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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, Jul 6: Criminal cases will be registered against private hospitals that refuse treatment to COVID-19 patients, Medical Education Minister Dr K Sudhakar said on Sunday.

Addressing a press conference here at Vidhana Soudha, he said: "No hospital should refuse to admit patients and if any hospital is found denying treatment criminal cases will be registered against them."

He spoke to media persons after returning from his surprise visit to Jayanagar General Hospital and Rajiv Gandhi Chest Hospital responded to the questions regarding private hospitals refusing to treat covid patients.

"The government has come up with 6 different systems for treatment of COVID-19 patients. COVID care centres, government medical colleges, private medical college, government hospitals, corporate hospitals and home isolation with proper facilities and according to government guidelines," the minister added.

Dr Sudhakar gave the statistics of 4 metropolitan cities in the country including Delhi, Mumbai, Chennai and Bengaluru.

"Bengaluru's and the mortality rate is the lowest at 1.46%. The aim is to increase testing by optimal utilisation of capacity especially in private labs. Once we increase testing, it is natural that the positive cases will also increase," he said.

"So citizens need not panic due to this but should take all precautionary measures. He advised to get tested in the nearest fever clinics as soon as any symptoms like cough, fever etc are found. Guidelines regarding the home isolation will be released soon," the minister said.

He announced that 400 ambulances will be deployed in Bengaluru and 2 each for every ward.

He said that the government recommended patients at private hospitals will be provided with insurance under Suvarna Arogya Suraksha Trust.

"If private hospitals refuse to admit the patients, call 1912 helpline to get assistance. If admitted in Private hospital voluntarily the treatment cost will be borne by patients as per the rates fixed by the government," Sudhakar said.

He said that the cost of testing at private labs has been capped at Rs 2,200 as per test.

Bengaluru, Feb 4: Taking the state government to task, the Karnataka High Court on Monday opined there was a need to rehabilitate or compensate migrant workers whose homes in Tubarahalli and Kundalahalli were demolished by a BBMP engineer last month.

On January 19, the Bruhat Bengaluru Mahanagara Palike (BBMP) assistant executive engineer at Marathahalli had taken up a demolition drive stating that the migrant workers residing in the area were “illegal Bangladeshis”.

A division bench led by Chief Justice Abhay S Oka was hearing a petition by the People’s Union for Civil Liberties which contended that the evacuation of the workers was illegal. Stressing the need for relief, the court directed the state government to come clean on its stance and adjourned the hearing to February 10.

Advocate General Prabhuling K Navadgi submitted that the Union government had issued a circular last year to ascertain the presence of illegal Bangaladesh migrants. “On the basis of this circular, the BBMP officials had written a letter to Marathahalli police sub-inspector on January 18. Based on this letter, the residents in huts were evicted in a civilised manner,” he stated.

The bench, however, differed with the submission. “Who identified them as Bangladeshis before the eviction? Which is the competent authority to do so? Which police officer took up the inquiry?” the bench questioned.

The court also asked whether the government would take up similar eviction drives against illegal buildings of the rich. It also expressed displeasure over the action taken against the BBMP engineer.

“Instead of sending him home, you say you have transferred him. We can’t be mute spectators,” the bench said.

The court did not mince words as it castigated the authorities for failing to act judiciously. “The police and the BBMP are blaming each other. Your action appears to be dangerous. Going by the state of things, it seems that everything is not in order,” it said.