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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, Feb 10: Former Karnataka chief minister HD Kumaraswamy's son Nikhil Kumaraswamy today got engaged to Revathi, the grand-niece of Congress leader and realtor M Krishnappa.

On February 6, Mr Nikhil shared a picture with Ms Revathi on his official Facebook account.

Mr Nikhil's grandfather and former prime minister of India HD Deve Gowda attended the event along with several other politicians at the Taj West End.

BJP leaders including Chief Minister B S Yediyurappa former chief minister Jagadish Shetter were also present.

Mr Nikhil, 30, is a Kannada film actor who made his debut in the bilingual movie Jaguar in 2016. The actor will soon start shooting for his new movie Production No-1.

In the 2019 Lok Sabha elections, he lost to Sumalatha Ambareesh, widow of former Karnataka actor Ambareesh, in the Mandya constituency in Karnataka.

Bengaluru, Jul 20: Janata Dal (Secular) leader HD Kumaraswamy has urged the Karnataka government to stop putting warning signboards in front of COVID-19 patients' houses alleging that they are leading to "social discrimination and untouchability" in the present times.

"A local government warning signboards in front of the homes of COVID-19 infected people is leading to neo-social discrimination and untouchability in the new age. Even after infection, the individual and family should live with dignity. The government should immediately stop the practice of placing signboards," Kumaraswamy's first tweet read.

"Instead of placing them in front of their homes and creating untouchability, send health workers to their homes to create courage and awareness. They should be told not to leave the house. There is no such degrading practice left behind. I would like to ask Chief Minister Karnataka BS Yediyurappa to pay attention to this," he added.

The former chief minister further said that threatening to cancel the licenses of medical colleges for refusing treatment to patients would not solve the problem and urged the government to take them into confidence instead of rebuking them.

"Refusing treatment is the fault of any hospital. But for the same reason, threatening to cancel government medical college licenses is not right. There is no profit in this emergency of health. MCI also has the power to revoke the licenses of medical colleges. Remember not the government," he said.

"In this case, the government should look to the Medical Colleges to get their services in order to get them to trust them instead of getting angry. Let them focus on meeting their needs. I insist on a collective fight against the coronavirus through this," he further added.

The COVID-19 count in Karnataka reached 63,772 on Sunday, including 39,370 active cases and 23,065 cured and discharged patients.