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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, April 6: Karnataka Chief Minister BS Yediyurappa on Monday said he is following the one-time fasting as per the order by BJP President JP Nadda.

"I am following the one-time fasting as per the order by our national President JP Nadda, on BJP foundation day today, as a mark of respect to doctors, nurses, media personnel," said BS Yediyurappa.

In his message to BJP workers earlier today, Nadda stated, "All BJP Karyakartas to give up one meal on our Foundation Day as a way to show solidarity with people facing hardships during the lockdown. Provide food packets to 5+1 needy under #FeedtheNeedy program. In the next one week, put a system in place where we can provide two homemade face covers to each person at our booth. We should circulate videos of preparation and distribution of such face covers with #WearFaceCoverStaySafe."

Bhatkal, May 9: A day after 12 covid-19 positive cases reported from Bhatkal, seven more tested positive for the coronavirus in the town today. 

The new patients are: a six-month-old baby, a two-and-a half-year-old child, two girls aged 17 and 23, a 50-year-old woman and two elderly men aged 65 and 68 years.

The source of all these cases is said to be the First Neuro hospital located at Padil in Mangaluru where a covid-19 patient from Bantwal had undergone treatment a month ago. Around 20 days ago an 18-year-old girl from Bhatkal, who had been to the same hospital was tested positive for the covid-19. 

After the confirmation of 12 covid-19 positive cases yesterday, the throat swab of 60 people, who were in contact with them were sent for testing. Among them seven people – six relatives and a friend – were tested positive today.

Also Read: 12 new covid-19 positive cases in Bhatkal