BSY dares Cong to face bypolls on Dec 5

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, Jun 21: As many as 453 new coronavirus cases were confirmed on Sunday including 196 in Bengaluru alone, taking the total number of infections in Karnataka to 9,150, the Health Department said.

Five more deaths took the toll due to COVID-19 in the state to 137, a bulletin issued by the department said.

An assistant sub-inspector posted in a traffic police station died due to coronavirus on Saturday night taking the number of policemen succumbing to the contagion to three, police said.

The entire police station has been sealed for sanitisation and 25 people including five primary contacts of the deceased have been quarantined at the designated hospitals.

The total number of COVID-19 cases include 5,618 discharges, 3,391 active cases, 137 deaths, four deaths due to non-COVID causes and 77 patients admitted in Intensive Care Units.

The 196 cases confirmed in Bengaluru today is the highest single-day spike ever since the outbreak of the pandemic.

With 64 deaths so far, the city's share in the total fatalities in the state due to COVID is 47 per cent.

The five deaths reported on Sunday included three in Bengaluru.

"Yes. It is a major single day spike in Bengaluru," a health department official told P T I.

Of the total cases reported in Bengaluru, 101 are Influenza-Like Illness (ILI) and 68 are those whose contact tracing is underway.

Apart from 196 in Bengaluru, 40 cases were reported in Ballari, 39 cases each in Kalaburagi and Vijayapura, 18 each in Mysuru and Gadag, 15 in Dharwad, 14 in Bagalkote, 13 in Bidar, eight each in Davangere, Uttara Kannada and Kolar.

The five deaths reported on Sunday consisted of four men and a woman.

In view of the rising cases in Bengaluru, the Chief Secretary on Saturday formed three teams.

According to an order, Principal Secretary in Cooperative department Tushar Girinath will head the team that will ensure shifting the patients from their houses or the institutional quarantine facilities to the designated hospital.

The second team headed by the Karnataka Public Service Commission secretary G Sathyavathi will monitor the containment zone and carry out extensive surveys of people with COVID-19.

The third team is headed by Karnataka State Mineral Development Corporation managing director Naveen Raj Singh and Additional Commissioner of police Hemant Nimbalkar who will ensure social distancing at public places.

These three teams will have senior bureaucrats and top police officers as members.

Bengaluru, Jan 3: Karnataka Chief Minister BS Yediyurappa on Friday clarified that Prime Minister Narendra Modi has assured him to consider all the demands made by his government.

"Prime Minister spoke to me personally and assured me of all help and suggested that I visit New Delhi and meet the concerned Ministers and apprise them about the state's problems and pending projects. He also directed me to prepare a detail report on this matter," Yediyurappa said in a statement.

He claimed that a section of media has misinterpreted his speech which was plain and honest towards the development of the state.

"A section of media has attached motive to my speech which was plain and honest in its content. Being in federal set up, there is nothing wrong with placing the facts before the Prime Minister and making submissions," the Chief Minister said.

"As a Chief Minister, I placed our state's problems and need for more funds for developmental activities. I pleaded before the Prime Minister for more funds to the relief work, the scientific and remunerative price for the farm produces, and special fund of Rs 50,000 crore for speeding up of on-going irrigation work. As it was farmers' meet, I felt it worthy and timely to plead the Prime Minister for more funds for all the developmental activities in the state," he said.

Asserting that Prime Minister Narendra Modi is a great visionary and his concern for the poor and farmers is unquestionable, he said: "When the whole world is appreciating his statesmanship and visionary zeal, it is in very bad taste for the media to attribute motives to my speech and relate it to the Prime Minister."

Yediyurappa requested media to show support to his government in the interest of the development of the state.

"I humbly request the electronic and print media not to misinterpret but support the government in the interest of the development of the state and interests of the people. I hope the media will respond to my request," he said.