Full budget row: CM finds support in deputy, DKS

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.

Mumbai, May 30: Former Bollywood actress Zaira Wasim has deleted her Twitter and Instagram accounts after being heavily trolled for quoting from the Quran while talking about locust attacks.

"So We sent upon them the flood and locusts and lice and frogs and blood: Signs openly self explained: but they were steeped in arrogance -- a people given to sin. --Qur'an 7:133," Zaira had tweeted.

Soon, she started receiving hateful comments from netizens who interpreted her post as a justification of the locust attacks. They felt that Zaira was suggesting that the incident is God's way of expressing wrath.

Shortly after being deluged with such comments, Zaira Wasim deleted her Twitter and Instagram accounts.

However, a section of netizens continue to attack Zaira on her Facebook page, where she put up the same post.

Commenting on the post, a user wrote: "Lady you must have taken into account of those people of JK, Kerala and elsewhere who are also suffering from the virus. Moreover the crops which are damaged by locust had no name as to who will consume them. In this hours of crisis please post something which is positive and reflects your education."

Another user shared: "So according to you, with all due respect every year on the same time period, Allah send locust to India to destroy the crops of poor farmers who are not even involve in the industrial rise, who don't use vehicle to destroy the nature, and Allah send locust only to harm the poor farmers and not the rich one who actually destroy nature."

"So those farmers who lost there fields of crops and will probably go into debt and may also commit suicide, those farmers who feed the nation, who feed you and every one, are sinners?" asked yet another user.

However, there were a few on social media who felt Zaira had done nothing wrong.

"Quoting Quranic Verse is not a crime... Why is every Indian abusing @ZairaWasimmm. She didn't mention any particular nation or religion. I request everyone please stand with #ZairaWasim. She needs our support. #ISupportZairaWasim," goes a tweet.

Mangaluru, Mar 8: The Saraswat Co-operative Bank Ltd., celebrated International Women’s Day with a special seminar on Financial Planning for the banks’ women customers. The programme was held on Friday, March 6, 2020 from 4.00 to 6.00 p.m. at Hotel Ocean Pearl Inn, Bejai, Mangalore. Dr. Sukanya Rao, academician and financial planner, was the chief guest and resource person for the seminar. Mr. Srinivas C., Karnataka State Head, Future Generali India Insurance Company Ltd., was the guest of honour.  Mrs. Vimala Anchan, Senior Manager and Branch Head of M. G. Road Branch of Saraswat Bank presided over the function.

In her chief guest’s address, Dr. Sukanya Rao defined empowerment of women as the ability of take one’s own decisions and utilize resources. Quoting global rankings, she said India enjoys a high ranking of being 9th in the world in political empowerment of women, whereas in other sectors we stand abysmally low. In social empowerment of women, India ranks at 120th, in economic empowerment at 124th and health and survival at 135th.

She suggested that the best tool for enhancing these empowerment rankings is education, which will lead to earning potential and result in enhancing social status. “Every year spent in school boosts girl’s wages by 10-20%,” she said “When a girl receives 7+ years of education, marriage gets postponed by four years and she has 2.2 less children.” She advised women to learn to take one’s own decisions. “Learn to take decisions, especially financial decisions, on your own instead of depending on significant others to do the decision making,” she said.

She followed up her talk with an interactive session on personal financial planning. She enlightened the audience on factors influencing our financial decision making and gave different perspectives on prioritizing savings, spending and investment. 

Srinivas C., Karnataka State Head, Future Generali India Insurance Company Ltd., along with Deepak enlightened the women regarding financial safeguards available under Married Women's Property Act (1874).

Established in 1918, Saraswat Bank was the first co-operative bank to provide merchant banking services after it was recognized as a scheduled bank by RBI in 1988. The bank enjoys high proportion of women employees (nearly 75%) and it is a recipient of Best Cooperative Bank Award in 2016.

Fun games were conducted and prizes were distributed to the winners. Bhavanthi Street Branch Head Karthik Shetty welcomed the gathering. Prithvi Pai and Aishwarya rendered the invocation. Naina Shenoy expressed the bank’s Women’s Day greetings. Chilimbi Branch Head Kishore Shetty gave a vote of thanks. Mahesh Nayak compered the programme. Past Branch Head Mamtha Rao was present.