Gadag becomes Karnataka's first fully WiFi-enabled city

Bengaluru, Feb 21: Amulya Leona, a college student, who raised to pro-Pakistan slogans to embarrass organisers of a protest against the Citizenship (Amendment) Act (CAA) here on Thursday evening, has been charged with sedition.

The student-activist, who was allowed to talk on stage, suddenly raised pro-Pakistan slogans. She was arrested by police after All India Majlis-e-Ittehadul Muslimeen (AIMIM) chief Asaduddin Owaisi snatched her mike.

Deputy Commissioner of Police Ramesh Bannoth confirmed the girl has been charged with sedition, provoking enmity between groups, and intentional insult to provoke breach of peace.

It was just after Mr. Owaisi’s arrival on the stage at Freedom Park here that the 19-year-old student was asked to speak. After preliminary remarks, she suddenly shouted “Pakistan zindabad” thrice, leaving the crowd and organisers stunned.

Some of the organisers rushed to her and tried to take the mike away and stop her from speaking further. Mr. Owaisi too joined in and snatched the mike. Holding on to the mike, the girl then went on to shout “Hindustan zindabad” twice, before a posse of police personnel and organisers whisked her away from the stage

Soon after the student was taken away, a visibly upset Mr. Owaisi told the crowd: “Whatever has been spoken [by the girl] is wrong. Neither my party nor I has any connection with it. As long as we are alive, we will be raising Bharat zindabad slogans. Never had we any relationship with Pakistan nor will we have anything in future,” he announced.

He further stated: “This is condemnable. The organisers should not have invited such people to this place. If I had known that these kind of things would be said here, I would not have come here.”

It is unfortunate that the organisers have invited such people and a wrong message is going out, he said. “Now, BJP has got an opportunity and will blame me,” he added.

Every speaker, who took the podium after the incident, condemned the pro-Pakistan slogans raised by Amulya.

Janata Dal (S) councillor representing Gurappanapalya, Imran Pasha, one of the organisers of the protest under “Hindu, Muslim, Sikh, Isayi Federation”, claimed that they had not invited the “activist” and were not aware that she would be speaking from the stage. Mr. Pasha said that such statements were “a deliberate attempt to drive a wedge between Hindus and Muslims”.

Meanwhile, the BJP State unit tweeted, “Truth is that protests against CAA are a joint venture between Pakistan and anti-National forces led by INC India.” In a press release, BJP State unit president Nalin Kumar Kateel termed this as an “anti-national act” and urged the police to take action.

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.”