Haj pilgrims reach Mina for stoning ritual

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.

Bengaluru, May 29: The Karnataka government has requested the Civil Aviation Ministry to reduce the number of flights, emanating from Maharashtra, Tamil Nadu, Gujarat, Madhya Pradesh and Rajasthan to the state in view of the high number of Covid-19 Cases prevalent there.

In a clarification issued to the Media this evening, the Minister for Law and Parliamentary Affairs Mr J C Madhuswamy has said that Karnataka has not sought for imposing a ban on flights emanating from these places, as reported in some sections of the Media.

Karnataka has appealed to the Civil Aviation Ministry to take steps to lessen the air traffic to the State, with the sacred intention that there may not be adequate quarantine facilities if there is huge turnout at a short period, he added.

Newsroom, May 2: The Delhi Police’s move to book Delhi Minorities Commission chairman Zafarul Islam Khan under sedition charges over his social media statement condemning Hindutva bigots has raised many eyebrows. 

A pubic statement has been issued in solidarity with Zafarul Islam Khan by a group of NGOs and citizens which condemned the media trial targeting Khan.

The statement demanded legal action against those who are distorting Khan's Facebook post and spreading false propaganda against him.

Delhi Police Special Cell registered the FIR against Khan on the complaint of a Vasant Kunj resident. The complaint came to the Lodhi Colony office of the special cell, after the assistant commissioner of police (ACP) Safdarjung Enclave forwarded it.

The investigation has been handed over to special cell inspector Praveen Kumar.

According to the FIR, Khan has been booked under several sections of the Indian Penal Code -- 124 A (sedition) and 153 A (Promoting enmity between different groups on grounds of religion, race, place of birth, residence, language, etc,).

Khan on April 28 had posted controversial comments on his Facebook page. "Mind you, bigots, Indian Muslims have opted until now not to complain to the Arab and Muslim world about your hate campaigns and lynchings and riots. The day they are pushed to do that, bigots will face an avalanche," Khan had written on Facebook.

However, the Delhi Minorities Commission's chief on Friday had apologised for his controversial remark and had said that he never tried to tarnish the image of India. He also removed the controversial post from the social media and issued a prolonged clarification.