Survivors given Farewell at SCS Hospital

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, Jan 5: Rural development and panchayat raj minister K S Eshwarappa has received two threatening calls from Tamil Nadu, according to Home Minister Basavaraj Bommai.

He said that he had instructed the police to provide adequate security. 

At 12.30 pm on Friday, an unidentified person made a phone call. Speaking in Tamil, he threatened Eshwarappa with life, it is said.

Eshwarappa is known for abusive remarks and issuing threats to non-Hindus.

Bengaluru, Jul 4: In a heart-wrenching incident, a 65-year-old coronavirus patient at Hanumath Nagar in South Bengaluru died outside his house waiting for an ambulance on Friday evening. The body was kept on the road for more three hours.

The deceased tested positive for coronavirus on Friday and immediately called an ambulance to reach a hospital. However, according to his family members, as he waited for the ambulance for nearly three hours, he collapsed on the road in front of his house complaining of breathlessness and died.

As the body lay unattended on the road, it began to rain heavily. Soon, videos of the body lying on the road in the heavy rain went viral on social media. 

A senior doctor in charge of the division, however, claimed that the ambulance had arrived in less than half an hour but the patient had died before they reached the spot. 

"The patient had given samples on Thursday at KIMS and tested positive on Friday. BBMP officials informed them that they would reach his house. But the man, fearing that he may be stigmatised in the locality, began walking to the corner of the road and collapsed on the street and died," the officer said. 

Another health official from Basavanagudi limits said: "As the ambulance staff do not transport the dead, they informed the hearse van, which was set to arrive in 30 minutes. But due to the sudden rain and heavy traffic ahead of the curfew hours, they were stranded for almost three hours later." The officials also said the deceased had been suffering from cardiac ailments for almost 10 years. 

Regretting the incident, BBMP officials said they were helpless as was an acute shortage of hearse vans. "We were told that there were 20 deaths today and there are only eight hearse vans available. They had to shift this patient after attending to another mortality and were stuck in traffic. By then, due to the fear of infection, nobody attended to the deceased," the officer explained. 

BBMP commissioner B H Anil Kumar said that such incidents should not recur and ordered an investigation and sought a report. "We will ensure that such incidents do not recur," Kumar said.  

Following outrage on social media, a hearse van was summoned and the body was shifted to the Victoria Hospital mortuary as per the protocol. Police have opened a case of unnatural death.