Mangaluru man who was murdered after returning from Saudi Arabia laid to rest; wife is suspect

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, Jul 4: A young woman doctor at the Kempegowda Institute of Medical Sciences, Bengaluru, who had raised an alarm about faulty PPE kits and shortage of N95 masks, has tested positive for the covid-19.

Taking note of this, Mysuru-Kodagu MP Pratap Simha brought the issue to the attention on Medical Education Minister Dr K Sudhakar on Twitter. Tagging the minister, the MP tweeted, “For your information and I feel, it is a genuine concern.” “Amulya Gowda treated Covid patients at KIMS.

Karnataka Medical Association took to social media to express concern over the development. In a Facebook post it wrote: "Amulya C Gowda is a frontline worker who risks her life every single day. Last week she raised an alarm about faulty PPE kits and shortage of N-95 masks. But the Administrative Medical Officer (AMO) at KIMS, shunned and chastised her for raising this issue. Ever since, she has been buying her own N-95 masks. Today, she tested positive for Covid-19 and appealed to the Hospital authorities and raised her genuine concerns over the faulty protective gear, but she was again harassed and humiliated for raising the issue."

Dr DH Ashwath Narayana, Medical Superintendent, KIMS Hospital, said that all PPE kits at KIMS were certified by SITRA (South India Textiles Research Association), Coimbatore and that they had purchased N-95 masks available in the market. "One cannot claim faulty PPEs are the reason for testing positive. We have purchased whatever PPE kits are available in the market. Healthcare workers across hospitals, private and government, and policemen are also getting infected."

As the new rules by the state government allow healthcare workers home isolation, Narayana said the doctor is recuperating at home and that she is doing fine.

Medical education minister Dr K Sudhakar tweeted, "Doctors are our frontline warriors battling the pandemic. Government has taken all necessary measures to ensure safety of our doctors. I have taken note of supply of defective masks and PPE kits to KIMS doctors and ordered an enquiry. Management will be held responsible if found guilty."

Mangaluru, Apr 25: Heavy rain lashed Mangaluru and surrounding areas on Saturday, providing the people respite from the sweltering heat, which they have been experiencing for the last few weeks. 

The rain, which started around 10.30 pm on Friday, lashed heavily after 2 am. Later, there was drizzle for sometime before it stopped raining around 8 am. 

People were seen walking towards the market to purchase essential commodities holding an umbrella and wearing a raincoat.