Entire coastal Karnataka to be declared open defecation-free on Oct 2

Feb 19: Bavaguthu Raghuram Shetty was once a typical billionaire with a taste for the high-life.

He splurged on a private jet, vintage cars and two entire floors of the Burj Khalifa, the world’s tallest skyscraper. His website shows him hobnobbing with politicians, Bill Gates and Bollywood royalty.

“The thrill of speed and freedom makes me love cars,” Shetty, 77, told local reporters last year.

Shetty had more than enough money -- at least on paper -- to afford such a lifestyle from companies he helped found, including hospital operator NMC Health Plc and financial services firm Finablr Plc. On Dec. 10, his stakes in the public companies were valued at $2.4 billion, making up the bulk of a fortune spanning education, hospitality and one of the world’s oldest tea companies.

Then, a week later, Carson Block came along.

Block’s investment firm, Muddy Waters, issued a report criticizing NMC’s accounts and disclosing a short position. Since then, Muddy Waters’s scrutiny has snowballed into a troubling scenario for Shetty that sheds light on his complex share arrangements and casts doubts about his net worth. His holdings in Finablr and NMC are worth $885 million, but Shetty’s fortune may now be just a fraction of that, depending on the size of his borrowings.

Filings this month show that Shetty pledged a quarter of his NMC stake against loans with First Abu Dhabi Bank and Zurich-based Falcon Private Bank. Two other shareholders may own half of his reported stake. Another lender -- Al Salam Bank Bahrain -- has already sold some of those shares to enforce security over a loan for Shetty, and NMC said Tuesday that First Abu Dhabi Bank sold another chunk earlier this month.

The situation “seems to have gone beyond some of the issues that Muddy Waters focused on initially,“ said Gavin Launder, a fund manager at Legal & General Investment Management, who owned shares in NMC until October. “The increased scrutiny has unearthed other issues.”

Law firm Herbert Smith Freehills has launched a review of Shetty’s holdings at his request, a spokesperson for the Indian-born businessman said, declining to comment further until the analysis is completed. Shetty resigned Sunday as NMC’s chairman.

In its Dec. 17 report on NMC, Muddy Waters hinted at potential overpayment for assets, inflated cash balances and understated debt. Shares of the United Arab Emirates’ biggest private health-care provider have since plunged 67%, and the firm is now the focus of takeover speculation. The sell-off also spread to Finablr, whose stock has tumbled 64% in that span.

NMC has disputed Muddy Waters’s claims, and the company hired former FBI Director Louis Freeh to conduct an independent review of the short seller’s allegations. Meanwhile, local regulators “are making inquiries with the relevant parties,” a spokesperson for the U.K.’s Financial Conduct Authority said.

Shetty is hardly the only ultra-wealthy person to leverage his assets. Elon Musk has used his shares in Tesla Inc. to obtain personal loans, while Oracle Corp. Chairman Larry Ellison has put up millions of the company’s shares to fund a lavish lifestyle that includes trophy properties, America’s Cup teams and the Indian Wells tennis facility in California.

But such deals can also sour, as demonstrated by Shetty’s lenders selling shares his investment firm pledged. He and his advisers are investigating details of the sales as part of their legal review, according to filings.

To complicate matters, Shetty pledged another batch of NMC stock in 2018 as part of a so-called equity collar arrangement with Goldman Sachs Group Inc. that uses options to limit the impact from share moves. Last month, he also pledged most of his stake in Finablr to refinance a loan from the company’s takeover of foreign-exchange firm Travelex for about $1.2 billion.

BRS Ventures Investment, the UAE-based holding company for most of Shetty’s assets, doesn’t report consolidated financials, preventing a complete analysis of his net worth. His other assets include a catering company, a waste-management firm and pharmaceutical business Neopharma, which four months ago was in the early stages of planning for an initial public offering.

Block, 43, earned his reputation as a short seller a decade ago through targeting U.S.-listed Chinese companies that he claimed were frauds. More recently, his San Francisco-based firm focused on British litigation-finance firm Burford Capital Ltd. and Japanese biotech stock PeptiDream Inc. Short sellers seek to benefit from a decline in a company’s share price.

Shetty founded NMC in 1975 after moving to Abu Dhabi from his native India. He created Finablr two years ago to consolidate his financial brands before listing it on the London Stock Exchange in 2019.

Block said he didn’t anticipate NMC’s shareholding drama.

“I wouldn’t have been able to predict that we’d get these bizarre disclosures about unclear share ownership coming out of the company,” he said in a Feb. 13 phone interview. “This has been obviously a more dramatic unraveling than we usually see.”

New Delhi, Nov 25: According to multiple media reports, at least 11 people were killed and around 150 injured in the large scale violence unleashed by the Sangh Parivar activists to suppress anti-CAA agitation in the capital of India.

Violence was reported from Jaffrabad, Chandbagh, Maujpur, Bhajanpura, Gokulpuri, Khajuri Khas, Kardampuri, Dayalpur and Hauz Rani and prohibitory orders were clamped in several areas of North East Delhi. 

The MHA said the situation was under control and paramilitary forces have been deployed in large numbers in trouble spots. The Gokulpuri tire market was set on fire. The violence has also led to the destruction of several crores worth of property. 

As tension smouldered in the national capital's northeast and the sun set over another restive day, violence cut a swathe through several localities, including Chand Bagh and Bhajanpura, with stones and other missiles hurled and shops set ablaze.

Rioters damaged two fire tenders in Gokulpuri and crowds raising incendiary slogans set on fire fruit carts, rickshaws and anything that came in their way in the epicentre of the trouble Maujpur and other places.

With US President Donald Trump also in the city, Delhi Police ramped up security. It fired teargas shells to disperse the rioters -- armed with stones, rods and even swords and many wearing helmets to protect themselves -- and was assisted by paramilitary personnel.

Streets were littered with mangled remains of vehicles, bricks and burnt tyres, mute testimony to the violence and bloodshed that took on a communal taint on Monday and injured about 180 people, including 48 police personnel.

According to GTB Hospital Medical Superintendent Sunil Kumar, six people were declared brought dead on Tuesday, taking the death toll in 11. At least 35 injured people were also taken to the hospital today.

"Fifty per cent of those injured have sustained bullet injuries," Kumar added.

As the violence continued unabated, police officials said the situation was under control and flag marches were conducted in Bhajanpura, Khajuri Khas and other places.

Union Home Minister Amit Shah convened a meeting with Delhi Lieutenant Governor Anil Baijal, Chief Minister Arvind Kejriwal, Delhi Police chief Amulya Patnaik and others to address the situation.

The meeting resolved that workers of political parties should join hands to restore peace and peace committees should be reactivated in all localities.

In scenes not seen in the national capital for decades, frenzied groups thrashed people on the road and vandalised vehicles.

The media also came under attack.

Akshay, a journalist with JK 24X7 News, received a bullet injury and was in a serious condition in hospital, and two reporters from NDTV were beaten and punched by rioters. Many other journalists were heckled and told to go back.

Schools were shut and fearful residents stayed indoors as restless crowds roamed the streets, seemingly unmindful of prohibitory orders restricting the assembly of more than four people imposed on Monday.

"There is hardly any police presence in the area. Rioters are running around threatening people, vandalising shops. Families need to be evacuated. We are unsafe in our own homes," said a resident of Maujpur, requesting anonymity.

Another added that this is the first time in 35 years -- possibly since the 1984 anti-Sikh riots -- that he has seen a situation such as this. "The area had always remained peaceful," he told PTI.

Trouble continued through the day.

Around 5 pm in Chand Bagh, for instance, security personnel were pelted with stones. They chased the mob, only to be attacked afresh with some people also armed with petrol bombs.

A few residents in Yamuna Vihar and Jaffrabad told PTI they had seen rioters with swords in their hands.

The 11 killed include Delhi Police head constable Ratan Lal. While Lal died of gunshot wounds, it is still not yet clear what killed the others or who they all were.

Among those killed was Vinod Kumar, a resident of Ghonda who was brought dead to the hospital and whose body is at the morgue of the Jag Parvesh Hospital.

Also killed was Mohammad Furkan from Kardampuri, near Jafrabad, who got married in 2014 and has two children. His brother, Mohammed Imran, overcome with grief, said they were both in the handicrafts business.

"He had gone to get some food for his children. Someone told me he had been shot. I couldn't believe it as I had met him barely an hour earlier. I kept calling him... I then rushed to GTB Hospital where I was told that he is dead," he told reporters, sobbing inconsolably outside the hospital.

Imran blamed BJP leader Kapil Mishra's tweet, giving Delhi Police an ultimatum to clear the streets of protesters and saying people would be quiet only until Trump is in India.

"Before that everything was peaceful," he said.

One person seen brandishing a gun before police on Monday was identified as Shah Rukh and been arrested yet. Police said 11 FIRs have been filed.

Kejriwal, who held a meeting with senior officials and MLAs of all parties to discuss the situation, asked people to refrain from violence and said all issues can be dealt with through dialogue.

"Stop this madness," he said after visiting the injured in GTB Hospital.

"I have met the people who were injured, also met some people who sustained bullet injuries. The biggest concern is to stop the violence. I appeal to everyone to stop the violence," he said.

Five stations on the Delhi Metro's Pink Line were closed for the second consecutive day on Tuesday in the wake of the trouble.

Deputy Commissioner of Police (Shahdara) Amit Sharma underwent an operation on Monday night for the head injury sustained during the clashes.

Bengaluru, Jan 25: To address the grievances of the Industrialists, over the issue of acquisition of land, the state government have plans to dilute the Land Reforms Act, Chief Minister B S Yediyurappa, said here on Saturday.

Speaking to the media here, on his visit to the World Economic Forum, Davos, recently he said that 'the visit was fruitful and ends with satisfactory note by procuring promises from several Industrial houses to investment in Karnataka'.

Stating that during his five-day stay at Davos, he had met several Industries heads on the sidelines of the summit, and had an interactive meeting with them, Chief Minister said that 'the event had helped us to present our state Karnataka, to convince them about the prevailing industry-friendly environment'.

He said that he had met several heads of global companies, including Arcelor Mittal, Kirloskar, MAHINDRA, Bharat Forge, 2000 Watt, general electrical, Dassault, Dalmia, Lulu Group, Volvo, Nova Nosdik and Domeco.

'The interaction with the corporate heads was encouraging and more investment is expected to flow into Karnataka, in the fields of Mining, Power, Agriculture, Pharma, Education, and Industries.'

Informing that the main grouse expressed by the Industrialists about the bottlenecks being faced in the Land Reforms Act to procure land, he said that 'To make ease of conversion of Agricultural land we have plans to bring amendment and it would be both win-win situation to both Farmers as well as Industries.'

'We have promised them to remove all hurdles, which comes in the way of acquiring land to set up industries, and we have promised to rectify all the administrative problems within a month or two and legal problems in the next couple of months by amending existing laws.'

'We have also plans to present a new Industrial policy in the coming budget and roll out a comprehensive and investor-friendly law', he further said.

Replying to questions, Chief Minister said that 'all those investment proposals which got clearance at the High-Level Clearance Committee would automatically considered as ‘deemed permission’ and start the process of acquisition of land'.

'TheWorldEconomic Forum Summit had also served us as a platform to invite Industrialists to take part in the Karnataka Global Investors Meet scheduled to be held in November this year', he added.