BJP veteran, union minister Ananth Kumar dies of illness at 59

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.

Tumakuru, Jul 12: A four-year-old boy was killed by a leopard at Rajendrapur hamlet at Hasige Hobli village near Huliyurdurga in Kunigal taluk.

Police said on Sunday that this was the third such attack by big cats in the district in a span of six months.

Forest officials said that the boy had gone with his mother to wash clothes at a tank and the animal attacked him while playing there on Saturday late evening. 

A passerby who witnessed the incident scared the animal, it escaped leaving the boy’s body behind.

Bengaluru, Jun 5: The Karnataka government has asked all its departments and authorities to avoid during all official transactions the nomenclature "Dalit" for members belonging to the Scheduled Castes.

"All the departments and authorities of government of Karnataka are requested that (use of name Dalit) for all official transactions, matters, dealings, certificates, among others," the official circular said.

The Constitutional term Scheduled Caste in English and its appropriate translation in other national languages should alone be used for denoting the persons belonging to the Scheduled Castes/ Scheduled Tribes notified in the presidential orders issued under Article 341 of the Constitution, the circular said.

The circular issued on May 20 notes instructions issued by the Central government in 2018, with reference to the order of the High Court of Madhya Pradesh, Gwalior Bench.

"That the Central government/state government and its functionaries would refrain from using the nomenclature "Dalit" for the members belonging to Scheduled Castes and Scheduled Tribes as the same does not find mentioned in the Constitution or any statute," the order had said.

Pointing out that the Central government had earlier issued instructions that the words "Harijan" and "Girijan" should not be used, the circular said accordingly the Karnataka government also had issued a Government Order in 2010.