IFF Karnataka hosts NRI family get-together in Riyadh

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.”

Kuwait: The Fourth annual general body meeting of Mogaveers Association Kuwait (MAK) was held on January 3rd 2020 at Tamarind Restaurant , Abu Halifa, Kuwait.

Mr. Suresh Salian who was an excellent host for the day welcomed all the MAK members to the event & thereby invited all the committee members to the dais.

As is customary and traditional, the proceedings of the MAK AGM commenced with  Kuwait & Indian National Anthem followed by a prayer song sung by Mr.Santhosh Kunder.

The lighting of the lamp was done by the President Mr. Rajesh Mendon, Conevener Mr. Ramesh Kidiyoor the Management Committee members Mrs. Poonam Mendon, Mr. Kishore Kotian ,Mr. Arun Mendon, Mr. Dinesh Suvarna & senior MAK members Mr. Gopal Suvarna, Mr. Ashok Suvarna ,Mr. Shekar Thingalaya and guest  Smt. Prema Mendon who was on visit to Kuwait.

The General Secretary, Mrs. Poonam Mendon read the Annual Report of the activities of the association for the year 2019. While the Treasurer Mr. Kishore Kotian read out the financial report for the year, both of which were approved by the members.

Some of the major events of 2019 are as follows MAK organized its third indoor, National level Volleyball & Throw Ball Tournament under the title of “MAK Champion Trophy 2019 “ which was held on 25th Feb American International School, Maidan Hawally, Kuwait

As part of the welfare project Scholarships were given to First three Meritorious students of Mogaveera Management Schools in India Mahalaksmi English Medium School, Uchila & Sagar Vidya Mandir, Beach Road, Padubidri.

The outgoing members of the management committee Mr. Kishore Kotian, Mrs. Poonam Mendon, Mrs. Kusuma Girish, Mr. Dinesh Suvarna & Mr. Paresh Karkera were honoured with mementos for their dedicated service to the association.

President Mr.Rajesh Mendon is his speech urged all the members to be united He also assured the members, that management committee would support and provide help to any member who is in need of help. He urged everyone to Support & come forward for the upcoming event “MAK Champion Trophy 2020” a National Level Volley Ball & Throwball tournament which will be held on 25th Feb 2020 at American International School,Maidan Hawally, Kuwait.

Convener Mr.Ramesh Kidiyoor urged all the members to come forward showcase their talent and increase the visibility of the Assocation in Kuwait & take the association to the next level.
MAK’s Seniormost member Mr. Gopal Suvarna was presented with a florel bouquet to mark 75th year of his birthday.Our guest Smt. Prema Mendon was also presented with a bouquet as a mark of respect.

As part of the welfare project scholarship of INR.10,000 was given to Master Rishab Puthran Son of active member Mr. Srinivas Puthran who has scored 95.36% in S.S.L.C.

The Main attraction of the AGM was Bhajan & Kolata which was beautifully choreographed by Mr.Suresh Salian & performed by Mrs. Geetha Suvarna & Team. Audience were mesmerised with the performance.The participants were Mrs.Geetha Suvarna, Mrs.Ranjitha Pandari Kanchan,Mrs.Poonam Mendon, Mr.Arun Mendon,Mr.Dinesh Suvarna,Mr.Kishore Kotaian, Mr.Rajesh Mendon,Mr.Kiran Kuamar,Mr,Dhanajaya Salian, Mr,Manoj Amin, Mr.Neishant Salian,Mr.Nithin Suavarna,Mr.Sudesh Puthran & Mr.Prashanth Kunder .Solo dance performance was given by Mr.Arun Mendon.

Games were Conducted By Mr.Suresh Salian & Mrs Geetha Suvarna which was enjoyed by all the MAK members .Melodious songs were sung by renowned artist of MAK Mr. Suresh Salian, Mr.Jaya Kotian,Mr.Purandara Manchi,Mr.Dinesh Suvarna Mr.Dhananjaya Mendon & Mr.Kishore Kotian.

The returning officer, Mr.Nithin Suvarna announced the new managing committee for the year 2020. The group unanimously relected Mr.Rajesh Mendon as the president.

The officer bearers for 2020 are as follows:

President               :   Mr.Rajesh Mendon, Suratkal
Vice President        :   Mr.Sachidanad Suvarna, Yermal Bada
General Secretary   :   Mr.Dhananjaya S Salian, Malpe
Treasurer               :   Mr.Lakshmeesh Salian,Malpe
Cultural Secretary  :   Mr.Prashanth Kunder ,Malpe
Sports Secretary     : Mr.Arun Mendon, Boloor
P.R.O & Welfare officer : Mr.Jaya Kotian,Kinnimulki

The managment committee members introduced themselves, thanked and assured all the members for rendering their best service during their tenure.

President, Mr.Rajesh Mendon in his speech thanked all the members for relecting him as president.

Below Welfare Projects would continue as informed by the President

-Death Grant of IRS. 1,00,000/- in case of death of any active member, financial help will be provided to next of kin of the deceased.

-Financial help (Health Grant) of IRS. 25,000/- will be given to the members in case of serious health issues or permanent
disability or severe injury due to accident.

- Merit Cum Means Scholarship- Children of MAK members residing in Kuwait or India would be awarded Scholarship of IRS. 10,000/- for 10th Standard Students & IRS. 20,000 for 12th Standard Students.

Scholarship for Mogaveera Management School in India President, Mr. Rajesh Mendon also announced that scholarship of IRS. 7,000/- , IRS. 5,000/- & IRS. 3,000/- would be awarded to the First three Meritorious students respectively for the year of 2019-2020, for the following schools of the Mogaveera Community Mahalaksmi English Medium School, Uchila Sagar Vidya Mandir,Beach Road, Padubidri

The new management Committee welcomed the new year 2020 in a traditional way by distributing the “OleBella” (palm jaggery) to all the members.

Executive Committee of 20 members were announced by the President who are as follows 

Mr.Suresh Salian, Dr.Vikyath Boloor,Mr Divakar Kotian, Mr.Kishore Kotian,Mr.Kiran Kumar,Mr.Purandar Manchi, Mr.Neishant Salian, Mrs.Geetha Suvarna,Mr,Rakshith Suvarna,Mr.Srinivas Puthran,Mr.Nithin Suvarna, Mrs.Kusuma Girish,Mrs.Poonam Mendon,Mrs. Ranjitha Pandari Kanchan, Mr.Pandari Kanchan, Mr.Santhosh Kunder,Mr.Kaushik Kanchan &Mr.Manoj Amin Katapady, Mr.Ramesh Kunder, & Mr.Jeevan Amin

Followed by, A Sumptuous Lunch was served by Tamarind Restaurant.

Prizes were given away to the winners of games.

Mr.Jeevan Amin & Mr.Arun Mendon for musical Chair.

Mr.Sudesh Puthran & Mr.Kiran Kumar for Group Game.

Mr.Dhanjaya Salian,Mrs Indiara Purandar & Mr,Baskar Amin for Alphabetical bingo Game.

Mr.Sudesh Puthran & Mr.Vittal Sriyan for passing the parcel.

Mr.Nithin Suvarna & Mr.Lakmeesh Salian for Pillow Game.

Mr.Shekar Amin,Mr.Jayanth Kunder,Mr.Neishant Salian,Mr,Purandar Manchi,Mrs Ranjitha Kanchan,Mr.Arun Mendon,Mrs.Indira Purandar & Mr Arun Mendon won the Housie Housei.

Quiz was won by Mr.Arun Mendon & Mr.Ramesh Kunder.

Surprise gifts was won by Mr.Dhananjaya Salian & master Kanishk Kumar.

“Lucky Mogaveera” was won Mr.Jeevan Amin.

Beautiful Moments of the day were captured by Mr.Kiran Kumar,
Music was played by D.J Neishanth Salian
In his  vote of thanks Mr.Dhananjaya Salian expressed his gratitude to each and every member who supported to make the event successful.

It was totally a funfilled day for all the MAK members who enjoyed all the activities memories of which such always be cherished.

Bengaluru, Jun 2: Chief Minister BS Yediyurappa on Tuesday interacted with District Collectors (DCs) and Superintendents of Police (SPs) regarding COVID- 19 situation in the State.

In the meeting held through a video conference, he said that DCs, SPs and the District Panchayat Chief Executive Officer (CEO) be divided into taluks and ordered them to take appropriate measures to control COVID-19.

He was speaking today in a video conversation with District Collector, District Panchayat Chief Executives and Superintendents of Police in Kalaburgi, Vijayapura, Udupi, Yadagiri, Raichuru and Belagavi districts regarding measures to control the spread of COVID-19.

The Chief Minister instructed officials to monitor the investments in taluka centres. He also ordered to create a task force in the village panchayats, who will be monitoring things closely.

The Chief Minister also directed for the creation of ward-level watchdog committee in every village and city and an FIR should be registered in case of a home quarantine violation.

Home Minister Basavaraja Bommai, Revenue Minister R Ashok, Chief Secretary TM Vijayabhaskar, Development Commissioner Vandita Sharma, Police Chief Director Praveen Sood, Health Department general secretary Javed Akhtar and secretary Pankaj Kumar Pandey were also present in the meeting.