Global credit card fraud worth Rs 100 cr busted in Bengaluru

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.

Tirupati, Feb 12: A middle-aged man committed suicide out of fear that he was infected with the dreaded Coronavirus (COVID-19), which has killed over 1000 in China. The deceased identified as Balakrishna (50) was suffering from hypertension. He killed self, after being discharged from hospital, fearing it would spread to his family.  The incident happened in Chittoor district on Monday but came to light only on Tuesday.

Balakrishna was treated in Tirupati last week and told that he had an infection. After two days in the hospital, he got better and returned to his village in Chittoor district on Sunday. But fearing that he was infected with COVID-19, Balakrishna isolated himself from his family. Before committing suicide, he surfed many videos about Coronavirus and also behaved weirdly with the family members by warning them against coming close to him.

“He remained aloof, saying he was infected with coronavirus and asked his family not to come near him. When they tried to approach him, he got agitated, threw stones at them and then locked himself in a room," district medical and health officer Dr M Penchalaiah said.

He was found hanging from a tree near his mother’s grave on the village outskirts. The tragic incident took place in Seshama Naidu Kandriga in Thottambedu block.

According to reports, he was suffering from cold and fever. He went to Tirupati hospital where doctors gave him medicines for viral infection and advised him to wear mask.  He wrongly thought he had coronavirus. However, doctors told Balakrishna he did not have coronavirus.

His son Balamurali said that his father panicked and started saying he needed to kill himself to keep other safe from him and coronavirus. “He began to pelt stones and things at us to keep us away from him,” Balamurali said.

“My father was all worried that the virus would spread to us. He hanged himself to save us,” Murali said.

Thottambedu police sub-inspector Venkata Subbaiah said no case was registered as the family refused to lodge a complaint. Till now, no Coronavirus case has been reported in Andhra Pradesh and Telangana.

Bengaluru, Jul 6: Karnataka government has revised quarantine norms according to which those entering the State from other states, including from Maharashtra, shall be placed in 14-days home quarantine.

Until now, the state government had issued that those returning from Maharashtra are to be placed under 7-day institutional quarantine followed by 7-day home quarantine.

A fresh state government order with the subject line "Regulation of movement of persons from other States to Karnataka" reads: "Whereas the State Government vide Order dated June 30, issued unlock 2 guidelines which permit reopening of more activities in a calibrated manner, in areas outside the Containment Zones, and to extend lockdown in Containment Zone upto July 31. The guidelines also permit unrestricted interstate movement of persons and goods adhering to the SOPs/ Guidelines issued by the Department of Health and Family Welfare and Department of Revenue (Disaster Management)".

Whereas, the Department of Health and Family Welfare issued revised SOP for the moment of persons from other State to Karnataka vide document dated June 8, this year, further, quarantine norms were modified vide Orders of even number dated June 15 and June 26.

"The quarantine norms are regularly reviewed and calibrated with the prevailing Unlock 2 guidelines and infusion of technology and community involvement to enforce the strict home quarantine. In light of the above, the quarantine norms issued vide Order dated June 26, has been further modified and is follows--Persons coming from other State to Karnataka, including Maharashtra shall be placed in 14-days Home Quarantine," the order read.

"The other conditions as specified in the Order dated June 15 and aforementioned SOP enclosed issued on June 8 by the Department of Health and Family Welfare shall continue to be in force until further orders," it added.