Karnataka fears massive revenue loss after currency chaos

Mangaluru, Jun 16: Dakshina Kannada today reported 79 fresh covid-19 cases, taking the total infections in the coastal district to 370.

Out of the 79 positive cases, 75 persons had returned from Saudi Arabia. All of them have been shifted to the designated COVID hospital in Mangaluru for treatment.

As many as 11 persons today discharged from the hospital taking the total number of discharges to 145. There are 217 active cases in the district. 

Udupi district today reported 7 new covid cases taking the total to 1035. Among them 817 have discharged from the hospitals including today’s 81. The number of active cases is 217.

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, Jun 19: COVID-19 cases in Karnataka has breached the 8,000 mark, as the state on Friday reported 337 new cases and ten related fatalities, taking the total number of infections to 8,281 and death toll to 124.

Also, total discharges in the state breached 5,000 mark, with 230 patients getting discharged in a day after recovery.

As of June 19 evening, cumulatively 8,281 COVID-19 positive cases have been confirmed in the state, which includes 124 deaths and 5,210 discharges, the health department said in its bulletin.

It said out of 2,943 active cases, 2,865 patients are in isolation at designated hospitals and are stable, while 78 are in ICU.

The ten dead include- seven from Bengaluru urban, two from Bidar and one from Vijayapura.

Out of the 337 new cases, 93 are returnees from other states, majority of them from neighboring Maharashtra,while 11 are those who returned from other countries.

The remaining cases include contacts of patients earlier tested positive, those with history of SARI and ILI, among others.

Among the districts where the new cases were reported, Bengaluru accounted for 138 cases, followed by Kalaburagi 52, Ballari 37, Hassan 18, Dakshina Kannada 13, Davangere 12, Udupi 11; Bidar 10, six each from Mysuru and Koppal, four each from Yadgir, Kolar and Bengaluru rural, three each from Mandya, Dharwad, Chikkaballapura, Bagalkote and Ramanagara, two each from Tumakuru and Chikkamagaluru, and one each from Belagavi, Uttara Kannada and Shivamogga.

Kalaburagi district tops the list of positive cases, with 1,126 infections, followed by Udupi 1,050 and Bengaluru urban 982.

Among discharges Udupi tops the list with 944 discharges, followed by Kalaburagi 646 and Yadgir 477.

A total of 4,84,060 samples were tested so far, out of which 10,553 were tested on Thursday alone.

According to the bulletin,4,64,338 samples have been reported as negative, and out of them 9,862 were reported negative today.