Fresh attempts to book Dr Zakir Naik under UAPA, ban IRF

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.

Mangaluru, Feb 11: BJ Puttaswamy, chairman of the State Planning Board stated that the detailed project report (DPR) to develop the Mangaluru-Karwar fisheries road at a cost of Rs 780 crores has been submitted to the state government and approval for it by the Coastal Development Authority (CDA) is pending.

Speaking to reporters here on Tuesday, he said the new developments done and in those in the future for the coastal districts.

He claimed that a feasibility report for the development of State Highway 67 has been submitted to the government.

Mangaluru, Feb 1: Rotary Club of Mangalore city team represented by Rtn. Dr. Ranjan Rao and Rtn. Sumith Rao duo bagged the 14th Annual prestigious Rotary Quiz Trophy by securing 380 points. The Rotary Club of Vijayanagar Mysore represented by  Rtn. H.M. Harish secured 370 points and was declared runners up.

Rotary Club of Mangaluru central as a part of Rotary movement awareness campaign conducted their 14th Annual “Dist. Level Inter Club Rotary Quiz”  contest on Friday 31.01.2020 at Hotel Ocean Pearl Hall, Mangaluru. The Quiz was based exclusively on Rotary related affairs, matters and issues.

Chamarajnagar City based Eminent Pediatrician and Rotary past Dist. Governor Rtn. Dr.R. Nagarajun  graced the occasion as Chief Guest, in is address he lauded the  invaluable contributions of Dr. Rai to the Rotary Movement and congratulated on his achievements.  Later he awarded the Rotary Glittering Trophy, Certificates and Cash prizes of R.3,000 to the Winners and Runners up and congratulated them on their unique achievements.

13 Teams from Mangaluru, Bykampady, Panamburu, Deralaktte, Puttur, Mysore, participated in this contest. Rtn. Dr. Devdas Rai was the Quiz Master and officiated the closely contested  quiz contest. Asst. Governor Zone-2  Rtn. Geethanand Pai was the guest of honour he released the weekly club news bulletin “Centor”. Club President Rtn. Dr. Jayaprakash Poonja presided over the function. Secretary Rtn. K.M. Hegde presented the monthly report. Rtn. Prakash Chandra proposed the vote of thanks.  The event was sponsored by Chairman and Managing Director of Athena Hospital Rtn. Raviraj Shettiyan and Eminent Chartered Accountant C.A. Nithin Shetty.