NRI entrepreneur, educationist Syed Abdul Khadar Bashu no more

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.

Chikkamagaluru, June 6: The Chikkamagaluru district has become free from confirmed cases of COVID-19.

The last two of the 16 covid patients in the district were discharged today after they were treated and tested negative.

P 2765, a 28-year-old man and P 2766, a 38-year-old man were discharged, said Deputy Commissioner Dr Bagadi Gautham. Nine others were discharged from hospital yesterday.

Till May 22, Chikkamagaluru district had not recorded any positive and had remained a green zone till then.

However, with the influx of stranded people from Maharashtra and Delhi, the district had registered 16 covid positive cases.

 “As on today, there are no active covid-19 cases in the district. However, we should be attentive and take all the precautionary measurers,” the DC said.

The officer has appealed to the public to maintain social distancing in public places and wear masks.

Jan 2: A year after 12,000 acres of forests in Bandipur went up in smoke, the Karnataka Forest Department is gearing up for the summer even as the Forest Survey of India (FSI) has cautioned that 22.78 lakh acres (9,222 sq km) or about 20% of the green cover spread across three districts in the central part of the state is fire-prone.

The FSI studied forest fire incidents across the country between 2004-05 and 2017 before coming up with state-specific inputs.

According to the 13-year observation, Karnataka has 7,352 “fire points” or areas measuring 5 km X 5 km with frequent fire incidents.

Though the number is lower compared to states like Maharashtra, Madhya Pradesh and Odisha with over 20,000 points, the sheer spread of the fire-prone area itself is a challenge for the Karnataka Forest Department.

According to data, about three lakh acres (1,199.9 sq km) of forest area is very highly fire prone with 26 to 52 fire incidents in 13 years. This is followed by 7.6 lakh acres (3,067 sq km) of “highly fire prone” areas with an average of one to two incidents every year.

Almost all of the “red alert” areas are concentrated in Uttara Kannada, Chikkmagaluru, Shivamogga and Chamarajanagar districts. As temperature rises at the end of January, so does the risk of forest fires, requiring officials to be on vigil till the end of summer.

After an investigation into the Bandipur blaze revealed that faulty fire lines and poor supervision were the reason for the spread of the fire, the department has come up with a multi-pronged approach to prevent similar incidents this year.

“After the Bandipur incident, we have created a fire cell and a standard operating procedure (SOP) which everyone has to follow. Firstly, a fire management plan is prepared and approved by a competent authority.

The SOP has well defined firelines which have to be executed by December-end and burning must be completed by January 15,”  Principal Chief Conservator of Forests (Head of Forest Force) Punati Sridhar told DH.

He said that to ensure its strict implementation, GPS readings of firelines are to be submitted for random verification.

“All the required equipment from fire jackets to shoes, gloves, backpack sprayers and tractors mounted with 2,000-5,000 litre tanks with high pressure pumps will be deployed at vantage points,” he said.

In addition, the department’s fire cell works in collaboration with the Karnataka State Remote Sensing Applications Centre (KSRSAC) to give fire alerts within half and hour of an area catching fire and detected by satellites.

“Earlier, the gap used to be four hours by when the fire would have spread beyond control. Now, with reduced time gap, it would be easier to control fire early,” he added.