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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.

Mangaluru, Jan 31: Four people, including a minor and a teen-aged boy, have been arrested on charges of spreading false messages on social media with in Bantwal taluk of Dakshnina Kannada District.

Police said on Friday that the arrested have been identified as Siddik (27), K Mohammed (19), Hanif (25) and a 16-year-old boy.

They are accused of spreading false news on social media using different mobile numbers in Bantwal Taluk for disturbing communal harmony, police said adding a case had been registered at the Vitla police station in this connection.

Bengaluru, Mar 25: Former Karnataka Chief Minister Siddaramaiah on Wednesday targetted Centre over surge in coronavirus cases in the country, alleging that the government has miserably failed in tackling the unprecedented situation and was still not managing the crisis well.
"The government has miserably failed in tackling this very serious disease. They are not properly managing the crisis," senior Congress leader Siddaramaiah told ANI.
Siddaramaiah's response comes a day after Prime Minister Narendra Modi announced a 21-day lockdown in the entire country to deal with the spread of coronavirus, saying that "social distancing" is the only option to deal with the disease, which spreads rapidly.
In a televised address to the nation, Prime Minister Modi said that it is vital to break the chain of the disease and experts have said that at least 21 days are needed for it.
The Prime Minister said the lockdown has drawn a "Lakshman Rekha" in every home and people should stay indoors for their own protection and for that of their families.
Noting that the Centre has on Tuesday allocated Rs 15,000 crore for the treatment of coronavirus patients and to strengthen health infrastructure, he said testing facilities, personal protective equipment, isolation beds, ICU beds, ventilators and other necessary materials will be ramped up.
The Prime Minister said the country will have to bear the economic cost of lockdown but saving the life of every citizen is his priority and the priority of the Central and state governments as also of local administrations.
Noting that the virus spreads like fire, he said that if care is not taken for 21 days, the country, a family can go behind by 21 years.
According to the Indian Council of Medical Research (ICMR), India has reported about 536 individuals have been confirmed positive among suspected cases and contacts of known positive cases. A total of 22,694 samples from March 24 till 8 pm.
Ten people have died so far due to the deadly virus, according to the data by Union health ministry.

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