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.”
Comments
It is stupidity to call it hindu-muslim marriage as the girl converted to Islam a few days back from the marriage. She has the right to do whatever she wants but conversions as condition for marriage does not account for true love. Only hypocrites can justify conversion and can call it love triumph. It is a shame that a person has to change religion for marriage and lovers in interreligious religions (be it of any religion) should be able to defend faith of each others that for me is true love. Fanatics use Indian laws to marry girls of other religions and show their religious hypocricy by making the girl to convert for marriage which for me is a cheap ideology. Progressive laws are being used by bigots to show their true color. Which is a shame, in any religions if a partner is made to change religion the party who forces other to change religion is cheap and fanatic. Not a secular trend..
Wishing the couple a happy married life...I have only one query..In an inter-religious marriage such as this one...the woman has to compulsorily convert to Isalm is it ?? What is the Isalmic law inthis regards...Wat if te booy ocnverts to Hinduism through arya Samaj ?
I have heard of several inter-religious marriages where there is no conversion---husband hindu/mother catholic etc...Why conversion here ?
Dear Prakash, you are like a frog in the well and have no knowledge about islam and muslims. dont read books written by prabhakar b hat / Mutalik / Karnik etc. Read books written by authenticated people. Half knowledge is not good for health. Talk to Mr. Jain, a shiv sena activist who was against Muslims / Islams till recently and have reverted to Islam for the reason he changed his belief. May be you will get correct answer to your question. dont judge on yourself. dont trust the hate mongers. May God bless you with right way of thinking and keep you on right path.
Happy married life may Allah fullfil all your dream and I pray all your dream come true .. I pray Allah to give you more strength to fight this saffron menace...!!!!
Wish you Happy married life and wish you happy and prosperous married life.
Prakash...in your religion why lower cast girl or boy cant marry upper cast girl or boy...as per Islam if a boy wants to marry a Hindu girl, he can but she has to convert to Islam religion....because in Hinduism, Hindus pray 100's of gods which is forbidden in Islam....and children born out of that marriage will follow mother's tradition or religion...to avoid that she should convert to Islam...one thing is nobody can force anyone to marry to someone...here girl and boy loved each other and married...she willingly converted to Islam.
hIjab, burka will give security and safety to girls while they are venturing outside of their home....you know most of rapes and molestation of girls happening around India....reason behind it is girls dont cover their body parts properly, whereas burkha and hijab will protect them from it....
Muslims can marry up to 4 girls....it is not compulsory but it is a provision...if you can't make justification and satisfy their requirements then you are not eligible for it at all....
@Prakash
Coz Muslim Girls are not allowed to marry the disbelievers or the polytheists as per Shariah law. Neither is a Muslim man allowed to marry a Disbeliever/Polytheist. The only option here is the man or the woman must revert to Islam for
It is surprising to note the greetings from the readers to the so called Muslim boy.... Do not forget this boy was in love with the non muslim girl since 12 years, just imagine the amount of SIN he has earned by having contacts with the girl without marriage..... we are nothing but hypocrites to greet the so called muslim boy....
Dear Prakash R...
One reason is U guys are worshiping the Man made gods. U make saints as gods, u make idols as gods, u make animals as gods, u make MONKEYs as God, U make URINE as God's blessing...
SICK... When Ur own VEDA says NA TASYA PRATIMA ASTI... Y dont U use your intellect and find out WHO is GOD and who is WORTHY of WORSHIP...
U will get all the answers if U start using your intellect honestly on recognising our CREATOR who created U & ME and all that exists.
Dear Prakash Answer :bcz Muslim Girl believe in Allah & they want to die as Muslim .they dont want to go to hell forever Mr prakash i invite you to
Islam Believe in One god and Prophet muhmmed(saw) is the Messenger of Allah so Accept islam it will benefit in both world. you will have no fear in hearafter May allah guide us all Ameen
Question: Why not Muslim girls marry other religion boys?
The religion should not poke its nose in any way. If the boy was really brave, he should have suggested for a non-religious marriage. In the boy's religion, there is no freedom for women, men can marry 4 wives, pray 5 times a day. In each and everything, religion comes first, burkha, hijab are symbols of slavery. She does not know that she is getting into an unknown jail...
People of religion bring the name of non-existing god unnecessarily.. that's the problem, otherwise, it is ok..
Shaistha weds Shakeel.....how the hell is this a Hindu- Muslim wedding ??
The heading should read
\Girl discards Hinduism and embraces Islam to get married to the love of her life \""
Shaistha WEDS Shakeel.....how the hell is this a Hindu- Muslim wedding ??
The headlines should read \Girls discards Hinduism and embraces Islam to get married to the love of her life \""
ONLY LOVE NO JIHAD.....
WISH YOU VERY HAPPY MARRIED LIFE...
MAY ALLAH SWT BLESS YOU BOTH ..AMEEN.
I really congratulate the noble parents and the brave couples, may almighty Allah bless you with all the happiness, you proved your true love you will be the roll model for others
She is a well educated girl. The Boy seems promising too. They will take very good care of eachother and lead a happy life , InShaAllah!
Allah gives her hidayah, Alhamdulillah. We pray to Allah to give her knowledge and keep her steadfast upon Islam.
#Burnol_Moment_For Sanghis
Qareeb itna raho ke rishtey mei pyar rahe,
Door bhi itna raho ke aane ka intezar rahe,
rakho ummed rishtaon ke darmiyan itni,
Ke toot jaaye ummeed magar rishtey BARQARAAR rahen.
Wish you a very very very happy married and contended life.
The Prophet (SAW) said A Women May be married for four Reason for her property, her status, her Beauty and her Religion ;so try to get Religious, May you Blessed But Nowadays some Men they choose one who has no Imaan .Thats why it will become a big Fitnah for this ummah May Allah guide us
India requires bold women like Rifqa Bary, Wafa Sultan, Nonie Darwish. Malaika Arrora is no more Khan now. Hrithik Roshan is free from the bondage of her wife's religion. Non-Muslim Girls are unaware of divorces in Islam. Innocent girls are deceived.
Tight Slap to chaddis..
When People read the QURAN...
They will realize the TRUTH & DIVINE CONNECTION.
The TRUTH about who is worthy of WORSHIP.
When U know that then
U will depend on the one who CREATED us all.
When U depend, U are in the safe hands of the CREATOR, unless it is decreed by the CREATOR.
U will come to know who is behind EVIL
U will come to know what is cheddi agenda.
U will come to know previous nations who ruled with Evil agenda are PERISHED.
U will come to know the ARROGANT leaders who made themselves GOD and when the time of death came, they realised they are not GODs .
U will come to know the ARROGANT who will never be satisfied even if they have mountains of Gold in their possession.... They are still GREEDY. (We see many of them today)
U will come to know the oppressor like Pharoah, Haman, Abu jahl.. how their life came to end. (Read QURAN).
U will come to know How the CREATOR will assist those who have FAITH in HIM..
DEAR all.... Read QURAN, U will understand What is LIFE, What is the PURPOSE of LIFE. NO need any babas in between.. U & Ur maker...
LOOK for this, U will be successful.
Wish you happy married life!
All the best for the new couple. live your life happily
Haati Chale Bazar kutte Bokhe Hazaar...!
Both families are really great. Triumph of humanity
Am really proud of you Ashita. Finally love defeated hatred. This wedding was a blend of Hindu Muslim culture. This wedding not only united couples from two different families but also united families from two different religions and crushed communalism.
What was the need of conversion and change of name if the love was genuine?
Wish You a Happy Wedding Gud Luck For Your Future..Really This is an Achievement..Well Done..
baarakallahu lakum wa baraka alaikum wa jamaha bainakumaa fil kair
All the best and go ahead....its your life....enjoy....
very good news for all the hate mongers...
nice answer by the girl right on hate mongers face...May Allah protect the couple and destroy those who come on their way......
Very good sister. I pray allah to give you more strength to fight this saffron menace
good luck dont bother about threat call ,threat call treat as miss call.
Wish u happy married life. you won. Need not to be afraid of rss chaddi goons. they cant do anything. they only know to bark like dogs.
Hearty congratulation to parents of this boy and girl who supported this union.
happy married life. all the best for your future life
Happy married life to the new couple. dont worry about anything. enjoy your life and be happy always
Happy married life, all the best.
Wish you both a very happy married life!!
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