Modi celebrates Guj, HP victories in Mangaluru; becomes third Indian PM to stay in coastal city

Bengaluru, Mar 20: The high court on Thursday directed the government to notify on its official website the penal provisions to be enforced against private schools violating norms relating to fees and safety of students, among other things. A division bench of chief justice Abhay Shreeniwas Oka granted six weeks to the authorities to comply while disposing of a PIL filed by advocate NP Amrutesh.

Earlier, the state government submitted a memo stating that necessary amendments have been brought to Karnataka Education Act in 2017. It said any breach of students' safety entails a minimum jail term of six months and Rs 1 lakh fine for a convicted employee or member of the management. Any institution found guilty by the District Education Regulatory Authority will face disaffiliation and must pay a fine of Rs 10 lakh, the memo said.

Schools collecting donations and other fees beyond what is prescribed can be fined up to Rs 10 lakh and they must refund the excess fee.

In relation to schools charging for applications and brochures, the state capped their prices at Rs 5 and Rs 20 respectively, by issuing a gazzette notification last year.

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, Apr 27: Former Prime Minister H D Deve Gowda on Monday demanded that the Karnataka government announce a special package for farmers who are on the verge of quitting agriculture as their profession following losses due to the COVID-19 pandemic.

"Please announce special package for the farmers to bail them out of the loss due to the lockdown.

Drop many of the schemes in the budget but don't leave the farmers in distress," Gowda said in his letter to Chief Minister B S Yediyurappa.

The JD(S) supremo said the way relief has been announced for the milk producers by procuring the unsold milk and distributing it to the slum dwellers, the same assistance should be provided to the farmers of the state.

"If you don't come forward to assist the farmers, then they will be forced to sell their land," Gowda cautioned the Chief Minister.

The former prime minister said the farmers are on the verge of falling in the debt trap and may be compelled to take the extreme step of suicide due to the losses.

Gowda said the farmers are unable to sell their crop because they are not getting proper price for their produce and are selling their crop at a throwaway price to minimise their losses.

"In just one month farmers reached the brink of bankruptcy as they are unable to sell the standing crops in lakhs of acres of land," Gowda said.

The JD(S) supremo has been championing the cause of farmers in the state and highlighting their sufferings.

On April 3 Gowda has appealed to Prime Minister Narendra Modi to look into the plight of farmers, labourers and the middle class people due to the lockdown.

"In such times of crisis, we should see to it that there is no disruption in farming activities by ensuring proper marketing channels to agricultural produce, especially perishables.

Only then we can sustain our long battle against this pandemic," Gowda said in a tweet.