Prakash Raj taunts Yogi over his Tipu-Hanuman remarks in poll-bound Karnataka

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, Mar 5: As many as 29 police officers and personnel were examined by Udupi Deputy Commissioner G Jagadeesha, head of the magisterial enquiry into the police firing in the city in December 2019 which killed two anti- Citizenship (Amendment) Act (CAA) protesters.

A total of 176 police personnel have been directed to present their evidence before the magistrate for the enquiry.

ACPs K U Belliappa and Kodandarama presented his evidence on Wednesday, while ACP (central sub division) M Jagdish and ACP (traffic) M Manjunatha Shetty submitted their evidencein writing.

The next hearing is slated to be held on March 9 when statements of 41 officers including DCP (law and order) Arunangshu Giri will be recorded.

City police commissioner P S Harsha has been asked to submit his evidence on March 12, Jagadeesha said.

The enquiry report is to be submitted to the government on March 23.

Jagadeesha said he will seek an extension in the case of any delay in the recording of evidences.

Two people - Nausheen and Jaleel - were killed in the firing on December 19, 2019 during the protests here against the CAA.

The Karnataka government had decided to hold a CID probe and a magisterial enquiry into the incident.

Bantwal, Karnataka, May 29: Vitla Police have registered a case against four persons, including a Bajrang Dal leader, on charges of assaulting a boy and forcing him to chant 'Jai Shree Ram', video of which had gone viral on social media.

Police said on Friday that the accused have been identified as Bajrang Dal leader Dinesh, a resident of Kanyana, and two 16-year-old youngsters from Kolnadu village and a 17-year-old boy from Kanyana village. The victim of the assault has been identified as the first PUC student of Kudtumugaru.

On April 21, at around 11 am, four accused waylaid the boy's bike and started abusing him. They then dragged the boy to Kadumath High School grounds and assaulted and posed life threat. Besides, they forced him to chant ''Jai Shree Ram,'' he stated in the complaint.