‘Secular alliance a must to defeat fascism in India’

Bengaluru, Apr 25: Former Karnataka Health minister and senior Congress leader Dr H C Mahadevappa on Saturday urged the state government to chalk out a comprehensive plan to conduct tests among the vulnerable sections in the society to impede the spread of the dreaded COVID-19 pandemic in the state.

Speaking to media persons, Dr Mahadevappa, felt that only restricting people to remain indoors will not suffice to tackle the spread of the contagious disease he said that "There needs to step up testing the people especially belonging to the vulnerable sections of the society".

Maintaining that the COVID-19 disease, which has progressed itself as a pandemic, across the globe, former Health Minister said that "there is also a need to fight the menace with multiple dimension, as it has potential to cause damage not only the social life of the people but also their livelihood".

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.

Jun 19: BJP leader Devendra Fadnavis on Thursday said Maharashtra Chief Minister Uddhav Thackeray should sign an agreement with neighbouring Karnataka to avoid a repeat of flood in part of the state like it happened in August last year.

In August 2019, Kolhapur, Sangli districts and some other parts of the state faced unprecedented floods triggered by huge release of water from dams in western Maharashtra and from the Almatti dam in Karnataka.

Fadnavis said, The Maharashtra chief minister should hold an urgent meeting with the Karnataka chief minister and enter into an agreement over-discharge of water from the Almatti dam located on the border of both the states."

If water is not released from the Almatti dam in time, it will cause flooding in border areas of Maharashtra such as Kolhapur and Sangli.

"A pact between the two states would benefit both as it would help in keeping water levels in control, the former chief minister said.

The dams in the state already have sizeable water stock. It would be better if the chief minster schedules a meeting with the Karnataka chief minister regarding the same (agreement), the Leader of Opposition in the assembly said.