Mangaluru: Gang attacks two Muslim youths at Bajal

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, Apr 6: Taking note of the communally hateful messages, news and pictures in the wake of coronavirus, Dakshina Kannada Superintendent of Police (SP) Laxmi Prasad on Monday issued strict warning to people spreading such messages and news on local social media platforms.

The SP also confirmed that four cases under his jurisdiction have been registered for sending, forwarding messages with communal hate in the wake of coronavirus on Facebook, WhatsApp and other social media platforms.

He added the police department will not take any such messages, news, and images lightly which can potentially hurt the sentiments of the people of any community. He also added that those found guilty will be prosecuted under strict law and their gadgets, mobiles will be seized by the department.

The Himachal Pradesh police have confirmed the arrested a man for injuring a pregnant cow by feeding her wheat flour ball laced with firecrackers. 

The cow’s jaw was blown off-- reprising the tragic story of a pregnant elephant that lost its life after eating a pineapple stuffed with a firecracker in Kerala.

While the incident took place on May 26 in Jhandutta area of Himachal Pradesh’s Bilaspur district, it came to light only on Saturday, May 6, when the cow’s owner, Gurdayal Singh, uploaded a video of the injured animal on social media.

In the video, Gurdiyal Singh describes how the cow’s mouth had been injured after one Nandlal fed her explosives.

He confirmed that Nandlal works as a mechanic in Singh’s neighbourhood. Singh said that Nandlal has no remorse for his action. Nandlal has said that he is not scared of the repercussions and that he will continue to do whatever he deems fit. “Even the village sarpanch cannot harm me”, challenged Nandlal when confronted by Singh. 

The cow has given birth to a healthy calf since but Singh said the animal is still not able to eat because of an injured jaw and is being administered Glucose.

The video went viral with people demanding strict action against the person who fed firecrackers to the animal.

The practice of studding dough balls with firecrackers isn’t uncommon in Himachal, and farmers resort to this to keep wild animals, especially boards, off their fields. In the Kerala incident too, the explosive-filled-fruit was meant for wild boars. In many parts of the country, including Himachal, the method is also used to hunt for bush meat -- an illegal practice.

Bilaspur superintendent of oolice (SP) Devakar Sharma confirmed the incident and said the cow was fed a highly explosive firecracker popularly called “aalu bomb”. 

Aalu is Hindi for potato. He said a case under Section 286 of the Prevention of Cruelty to Animals Act has been registered and the role of the neighbours named by Singh is being investigated.