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.
Mangaluru, Feb 7: In a shocking revelation, a 19-year-old girl has lodged a complaint against a priest of Sri Durga Parameshwari temple, Kateel, accusing him of raping and threatening to kill her.
Comments
If it is so, why did'nt she came out when the incident took place.
If she was scared then, how she became bold now?
Such kind of blacksheep are found in all religions.
And if the priest is guilty then he must be punished as per law of the land.
I was just trying to think what kind of punishment we can give to this rapist.....first and foremost thing is his wife has been committed suicide...for that he did not get punishment....now raped this girl....she will have to face the society with baby which will come up in the near future....
best punishment for this crime is \hang him till death\""
Backstabbing the nation is the biggest crime. This is apparently not a rape. This is consensual sex. May be that woman is used as a bait by anti nationals.
Dear Viren , After this also do you think he is nationalist ? To become natiolist they should qualify by this type of test? Acche Din Already as promised!!!
.............ne walon ko parameshwari ma ke temple mein kue bitaya....
Looks like the troll,who tell this as their internal matter is hand in gloves with the priest or the blackmailer....he must be grilled
Ha Ha Ha Ha...This is called Viren Joke...Viren please list the people and the Crime which belong to ur Internal onces.So that no one in future will Comment on them.
One is Cleared RAPE and RAPIST is ur Internal.NEXT....
stone him to death if he is really a rapist
shame on u, dont call him priest please for god sake.
look at his face, by seeing his face only we can make out he s big proud, should enquir him properly. he stolen many gold jewellery from temple.
now a days for personal grudge some people will do like this. please enquiry on to this simply putting accused photo without clarification its against the law :)
Mr. Kotian Saheb, those who are raping women and those who are supporting these rapists are National, and those who are opposing these evil act are anti national.
Never mind we are anti national for those Desh aur dharm drohi's.
Women is our mother and our sisters.
this kind of human should be banned to enter temple. really black dot of society,
this should be stone to death if allegation against him are true.
No Bajarangi is speaking exept Kotian ? It is his internal matter,
Does Kotian will give the unborn chid his name as father ?
every religion priest are same. they do one thing and tell us to do other things. they only not following which s must.
Why people started screaming. This is our internal matter. anti nationals need not to interfere.
Temple Priest again....
Those who are intelligent should understand surely its not a divine place were many priest are caught in such evil acts specailly with girls.. If girls are not active & did not recognize the DIVINE option of COVERING their beauty to strangers... More of such incidents will follow in near future by these evil innocent looking foxes...
Now be careful ladies.... you are asking permission to go all the temples. Never mind you can go but go along with your blood relation men. Duniya Kharaab hain. Even you are not safe in temple or mandir. There are many Swamiji's were in India facing these charges. You know very well.
In 1400 years before Prophet Mohammed guided that any women who wish to go outside (such as market, mosque etc.) to accompany their blood relation men.
Inquisitive to see Comments from Kotians and like minded trolls
WAKE UP guys! Cheddi will twist this reality & U honest hindus will accept it as it is... Please dont support the culprits who are involved in crime of our girls.... Protect the girls which ever religions it is... Stop supporting the CULPRITS who alwz twist the realities.
Never FEAR this people - FEAR only the one who created U & ME. When U fear the one who gave us soul... our fear for CREATION will become WEAK>>>
Shameless People....Throw him out of Country.Ban him from India.This is what we call Intolerance.Being a priest in a reputed and Historic place how could he do such shameless act.Innocent girl should get Justice.
Pitty on his 20 year old Daughter.
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