapon in his home like petrol, sword, sharp knife, hammer etc..

when the evil hindutva terror enter your house you shoul fight till death...these dogs only attack in number...if few they run..

before you die atleast kill one hindutva terror dog..

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Nirmala Sitaraman Udupi’s tradition as rich heritage of spirituality

News Network

January 19,2020

Udupi, Jan 19: Union Minister for Finance and Corporate Affairs Nirmala Sitaraman has said the mutt tradition in Udupi is a unique tradition and a perfect example of the country’s rich heritage of spirituality.

Speaking at the Darbar organised for the incoming Paryaya Admar Mutt seer Sri Eeshapriya Theertha Swamiji at Rajangana, here Saturday night, she said, “Paryaya festival is not just an event. It represents the presence of the Lord. I am conscious about the history. I am immensely blessed to be associated with the Krishna Mutt in one or the other.”

She turned nostalgic and traced her connection with the Krishna mutt which started in her childhood. “I am attached to the Mutt and temple due to my maternal uncle. My uncle was a bank employee and he spent his career in Manipal. I am being drawn to the mutt for the past 25 years. I am blessed immensely by the seers of the mutt and Lord Krishna.”

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