Yeddyurappa loves people; Siddaramaiah is corrupt CM: Shobha

Shivamogga, Jan 11: Members of Karnataka Congress women's wing staged a protest in Shivamogga on Friday against the rise in onion prices and domestic LPG (liquefied petroleum gas) cylinders.

As a mark of protest, the demonstrators wore garlands made of onions, drew rangoli on the road and cooked food with firewood. The protestors also carried posters comparing the price of cylinders in Congress and BJP-led government in the Centre.

The price of non-subsidised LPG was hiked by Rs 19 per cylinder from January 1, 2020.

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, May 15: With lockdown-3 coming to an end in a couple of days, Karnataka Chief Minister B S Yediyurappa on Friday expressed confidence about the Centre announcing relaxation to "many things" after May 17.

"After May 17, the government of India is going to relax so many things, let us wait for it," he said in response to a question from reporters here. "According to me they (centre) will relax everything.... maybe for things like five-star hotels and others they may not give permission for the time being, but for other things they are going to give permission. Let's wait and see."

The nationwide lockdown was initially imposed from March 25 to April 14, then extended to May 3 and again to May 17 to prevent the spread of the novel coronavirus. Karnataka Tourism Minister C T Ravi on Wednesday had hinted at the state government permitting the opening of gyms, fitness centres and golf courses, also certain hotels for local tourism purpose after May 17, when the third phase of the COVID-19 induced lockdown comes to an end.

The Muzrai department (in charge of the administration of temples) was also planning to have a Standard Operating Procedure (SOP) in place, that needs to be followed at temples once they are opened for the public, officials have said. They said the opening of temples for the public is however subject to the MHA (Ministry of Home Affairs) guidelines.

During the recent video conferencing Prime Minister Narendra Modi had with Chief Ministers of various states, Yediyurappa had proposed doing away with district wise colour-coding and instead advocated strict cordoning of containment zones to control the spread of the pandemic.

He had pitched for resuming all economic activities in stand-alone establishments while continuing the restrictions on malls, cinema halls, dining facilities and establishments with centrally controlled air-conditioning. The CM had suggested that 50 to 100 meters around known clusters be declared as containment zones and commercial activities, including public transport, to be allowed in non- containment zones.