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.
The couple have been identified as Neha Anjum and Pradeep, both hailing from Chitradurga.
Comments
2 incidents recently took place in Mangalore Muslim Girls married to Hindu boys, both of them came back their Husbands also embraced Islam. all knows that Islam only a true community rest all leads to hell fire and baseless
Infact she loved hell fire by loving a non believer of Allah who created all the universe. It's better for a Muslim man to marry a slave women instead of marrying a non believing women. Same way for a believing women it is better to marry a believing slave man instead of marrying a non believing rich person. May Allah give Hidaya to both.
MastAli , it's better than worshipping a child rapist
she has become blind in love, its okay no big issue, when the whole world is becoming Muslim, these incidents should not stop our spirit of sharing the belief of Islam. See the percentage of growth of Islam its higher than any other religion. Those who enjoying the news that Girl married Hindu remember my words Islam will enter every home, Truth will prevail and falsehood is bound to perish..
..powattt apara...attig pooith.....2 months l wapas bandaaal ....but it will b too late....
i am a muslim... i dont see what is wrong with this...so what?
she was told it is haram by her parents , yet she did... its her decision.
you all should start ignoring such cases and go ahead and get a life .
Proud indian...
Your view is only yours and it wont effect the one who created you & ME...and all that exists...
Before you mention such silly and arrogant things... Just look what ISLAM says about the CREATOR and the LIFE he had given us all, also in YOUR VEDAS.. which says NA TASYA PRATIMA ASTI... there is no image of God..
It proves that the so called GODs, YOU guys are worshiping in the form of Stones and others are NOT GOD its a man made stones which is LIFE LESS. and stones cannot help U or it will not reach GOD who created U & ME and all that Exists..
Atleast Use your God give intellect when you are worshiping the STONES, animals or even their shit...
The more U worship the created things, U hearts are becoming LIFELESS just like the STONES... Please look for TRUE GOD and Worship him alone ... which is a light for the HEART.
The Girl who run after many gods will not effect a bit for ISLAM.. the religion of TRUTH. please note that...
All the best!
@ Sister Swetha,
Your are absolutely Correct she left every thing for him. And in return what did she gain...she lost the Beautiful Paradise and Gained the HELL FIRE.
We are not at all worried for her, But we are Worried and will pra
Inna lillahi wa inna ilahi rajivoon..... Pity her Parents....
others called terrorist .....we are real desha premis,
if other do love jihad........we do kattale inda belaku
if other do GOVU hatya........we do yajnya /yaaga
if other do kole.......we do unfortunately
if other do anaitika sambhanda ......if swamis do kanya .....
if other do RAPE........if we do deha samparka....
ayyoyyo list never end....
First up all Congratulations to them and the society of Hassan, Wishing you Both Happy married life, really I must very much thankful to the Coastal Digest, one thing you forget to name this \JIHAD\" Could you please name it \"RSS Love Jihad\" any way again wishing you both Happiest married life, I am very much concern about the crazy people around the Globe, both Male and Female Join each other there is no race between both so we have to have understand that this is the real things to happen. You Criminal minded BJP, Bajji Ranji do not be happy next your time to face ok Gentle men, do not forget great Newton's Law \"Every Action has Equal and opposite Reaction\" Believe it Master Criminal Mind people.
Jai hho Bharath Matha
Jai hoo Siddaramanna."
Hidayath denewala Allah hai. Log kuch nahi karsakthe hain.
Congratulations to the couple. You married on your will. Wish you a happy married life!
She left her everything for you, Please take good care of her.
Have a happy life. All the best
She has taken very unwise decision by neglecting her parents. Since she has no respect to her parents, I am sure she will not respect any one else and she will bring more headache to her lover + his parents. However, I pray Allah to give her right way of thinking and let us come to know about her mistake and repent for it. Any how, we are not bothered about her as it is her will and none is going to force her to come back to her original.
what goes around will comes around. but at the moment let them both enjoy....
May Allah protect us from hell fire......Inna illahi wa inna ilahi rajiwoon. may allah guide us in a straight path.
Guys, take it easy. And dont post rude comments. Mistakes are done by everyone. It is better for her to repent. She may correct the mistake. we never know what is the future. Lets not judge anyone. Judgement is from the lord.
congrats... wish u happy married life :) ... she escaped from oppression and slavery ... even cattle lifter in particular community demand higga mugga dowry ... ... haha ...... education level saha hennu makkalalli jaasthi ide ... they dont want to become 1 out of 4 ... so they opt out for christains and hindus ... not only this case , like this many cases are underway ...
Hindu guys are looking for Muslim girls out there.. but forgot about our own sisters..please god gv sme good thnkng to our brothers.. our sister are getting ruined by caste system but these fellow mates are looking for others instead of searching inside.. I dnt knw wat will happen to our sisters
May Allah save all of brother and sister from the fitnah of Iblish... Yha Allah please we born as muslim and grant us death with iman Ameen
This is the result advanced tech. Parents has to check their all mobile nos which has fake names ie real boys name as girls names (dummy) names and incoming calls blocked by lovers. Only user will unlock during parents absence.
Several Muslim girls have married non-muslim men before also. No big deal!
And in all cases, the marraiges have failed and the girls have returned back to their families. This one also will return in a year or so.
parents are not much educated enough to the effect of Facebook and whatsapp. If you want to provide phone to your children give them simple phone where they can not download illicit apps
After getting bored with worshiping Cow, Monkey God and idols. definitely she will return back to the real God. Insha Allah
Ajmer Case is going to repeat again!
truth will prevail and evil will perish soon. In shaa Allah
Inna Lillahi wa inna illahi Rajivoon. Lack of follow ups by the parents and overconfidence of parents and Lack of God fear and religion of Islam leads to these kind of things.
chaddi dal i hate coz its doing wrong is not gud murthi puja is wrong way so i hate chaddi jihad
Congratulations Girl for the best decision.
This is the sign of qayamat, In Sha ALLAH, all this kind of girls will get big punishment.
happy married life, ishwar bless you both.
I am a proud kafir (Infedel) and will always remain so. Millions of girls worldwide - especially from islamic countries and turning to hindusim - one true religion.
I see alot of non-muslims are cursing Islam as always but let me tell you if you go through survey you will find out that most of Hindu girls have got married with Muslims men but we dont show off like you. ISLAM IS THE RELIGION OF PEACE and if you doubt it come to me i will clear your doubts. If you want to cross check what i have said then you better check my Past you ll find out how many HINDU girls have been my Gfs but ISLAM opened up my eyes and showed me the right path so i left all of them to live in peace and got myself prepared for the life hereafter.
I WARN YOU TO STOP ATTACKING ISLAM. TAKE MY ADVISE START LEARNING ABOUT ISLAM THEN COMPARE WITH YOUR RELIGION I ASSURE YOU LL FIND THE REAL LIFE.
Dudhka Dudh Panika Pani :)
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