Kasaragod man, female friend held with gold worth Rs 2 crore

The Bharatiya Janata Party workers belonging to Muslim community are bewildered over the contentious Citizenship Amendment Act. A considerable number of BJP’s Muslim workers have distanced themselves from the pro-CAA meetings being organised by the party in different parts of India.

There is a deep divide within members of the BJP minority wing, with many upset and angry with the party. During its membership drive in 2018 for the minority wing, BJP had enrolled lakhs of Muslims across India.

A senior Muslim member of the saffron party in Hyderabad explained, “We are very upset. There is no one listening to us within the party. Majority of the members are introspecting on their future role in the party. Few are vocal about it. Those, who believe they still have a future in the party, have decided to keep quiet on this issue.”

This is the reason why they are not attending the pro-CAA rallies or interacting with people. If anybody approaches and questions them about CAA, they maintain they have no idea, just like the common man. A member of the BJP belonging to the minority community says they have been hurt by the decision of the government on CAA.

“Shia Muslims in Pakistan are suffering. They have been targeted in that country from time to time. The BJP patronised a large number of Shia Muslims. The Shia community in Uttar Pradesh even sided with the BJP. But what has the community got in the end? The persecuted Shia minorities in Pakistan have not got justice,” the party member from minority community lamented.

There are 400 families belonging to the Shia community in Hyderabad, who have relatives in Karachi and Quetta in Pakistan. These Shias had migrated to Pakistan from the Nizam state after its accession to India. These families were hopeful that after aligning with BJP, there would be a reprieve for them. But the stand taken by BJP has left them in lurch. The CAA provides for granting Indian citizenship only to non-Muslim minorities from Pakistan, Afghanistan and Bangladesh.

“We have been left with nothing. Shias have not been politically active in all the three countries of India, Pakistan and Bangladesh and have suffered due to this reason. There was some hope in India, but even that has been lost now,” the minority wing leader remarked.

National vice president of BJP minority cell Farid Sheikh Liaquat Ali says, “Party workers and common people are asking the same question.”

I have told them what union home minister Amit Shah has said in Parliament, that CAA is not against Indian Muslims. But people are not convinced. Every meeting or social function that I attend, I find that people are angry and upset. I have been with the BJP for 33 years and whatever I hear from the people is being conveyed to the party.”

The incident that occurred at the madarasa in Uttar Pradesh has led to a pointed question: “If this can happen to Muslims in UP, will it not repeat elsewhere?”

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.”

Bengaluru, May 20: An Air India flight from Dammam in Saudi Arabia landed here with 161 passengers, including 85 for Karnataka and 76 to Hyderabad, an official said on Wednesday. Among Karnataka passengers there were both Bengalureans and Mangalureans.

"AIC-1910 (Airbus A321-211) landed at the city airport at 8.45 p.m. and 85 passengers, including 9 women and one infant alighted here, while 76 will fly to Hyderabad," the airline official said. 

The flight was 45 minutes behind schedule to Bengaluru.

The airline staff and the state government officials received the returnees in the arrival terminal and gave them masks to wear and sanitizer to wash hands.

All the passengers would be screened with thermal device to read their body temperature though only asymptomatic were flown back.

After completing formalities, including immigration check and filling the self-declaration form, the returnees were taken in state-run buses in batches for 14-day institutional quarantine in hotels and resorts across the city.

Passengers have to download the mandatory Quarantine app on their mobile phone before leaving the airport for contact tracing later.

Another evacuation flight from Kuala Lampur in Malaysia to Bengaluru has been cancelled due to Amphan cyclone over the Bay of Bengal that hit the Odisha and West Bengal on the east coast.

The service was the fourth to the southern state in the second phase of Vande Bharat Mission, the national carrier and its Express arm are operating to repatriate thousands of Indians, including distressed workers, migrants, students, senior citizens and tourists, stranded overseas since the government suspended international flights on March 23 and enforced an extended lockdown on March 25 to combat Covid-19 spread.

The first flight in the second phase landed on Monday night at Mangaluru on the state's west coast, with 177 passengers from Dubai in the UAE.

The second flight to the southern state from Kuala Lumpur in Malaysia landed here (Bengaluru) on Tuesday evening, with 94 passengers.

The third flight from Muscat in Oman landed here at 6.31 p.m. on Wednesday evening and at Mangaluru on the state's west coast at 8.01 p.m.

The remaining flights to Karnataka will land in Bengaluru and Mangaluru over the next 13 days till June 3 from 12 more destinations the world over.

In the first phase of the mission from May 7-17, the airline and its arm flew 6 flights to the state from May 11-15, bringing in 800 passengers, including 623 to Bengaluru and 177 to Mangaluru from London, Singapore, San Francisco and Dubai.