Suspected by husband, CA aspirant woman jumps to death along with child from 7th floor

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, Apr 2: In a bid to discourage people from coming out on roads during the lockdown, Bengaluru Traffic Police have inscribed a message that reads, "If you come to road, I'll come to your home."

It was written on the road at Nagenahalli check-post. The message was written by the cops in the regional language.

Meanwhile, nine fresh cases were reported in Karnataka with the count rising to 110 in the state on Wednesday.

Out of the total cases, three persons died due to the virus while nine others have been discharged after recovery.

"COVID-19 cases climb to 110 in Karnataka, with nine fresh cases being reported between 5 pm yesterday and 2 pm today. Out of the total cases, three have died while nine others have been discharged," a bulletin issued by the state health department said.

"Out of 110 cases detected and confirmed in Karnataka so far, seven cases are transit
passengers of Kerala who have landed in our airports and being treated in
Karnataka," it added.

The Union Ministry of Health and Family Welfare on Wednesday said that there are 1,834 coronavirus positive cases in India, including 1,649 active cases, 144 cured/discharged/migrated people and 41 deaths.

Bengaluru, Mar 15: The civic body in Bengaluru has said that gathering at marriage functions should not exceed 100 people in order to curb the spread of coronavirus.

A circular issued by Bruhat Bengaluru Mahanagara Palike (BBMP) dated March 15 said, "All marriage functions pre booked in marriage halls, hotels, Party places, etc. prior to the issue of circular dated March 13, shall be allowed to be conducted subject to the condition that the gathering in the function not exceeding 100 persons."

"The above relaxation is an exception in consideration of the difficulties in rescheduling and cancelling the Marriage event immediately," the circular said.

It said, "The Owners/Management of such locations where Marriages are to be solemnized due to pre booking shall maintain high standards of sanitation and hygiene by periodically cleaning by 10 per cent Sodium Hydrochlorite Solution or any other effective disinfectant the surfaces, floors and exposed areas likely to be touched by the attendants."

"Any person attending the function having any such symptoms like Cough, Cold, and Fever etc. shall be requested for immediately leaving the Programmes," it said.

The civic body further said in the circular, "No fresh bookings of any place for Marriage programme are permitted till further orders. Any bookings on future dates by any organizer, event manager, owner of such property or any other person will be at his own risk and action will be taken against the property or any other person for any kind of bookings before an Order allowing such bookings is issued by a Competent Authority."

"The restrictions imposed are in the absolute interest of Public Health for preventing the Community Spread and outbreak of the disease at mass scale. All other restrictions imposed by order dated March 13 shall stand the same," the Circular added.