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

sunita kejriwal
 - 
Monday, 17 Feb 2020

BRS could not fool all the people all the time!

 

Bhakth
 - 
Monday, 17 Feb 2020

Illegal way of earning will not last for long. 

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News Network
April 29,2020

Udupi, Apr 29: Udupi Deputy Commissioner G Jagadeesha on Wednesday said that though the district was in the green zone in connection with COVID-19, there would not be any further relaxations and the lockdown would continue till May 3.

According to a statement, he said that no fresh Covid-19 cases have been reported for the past month. However, the district is not immune to the threat of the infection. Thus, the lockdown would continue till May 3 with minimum relaxation.

The district has already initiated relaxations and mandatory guidelines have to be implemented, he further said.

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Media Release
February 13,2020

On Friday, February 7, 2020 Tulu Koota Kuwait under the leadership of Dynamic President Ramesh S Bhandary and coordination of Sports Secretary Roshan Quadras  held its annual picnic at Mishref Garden, Kuwait.  Although slight drizzling on the   previous night had caused great concern amongst committee members , yet the  windy and dusty weather did not lessen the enthusiasm and excitement of Tulu Koota Kuwait members.  Over 1000 members enjoyed the fun filled day.

MC of the occasion Mr. Manoj Shetty & Ms. Priya Devadiga welcomed the audience and Chief guests for the event Dr Jeshna Rajan- Badr Al Samaa Clinic, Dr. S.M.Hyther Ali- Chairman of TVS Hyder Group, Mr. John Simon- Group Manager for Corporate Sales and Event Marketing ,  Al Mulla Exchange, Mr Pradeep, owner of Geetherb medicine and Mr. Lokesh & Team from NH Assets.  The program kicked off with Kuwait & Indian National anthem. The guests in their address to audience, praised Tulu Koota Kuwait unwavering efforts to unite people through language, and also the solid philanthropy and charity work being carried by the association was applauded. The presidents  of different South Canara  association in Kuwait were also amongst invited dignitaries for the event, and were welcomed with flower bouquet. This was followed by the release of “ Tulu Nada Jathre flyer”.

Tulu Koota Kuwait President, Ramesh S Bhandary in his speech welcomed the dignitaries and emphasized the significance of the annual picnic gathering. He further elaborated on the innovative concept of “Tulunada Jathre ” being initiated this year, and requested fervent support and participation from all members in  this wonderful program scheduled to be held on Friday,  March 27, 2020 at Indian Central School Indoor Ground Abbasiya. 

As part of days celebration TKK’s Flag hosting  was done  by President , Ramesh Bhandary. “Go Green Global concept” by Tulu Koota members   was the highlight of the inaugural ceremony.  This act was directed by talented committee member Mr. Suresh Salian.

The act beautifully conveyed the message of sustainability, and climate change and raised awareness on how to fight it, how to live green.  The traditional inaugural of the sports event was done by breaking of coconut by Sports Secretary Mr. Roshan Quadras.  TKK First Lady Mrs Anitha Ramesh Bhandary led the sports march holding the traditional torch followed by the  Go Green Global team holding different country flags with plant pots, followed by President, committee members and Sponsors of TKK. The president officially inaugurated the Sports Event by officially lighting the Sports Lamp.

After the inauguration ceremony, the members and kids actively participated in day long sports games and activities meticulously planned out by the Sports committee  for different age groups.  Passing the parcel, Veggies collection, ball bucket, veg shopping , macroni race, hockey, kutti donne, sack race, lagori,  breaking the pot , tyre race, slow cycling, water ballon race, musical chair , kabbadi, volley ball, throw  ball , tug of war, housie housie, kept the members and their families  engaged and entertained. The winners for the competitions were awarded with trophies towards the end of the exciting day.

Delicious and authentic Mangalorean lunch for the event was served by Oriental Restaurant Kuwait.  Sounds and lights support for the event was provided by Anand, while the beautiful moments were captured in camera by Mr.Blen Dsouza and Mr.Rajesh Devadiga

Tulu Koota Kuwait takes this opportunity to thank its committee members, members and volunteers for their dedicated efforts and team spirit and active participation that eventually lead to the huge success of Family Picnic 2020. The Event Sponsors were Al Ahleia Insurance Company SAKP, Al Mulla Exchange, Khain Properties Udupi, Badr Al-Samaa Clinic, TVS Hyder Group and Geetherb.

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News Network
February 16,2020

Bengaluru, Feb 16: Three students from Kashmir studying at a private engineering college in Hubballi district of Karnataka were arrested on sedition charges for allegedly raising pro-Pakistan slogans and posting a video of it on a messaging platform, police said on Saturday.

Police said, according to preliminary information, the students are from Shopian in Kashmir and action has been taken on the basis of a complaint from the college management.

"We received information that three students hailing from Kashmir studying at the KLE Institute of Technology had raised slogans supporting Pakistan. They had made a video about it which has gone viral. Immediately our team headed by Inspector Gokul Road station went to the spot and arrested them," Hubli-Dharwad Police Commissioner R Dileep said.

Right wing activists, including those from Bajarang Dal who had gathered near the college, demanded stringent action against the three.

As the students were being taken to the police station with their faces covered, an activist tried to attack them, but police escorted them safely.

The FIR has been lodged under IPC sections relating to sedition and affecting communal harmony, the official said.

"We are investigating, and whatever comes out as per evidence, law and facts, we will take further action. We will look into their background, whether anyone has tried to mislead them," Mr Dileep said, adding that the arrest should not be seen as action against any particular community or region.

According to officials, the selfie video of the three has gone viral as they posted it on WhatsApp. In the video one of them can be purportedly seen initially uttering something with background music on, after which they chant ''Azadi'' one after the other. Then joining chorus to the music that is playing, they purportedly say "Pakistan Zindabad."

The music they played is said to be Pakistani military's media wing, the Inter-Services Public Relations (ISPR) song, which police said needs to be ascertained.

The video seems to have been recorded at the college hostel, where the students were put up. College principal Basavaraj Anami said the college has given complaint to the police and the students will be suspended.

The students were admitted under central quota and two are doing their first year civil engineering, while the other is a third year student in the same stream, he said.

According to him, the three had made the video and posted it on WhatsApp.

"It came to our notice in the morning, following which I called the students immediately to my office, and informed the police," the principal told reporters.

"In the video, they have purportedly shouted pro-Pakistan slogans allegedly in the backdrop of the Pulwama attack anniversary yesterday," he added.

Union minister Pralhad Joshi, who hails from the district, described the act unfortunate and demanded strict action against those involved.

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