Ullal cops remove PFI’s ‘illegal’ banners; ‘Unity March’ venue shifted to Mangaluru

In a development which highlights the diversity in the United Kingdom’s legal system, a 40-year-old Muslim woman has become the first hijab-wearing judge in the country.

Raffia Arshad, a barrister, was appointed a deputy district judge on the Midlands circuit last week after 17-year career in law.  

She said her promotion was great news for diversity in the world’s most respected legal system. She hopes to be an inspiration to young Muslims.

Ms Arshad, who grew up in Yorkshire, north England, has wanted to work in law since she was 11.

Ms Arshad said the judicial office was looking to promote diversity, but when they appointed her they did not know that she wore the hijab.

‘It’s definitely bigger than me,” she told Metro newspaper. "I know this is not about me.

"It’s important for all women, not just Muslim women, but it is particularly important for Muslim women."

Ms Arshad, a mother of three, has been practising private law dealing with children, forced marriage, female genital mutilation and other cases involving Islamic law for the past 17 years.

She was the first in her family to go to university and has also written a leading text on Islamic family law.

Although the promotion by the Lord Chief Justice was welcome news for her, Ms Arshad said the happiness from other people sharing the news was “far greater”.

“I’ve had so many emails from people, men and women," she said.

"It’s the ones from women that stand out, saying that they wear a hijab and thought they wouldn’t even be able to become a barrister, let alone a judge."

Ms Arshad is regularly the subject of discrimination in the courtroom because of her choice to wear the hijab.

She is sometimes mistaken for a court worker or a client.

Ms Arshad said that recently she was asked by an usher whether she was a client, an interpreter, and even if she were on work experience.

“I have nothing against the usher who said that but it reflects that as a society, even for somebody who works in the courts, there is still this prejudicial view that professionals at the top end don’t look like me,” she said.

A family member once advised her to not wear a hijab at an interview for a scholarship at the Inns of Court School of Law in 2001, warning that it would affect her chances of landing the role.

“I decided that I was going to wear my headscarf because for me it’s so important to accept the person for who they are," Ms Arshad said.

"And if I had to become a different person to pursue my profession, it’s not something I wanted.”

The joint heads of St Mary’s Family Law Chambers said they were “delighted” to hear the news of her appointment.

“Raffia has led the way for Muslim women to succeed in the law and at the bar, and has worked tirelessly to promote equality and diversity in the profession,” Vickie Hodges and Judy Claxton said.

“It is an appointment richly deserved and entirely on merit, and all at St Mary’s are proud of her and wish her every success.”

Feb 19: Bavaguthu Raghuram Shetty was once a typical billionaire with a taste for the high-life.

He splurged on a private jet, vintage cars and two entire floors of the Burj Khalifa, the world’s tallest skyscraper. His website shows him hobnobbing with politicians, Bill Gates and Bollywood royalty.

“The thrill of speed and freedom makes me love cars,” Shetty, 77, told local reporters last year.

Shetty had more than enough money -- at least on paper -- to afford such a lifestyle from companies he helped found, including hospital operator NMC Health Plc and financial services firm Finablr Plc. On Dec. 10, his stakes in the public companies were valued at $2.4 billion, making up the bulk of a fortune spanning education, hospitality and one of the world’s oldest tea companies.

Then, a week later, Carson Block came along.

Block’s investment firm, Muddy Waters, issued a report criticizing NMC’s accounts and disclosing a short position. Since then, Muddy Waters’s scrutiny has snowballed into a troubling scenario for Shetty that sheds light on his complex share arrangements and casts doubts about his net worth. His holdings in Finablr and NMC are worth $885 million, but Shetty’s fortune may now be just a fraction of that, depending on the size of his borrowings.

Filings this month show that Shetty pledged a quarter of his NMC stake against loans with First Abu Dhabi Bank and Zurich-based Falcon Private Bank. Two other shareholders may own half of his reported stake. Another lender -- Al Salam Bank Bahrain -- has already sold some of those shares to enforce security over a loan for Shetty, and NMC said Tuesday that First Abu Dhabi Bank sold another chunk earlier this month.

The situation “seems to have gone beyond some of the issues that Muddy Waters focused on initially,“ said Gavin Launder, a fund manager at Legal & General Investment Management, who owned shares in NMC until October. “The increased scrutiny has unearthed other issues.”

Law firm Herbert Smith Freehills has launched a review of Shetty’s holdings at his request, a spokesperson for the Indian-born businessman said, declining to comment further until the analysis is completed. Shetty resigned Sunday as NMC’s chairman.

In its Dec. 17 report on NMC, Muddy Waters hinted at potential overpayment for assets, inflated cash balances and understated debt. Shares of the United Arab Emirates’ biggest private health-care provider have since plunged 67%, and the firm is now the focus of takeover speculation. The sell-off also spread to Finablr, whose stock has tumbled 64% in that span.

NMC has disputed Muddy Waters’s claims, and the company hired former FBI Director Louis Freeh to conduct an independent review of the short seller’s allegations. Meanwhile, local regulators “are making inquiries with the relevant parties,” a spokesperson for the U.K.’s Financial Conduct Authority said.

Shetty is hardly the only ultra-wealthy person to leverage his assets. Elon Musk has used his shares in Tesla Inc. to obtain personal loans, while Oracle Corp. Chairman Larry Ellison has put up millions of the company’s shares to fund a lavish lifestyle that includes trophy properties, America’s Cup teams and the Indian Wells tennis facility in California.

But such deals can also sour, as demonstrated by Shetty’s lenders selling shares his investment firm pledged. He and his advisers are investigating details of the sales as part of their legal review, according to filings.

To complicate matters, Shetty pledged another batch of NMC stock in 2018 as part of a so-called equity collar arrangement with Goldman Sachs Group Inc. that uses options to limit the impact from share moves. Last month, he also pledged most of his stake in Finablr to refinance a loan from the company’s takeover of foreign-exchange firm Travelex for about $1.2 billion.

BRS Ventures Investment, the UAE-based holding company for most of Shetty’s assets, doesn’t report consolidated financials, preventing a complete analysis of his net worth. His other assets include a catering company, a waste-management firm and pharmaceutical business Neopharma, which four months ago was in the early stages of planning for an initial public offering.

Block, 43, earned his reputation as a short seller a decade ago through targeting U.S.-listed Chinese companies that he claimed were frauds. More recently, his San Francisco-based firm focused on British litigation-finance firm Burford Capital Ltd. and Japanese biotech stock PeptiDream Inc. Short sellers seek to benefit from a decline in a company’s share price.

Shetty founded NMC in 1975 after moving to Abu Dhabi from his native India. He created Finablr two years ago to consolidate his financial brands before listing it on the London Stock Exchange in 2019.

Block said he didn’t anticipate NMC’s shareholding drama.

“I wouldn’t have been able to predict that we’d get these bizarre disclosures about unclear share ownership coming out of the company,” he said in a Feb. 13 phone interview. “This has been obviously a more dramatic unraveling than we usually see.”