Newsroom, Sept 14: Sunil Chatra, one of the directors of Sri Durgamba Transit Private Limited, died in a road accident in Tamil Nadu today.
According to sources, the tragedy took place when at around 3 p.m. when he was driving his Mitsubishi Pajero in Namakkal district of Tamil Nadu.
A prominent name in transport industry, he was also the director of Raipur Bus Service Private Limited and Sri Durgamba Transway Private Limited.
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.
BRS could not fool all the people all the time!
Illegal way of earning will not last for long.
Mangaluru, Jan 24: Urwa Police have arrested a 27-year-old youth on charges of chain snatching and recovered around 300 grams of stolen gold chains worth Rs 12 lakhs from him, the police said on Friday.
According to the police, the arrested, Vinay Prasad alias Vinod Jogi, a resident of Badaga Ulipady was allegedly involved in more than 10 cases of chain snatching.
The value of the seized gold is estimated at around Rs 12 lakh. The police also confis
Mangaluru, Jan 24: Urwa Police have arrested a 27-year-old youth on charges of chain snatching and recovered around 300 grams of stolen gold chains worth Rs 12 lakhs from him, the police said on Friday.
According to the police, the arrested, Vinay Prasad alias Vinod Jogi, a resident of Badaga Ulipady was allegedly involved in more than 10 cases of chain snatching.
The value of the seized gold is estimated at around Rs 12 lakh. The police also confiscated a bike and an auto-rickshaw found in his possession.
cated a bike and an auto-rickshaw found in his possession.
Bengaluru, Feb 27: Famous music composer from Kannada film industry, Arjun Janya suffered a minor heart attack. The music composer was immediately taken to Apollo hospital in Mysore where he is currently undergoing treatment.
According to the doctor, Arjun Janya developed chest pain and was admitted to the hospital. The doctor revealed that he is out of danger now and will be kept under observation for a couple of days.
The 39-year-old composer-singer has scored music for successful Kannada films like Birugaali, Kempegowda, Varadanayaka and others.
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He was great human being and humble person,God give strength to his family RIP Sunil Sir.
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