Mangaluru: BJP leader Rahim Uchil wins defamation lawsuit against tabloid

Kundapur, Apr 10: Police have lodged a case against Nagaraj Mogaveera, 28, a resident of Karwadi Saukur in Kundapur, for sharing a communal hatred and sensitive post over Facebook.

On his Facebook page, he wrote, "1,500 persons went to Delhi mosque from Karnataka. Each person's test costs Rs 4,500 which becomes expenditure of Rs 67,50,000 in all. If they be encountered, each bullet costs Rs. 63 and the total expenditure will be Rs 94,500."

According to the complaint filed by Mukhtar Ahmad of the Janata Colony of Kundapur Karwadi village on Friday, the police have booked a case under the IPC Section 1860, 295A, 505 (2) and launched the investigation.

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.”

Mangaluru, Jan 1: Led by two local MLAs belonging to Bharatiya Janata Party, dozens of people today forcibly stopped toll fee collection at Talapady toll gate on the outskirts of the city allowing vehicles plying between Karnataka and Kerala on the national highway 66 to travel without paying any fee for some time.

Mangaluru City South MLA D Vedavyasa Kamath and Mangaluru City North MLA Y Bharat Shetty, who led the workers, said that the Navayuga Udupi Tollway Pvt. Ltd. (NUTPL), the concessionaire of the about 90-km-long highway widening project between Talapady and Kundapura in Karnataka, had failed to complete the project since over a decade.

The service roads and two flyovers under the project remained uncompleted. Hence motorists were facing a hardship. Notwithstanding Nalin Kumar Kateel, Dakshina Kannada MP, arranging ₹56 crore loan to the NUTPL through Axis Bank to complete the prominent Pumpwell flyover in the city, the company had failed to complete it.

The MLAs said that they stopped the toll collection as a symbolic protest to bring pressure on the company to complete the project within this month.

The BJP workers who gathered near the toll gate around 7.30 a.m. forcibly removed the barricades and made the vehicles ply without paying the fee. The workers of the company managing the toll booth did not resist.

The BJP workers said that vehicles would ply without paying toll till about 6 p.m. If the company resumed the collection during the day on Wednesday, the party workers would again forcibly stop it on Thursday, they said.

Shivaprasad Rai, in-charge of toll collection of the company at Talapady, Hejmady and Sasthana on the same highway told The Hindu that the NUTPL collected about ₹7 lakh as toll fee daily at Talapady from over 12,000 vehicles. The loss on Wednesday could be about ₹4 lakh.

The project is being implemented under build, operate and transfer basis.