Mangaluru: UTK inaugurates Ahmed Anwar's photo exhibition on Street Life

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.

Mangaluru, Apr 15: For the convenience of the public during the lockdown period, the Department of Posts has been providing essential services to the public at its various branch offices which are functioning from 1000 hrs to 1400 hrs.

Medicines and other essential items can be sent via parcel from any town to any place in Dakshina Kannada and Udupi districts.

Arrangements are also being made to extend this facility to nearby districts. In case of sending medicines and other essentials to other states from Mangaluru, the transportation has to be done via Bengaluru and can be expedited if a request for urgency is made, says a press release from the Senior Superintendent of Posts of Mangaluru Division on Wednesday.

Mangaluru, May 21: The third repatriation flight from Dubai to Mangaluru will operate on Saturday, May 23, confirmed union minister D V Sadananda Gowda. This will operate via Bengaluru.

The first and second direct repatriation flights from Dubai had landed at Mangaluru International Airport on May 12 and May 18. There were more than 175 passengers on board each of these flights.

On May 23, Air India flight (IX 0384) will take off at Dubai at 4:30 p.m. and land at Bengaluru at 9:50 p.m. It will again take off at 10:50 p.m. and land at Mangaluru at 11:45 p.m.

However, ministry of civil aviation sources said that no final decision has been taken about carrying passengers by these flights to Mangaluru.